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Compliant Messaging: How Symphony enables our customers to stay compliant while using mobile devices to drive business

  • Joseph Linington
  • Community
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Over the past few years, I have seen a major change in the way I work – namely, I use my cell phone much more than I did before. I no longer have a desk phone but use my mobile for calls, texts and messages routinely. And I know I’m not alone. As the boundaries between our professional and personal lives further blur together, a trend amplified by COVID and hybrid office policies, phones – or really, the apps on our phones – have become as important as our desktop computers.

But as mobile phones and messaging applications like WhatsApp, WeChat, SMS and LINE replace traditional channels like email as the primary tool for professional communication, financial firms struggle to meet the expectations of their customers and counterparties while fulfilling the various requirements of regulators across jurisdictions.

Symphony’s compliance-enabling messaging solution is fast emerging as the go-to solution for firms keen to empower their employees. It seamlessly allows messages sent and received with devices and apps for the purpose of compliance to be captured and recorded. In short, Symphony federates with WhatsApp, WeChat, SMS and LINE so that one party can communicate via their firm approved, compliance-enabling Symphony platform – while another party receives and sends messages using their preferred tool.

Often, this interest is driven by end-clients: from relationship managers whose wealthy clients prefer WhatsApp, to commodities traders who require the convenience of text messaging. This helps not only to deepen client relationships but does so in a way that helps alleviate the regulatory pressures faced by the industry.

How is this used in practice?

Keeping you connected when necessary

By effectively fostering a wider network that captures personal text applications like WhatsApp, WeChat, SMS or LINE, this solution empowers finance professionals to remain in contact with their clients at all times, whether they are at their desk or vacationing in the Bahamas. While this may not be necessary for everyone, many front office professionals actually require this level of connectivity to do business. Symphony’s compliance-enabling messaging solution means both they and their employers have the peace of mind of knowing that they can do so while remaining compliant.

Meshing with local conditions everywhere

In many emerging markets, mobile phones are by far the primary means of communication. In Africa for example, countries like Angola, Tanzania and Uganda have leapfrogged fixed-line infrastructure to deliver broadband access via mobile LTE networks. It’s thus no surprise that with a professional staff and clients composed of what can only be called “WhatsApp natives,” many African sell-side dealers at a prominent client bank were enthusiastic about the opportunity to use WhatsApp to seamlessly communicate with their clients while Symphony enabled them to remain in compliance.

Augmenting the reach of value-added services

Meanwhile in Latin America – where mobile also dominates the landscape – many financial firms have responded to customer expectations by adding this solution to their wealth management platforms, thus leveraging the ability to integrate with popular messaging applications to empower their financial advisors to seamlessly communicate with their clients in a compliant manner. Combining enhanced communication capabilities with value-added information delivered via mobile as part of an ongoing dialogue, these platforms help increase customers’ satisfaction while remaining on the good side of regulators.

Overcoming institution-specific communication challenges

One client in China – a large sell-side dealer – was losing orders to competitors as their email system imposed strict firewall rules that made it difficult for their front-office staff to communicate with clients in a timely manner, let alone transact in real-time. Using Symphony’s WeChat integration, they regained the ability to instantly connect with their clients and were able to quickly recover market share.

Interested in learning more?

Request a demo

It's all about your clients

This shift to mobile is evident across the entire financial services industry, from the Americas to Asia. Nowadays, clients everywhere want to act on ideas quickly, maybe after finishing a conversation with friends or hearing something on the news that made them re-think their strategy. So being able to easily access their brokers via their preferred channels makes it easier to act on new ideas quickly.

The above are only a few examples of the ways our customers are using these solutions. If interested in a demo to see this in action, contact us.

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