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?