The Bring Your Own Device (BYOD) culture has deeply permeated the business fabric and is now the norm in many industries, such as the financial sector. As more and more investment advisors and broker-dealers use their personal devices to conduct business and perform their tasks, it has also become a norm in this sector to rely on popular chat messaging services apps as their main communication tool. On the front of these apps is WhatsApp, which according to several reports is the most popular chat messaging service in the world today.
Using end-to-end encryption, employees can use WhatsApp to send messages and send files to their colleagues and clients securely. Furthermore, compared to text messaging, this Facebook-owned messaging platform is also free of cost, making it cheaper to use given that the user is connected to the internet.
However, as reliable as it gets, financial companies must be extra careful in using WhatsApp given the plethora of regulations requiring firms to capture and retain all relevant trade conversations with their clients. To learn how financial companies can use WhatsApp and stay compliant, check out the infographic below from TeleMessage.