WhatsApp is not a good choice for businesses since it uses end-to-end encryption to keep the messages safe from hackers, which also effectively prevents. Businesses find encryption problematic because it makes it hard to monitor messages. Companies want to reduce the likelihood of employees using WhatsApp for illegal purposes and fraud.
Some WhatsApp features do not comply with GDPR or other privacy regulations, and WhatsApp’s legal terms even prohibit the app’s use for work purposes. It’s therefore risky to use it because of data regulations. However, some companies still allow them to use it while trying to comply with regulations.
Many financial companies find it difficult to record WhatsApp communications to ensure compliance. Although some professionals use WhatsApp to send messages to email to retain records, this is not an efficient and sustainable solution. It is also manual and can lead to a siloed database.
The regulatory requirements for the sector will become more stringent as more people in financial services use WhatsApp and other private, self-deleting messaging apps to communicate with their clients. To reduce fraud and data breaches, the various regulatory agencies that focus on data protection require companies to record WhatsApp messages and capture voice calls from their employees.
Why Companies Shouldn’t Ban WhatsApp
While the concerns about WhatsApp are valid, there is a better way to reduce the risk than banning it. Employees will require a way to communicate with clients and co-workers and WhatsApp is still the most used app for this purpose. Many customers prefer WhatsApp over other communication methods, so it makes sense that they use the platform. Financial institutions will need to make sure that the app can be used to record and monitor conversations.
Employee productivity and morale will be negatively affected by banning WhatsApp. Many employees discovered that instant messaging apps like WhatsApp made it easier to accomplish their tasks faster. A No-WhatsApp policy could backfire and encourage employees to use it as a way of resisting.
The efficiency of employees’ work can be affected by banning WhatsApp, particularly in these times when many financial companies are sending employees home to work due to the coronavirus pandemic. The employees will not be able to communicate with their clients, who prefer using the platform.
Compatible Use of WhatsApp Archiving
WhatsApp no longer has to be restricted. Financial firms can archive WhatsApp messages and adhere to regulatory standards when using a WhatsApp archiver.
To comply with FINRA regulations, it is not enough to simply capture and retain WhatsApp messages. Such messages must also be available on request. Financial institutions must be able to access their records at any time during discovery without the need to ask employees to send their chats from WhatsApp and email. A WhatsApp Archiver can be used to continue using WhatsApp thanks to its WhatsApp call recording and message capture features, while minimizing data security risks and complying with regulations.
TeleMessage’s WhatsApp Cloud Archiver and TeleMessage’s WhatsApp Phone Archiver are available to financial companies. This allows them to allow their employees to use WhatsApp, while still complying with all regulations. The WhatsApp Phone Archiver allows you to record and capture chats including text, multimedia, documents and deleted messages. The WhatsApp Cloud Archiver is available to support companies that use the WhatsApp Business App.