Qumram, the pioneer in RegTech, risk management, customer engagement, and analytics, has extended its social media surveillance offering to enable fully-compliant, mobile-to-mobile WhatsApp and WeChat conversation recording, regardless of the location and devices of either party and despite end-to-end encryption.

In the past, employees wanting to communicate compliantly via WhatsApp, WeChat, Facebook Messenger, Skype, LinkedIn, or any other popular messaging platform, would need to access the social media channel via a company computer. Qumram is the only firm able to deliver seamless, transparent and highly-user-friendly social media recording, from mobile-to-mobile.

Qumram enables every digital interaction, web, social, and mobile, to be recorded and replayed on demand. The movie-like replay displays every motion, mouse movement, click and swipe, exactly as the customer or employee saw it.

Financial institutions governed by global regulators (SEC, FINRA, ESMA, FFSA, and others) are provided with a complete digital audit trail and analytics that deliver deep customer experience insights.

Patrick Barnert, CEO at Qumram, commented:

“Social media is a blind-spot for many financial institutions. They routinely record voice and email communications, and are under the mistaken belief that this makes them compliant. However, MiFID II, for example, requires all relevant e-communications to be recorded, including websites, client portals, mobile apps, and social media.

Those who have left it late to address digital compliance are under great pressure to source a compliant recording solution, to avoid penalties.”

“In some cases, a firm’s employees are already utilizing instant messaging tools like WhatsApp and WeChat to communicate with colleagues and customers, and are in breach of compliance every day,”

continues Barnert.

“These firms have three alternatives: do nothing and continue operating at risk, ban social media usage and risk client loss, or source a compliant solution that can be implemented quickly. Most are pursuing the latter course of action.”

Key features:

• Records both mobile-to-mobile and desktop (web) conversations
• Displays and searches recorded chat data across users and conversations
• Supports all corporate and ‘Bring Your Own Devices’ (iOS, Android, Blackberry, Windows)
• Captures all employee conversations (text, images, emojis, video, voice, document attachments)
• Does not require user credentials, and recording is not interrupted by end-to-end encryption
• Complies with labor and data privacy rules
• Stores captured data in original format (messages); all data is machine readable and can be analyzed electronically
• Integrates into CRM environments (whitelist, blacklist, all recording)
• Integrates captured data with any leading monitoring solution and legal archive, for lifecycle management and long-term preservation

Article first appeared on quamram.com