People around the world have experienced many changes due to the Covid-19 Pandemic. Although the pandemic brought down businesses’ finances initially, it allowed them to retain the necessary flexibility to run their business like the adaption of the work-from-home culture.
During this trying time, communication was the greatest challenge. Companies used video conferencing tools to hold their internal meetings as physical meetings are impossible. The need for new communication tools became apparent as more employees worked from home, and the changing market means that customers need a communication channel to receive a trusted feel from traders and brokers remotely.
Data and AI have driven a revolution in compliance modelling.
Regulatory compliance teams often have to deal with multi-jurisdictional complexity. The platform-centered approach has become the norm among compliance teams, allowing them to meet all their regulatory requirements. As the regulatory landscape has changed from reactive and quick to change, it is more important to develop comprehensive data strategies in a company.
Call monitoring and data capture have a new and critical role; this includes assessing the client’s risk by communicating with employees and understanding the employee. The data is firms can use captured conversations to determine an employee’s health and mental condition and their ability to deal with clients.
Firms should understand their communication needs and their clients and decide how to use communication channels to support the business. A failure to meet customer communication requirements can lead to the customer being diverted to another service provider.
Covid-19: The trends in communication compliance
Many practices changed due to the pandemic, and communication channels between the client’s employees only increased. While the client might start the conversation with a chat or voicemail, certain clients may require clarification in specific areas. Considering the many communication channels available to clients, it is a smart choice to include mobile instant messaging (IM) with Telegram recording.
Once the client has identified the need, they can choose the right tool based on their cultural preference. WeChat has a large following in Asia, but WhatsApp is more popular elsewhere. To ensure communication compliance, the focus should be on recording WhatsApp, WeChat, and other IM conversations and calls.
Learn more about AI and data models that help business through this infographic.