iMessage has become a popular method of communication for businesses as well as individuals, with over 17% of Americans using it. It's easy to understand why financial advisors want to use iMessage to communicate with their clients: CONVENIENCE. iMessage is incredibly easy to use and provides a reliable and fast way for advisors to connect with customers. Yet there is a high compliance risk that comes along with iMessage – if used and not captured for compliance, it can lead to costly fines from regulatory bodies like FINRA and SEC.
What Is iMessage?
iMessage is an incredibly useful messaging service for the 120+ million iPhone users out there. iMessage allows iOS users to send text messages and pictures in an encrypted format, so you can stay in touch without the worry of someone outside your conversation seeing what you send. This makes iMessage a secure and reliable application regardless of where you are located, making it one of the top choices for communication.
The Risk of Unreviewed iMessages
iMessage is often seen as a positive tool for financial advisors due to its secure encryption features, which allow for confidential communication between advisors and clients. However, iMessage also has its own set of risks if not managed properly; compliance officers cannot monitor the conversations taking place over iMessage, putting companies at risk of hefty fines and even regulatory violations should they fail to capture or archive those iMessages with their systems. For instance, in 2019, a Wall Street firm was fined billions for not reviewing messages from private messaging apps like iMessage.
How To Capture And Secure Your Company’s iMessages
Companies in the financial services industry are taking proactive steps to ensure regulatory compliance and protect their businesses from potential liabilities. As traditional methods of restricting the use of messaging platforms have proven ineffective, regulators have taken new measures that include reviewing encrypted messages. By investing in capture solutions such as FirmScribe, companies can securely archive incoming and outgoing messages from any source, such as iMessage, SMS, and MMS, into reputable compliance tools like Global Relay or Smarsh. Companies who proactively embrace this important development now save themselves the headache of dealing with the ramifications of non-compliance later.
Financial services companies that want to stay ahead of the curve should seriously consider iMessage capture solutions. In today's world, iMessages are becoming an increasingly popular way for customers to communicate with advisors, and ensuring those messages are captured and archived is essential. With its iMessage Capture solution, FirmScribe allows your team to do just that -- quickly, easily, and securely. Adopting this technology can make your customers more comfortable and provide a smooth (and legally compliant) experience for you and other employees. Don't wait another minute before taking advantage of this game-changing iMessage capture technology!
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