It’s not a new problem in the finance sector. “That's the crux of it: if you don't know what's happening on those platforms, there's suspicion associated with it,” said Lightman. Ari LightmanĪri Lightman, Distinguished Service Professor, Digital Media and Marketing at Carnegie Mellon University's Heinz College of Information Systems and Public Policy.Įven if the vast majority of messages sent are harmless, the use of social messaging apps means regulators lose visibility into what’s being said. Banks are compelled by regulators to keep a record of employees’ business-related communications to help tackle fraud, insider trading, market manipulation, and other forms of misconduct. While the use of unsanctioned communication apps can be a headache for any company, the problem is more acute in highly regulated industries. We spend so much time in email that it becomes a time sink everybody becomes horribly inundated, so they go to messaging apps.” “Why would you use a platform that's theoretically not provided by your company? Because of ease of use. It comes down to simplicity and convenience, said Ari Lightman, distinguished service professor, digital media and marketing, at Carnegie Mellon University's Heinz College of Information Systems and Public Policy. iMessage, Facebook Messenger, WeChat, Telegram, and Signal have all made their way into the workplace as smartphones have proliferated and corporate “bring your own device” schemes mature. With two billion active users, WhatsApp is the most popular consumer messaging tool, though it’s far from the only one. Now, the rush is on to identify the channels that make the most sense from a business perspective, and then make sure the technology is in place to make sure it's captured and surveilled correctly.” Said Diana: “There's recognition that people are still going to use some email, but there has to be other ways of communicating. “The shift to hybrid work and the growing use of mobile communications post-pandemic make it increasingly relevant for organizations to enable compliant communications.” "Addressing regulatory requirements around capturing, archiving, and monitoring the use of mobile communications is a difficult problem,” said Raúl Castañón, senior analyst at 451 Research, a division of S&P Global Market Intelligence. That allows staffers to use the communication tools they prefer - and, most importantly, the tools their clients prefer - while staying on the right side of regulators. Banks typically banned such consumer apps outright, but that stance has begun to shift for some firms who are now opting instead to capture conversation data for compliance purposes.
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