Launch year: December 2016
Country: Singapore

FinChat – ‘Banking’ on Social Media Messaging Compliance

Concept description

FinChat is a FinTech startup specializing in enabling institutions, such as banks, to carry out compliance monitoring for instant messengers. For example, the solution can screen WhatsApp, WeChat, Line, Telegram, Viber conversations, among others. Its innovative offering allows employees to engage with clients through social messaging apps, with appropriate compliance oversight.

Value proposition

Banks and other financial institutions are constantly under the scanner of regulators and have to comply with regulations regarding data retention and client conversations. FinChat helps organizations remain compliant with regulations such as MiFID II , GDPR, Dodd Frank Act, MAR & FINRA etc., while becoming more accessible to clients through the use of social media messaging platforms.

Wealth Management, in particular, is a key segment within the banking and financial services industry. Nevertheless, wealth management insitutions are often forced to engage in a tough balancing act, between client comfort and compliance requirements. Clients who wish to communicate with their Relationship Managers (RMs) over social messaging apps, for greater comfort and ease of accessibility, often face a pushback from their RMs, who find themselves in an awkward situation. They indeed have to make a choice between risking client satisfaction or walking the regulatory tightrope.

As a result, FinChat helps ease such troubles by recording only the business communications that an RM has with his/her clients, via the aforementioned social messaging platforms, and then transferring them to the organization’s servers for compliance monitoring. Hence, FinChat helps bridge the gap between offering ease of communication and maintaining regulatory compliance standards.

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