FINRA Warns Financial Institutions on Non-compliant Digital Contact with Customers

Financial customers vastly prefer omnichannel communications. By 2020, 68 percent of banking customers will be digital-only. The means that they will emphasize email, IMs, in-app communications, and yes, text messaging as opposed to in-person visits.

Digital-only channels offer a wealth of possibility when it comes to communicating with customers. It allows you to engage them where they feel most comfortable, be it Twitter, Facebook, Skype, or WhatsApp. What’s more, it allows you to harvest metrics that you wouldn’t necessarily be able to gather from an in-person meeting – and it lets you harvest those metrics automatically, and more accurately than you would otherwise.

Here’s the downside: at what point does convenient begin to get in the way of compliance? At what point does harvesting these easy customer metrics begin to erode customer privacy?

Here’s how to balance compliance with convenience and security for your customers.

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