WHAT’S UP WITH WHATSAPP?
The E-Comms platform has soared in popularity from its debut in 2011 to more than two billion active monthly users (75 million of which reside in the USA) ten years later. Each day, over 100 billion messages are sent – yes, that is a “B” as in billion. Clearly, the lure of sending encrypted messages over the internet on WhatsApp is strong.
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USAGE OF WHATSAPP
usage of WhatsApp appears to also be compelling to financial firms.
Usage behavior by employees of JP Morgan Chase bank has been described as “addicted” and “hooked” given how pervasive communication via the app was amongst the executive team, brokers, and their clients.
WhatsApp extensively – on their personal devices
From January 2018 to November 2020, JP Morgan used WhatsApp extensively – on their personal devices – to transact business. Even their executives, who were tasked with compliance, used the app to communicate about sensitive financial matters.
WHATSAPP IS NOT GOING AWAY ANY TIME SOON emerged as a bit of a “hot potato”
although it’s clearly emerged as a bit of a “hot potato” and is at the epicenter of numerous highprofile cases around compliance. Financial and data privacy challenges have the embattled app butting heads with the law around the globe. So, how does a firm protect itself from risk given the ubiquitous usage of the app? e-Communications are an essential
e-Communications are an essential and now routine part of our lives – and of all firm’s financial activities. Ensuring that they are monitored, recorded, and analyzed in a manner that is compliant with all laws is non-negotiable. If your firm is not dialed into WhatsApp and how it is being used internally, your business continuity and profitability are at risk.