How Theta Lake’s partnership with Movius allows compliant use of WhatsApp and SMS
If you are an IT manager working at a bank, you’re caught between the Devil and the Deep Blue Sea.
Bring Your Own Device (BYOD) IT policies have encouraged a laissez-faire approach to mobile apps in sales. Brokers tend to use WhatsApp. It’s how customers and brokers like to communicate.
But WhatsApp (and SMS) are not always monitored, so compliance regulations are breached.
CEOs prioritise marketing. It’s the Master which all other departments must slavishly follow. Including Compliance, who’ve had to turn a blind eye.
But as Bloomberg News reported in July 2022, bank employees using unmonitored SMS and WhatsApp have already cost investment banks £200m in fines.
Now power lies with Compliance. That puts IT managers in the centre of an unpleasant tug-of-war between brokers and Compliance.
Luckily for the beleaguered IT manager, there’s a solution: the Movius and Theta Lake partnership.