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Careless Talk Costs Fines for the Banking Industry as 7T.co Launches Instant Messaging App

7T.co launches an instant messaging app that overcomes record-keeping and data security issues while ensuring end-user privacy.

The Dallas-headquartered digital transformation company, 7T.co, has created an instant messaging app, SayHey Messenger, to help the banking industry improve data security and electronic communication record-keeping and better achieve and maintain regulatory compliance.

The company’s latest announcement comes in response to the Securities and Exchange Commission (SEC) levying $1.8billion in fines against banks last year for using unauthorised instant messaging apps.

Instant messaging has become a preferred communication method, increasing collaboration and productivity. But it can also be a risky way to share information because of record keeping, data security and compliance issues.

Now more than ever, financial institutions need a solution that allows them to communicate securely without running the risk of fines or regulatory compliance issues. Having recognised this, 7T.co has designed a fully-compliant instant messaging platform with data sovereignty and real-time data auditing capabilities.

Conversations in the cloud

Created specifically for businesses in regulated industries, SayHey Messenger helps overcome record-keeping and data security issues by giving the licensing agent complete ownership of the messaging data.

By storing the data in the licensing agent’s encrypted cloud environment, the organisation maintains control over retention, backups, encryption level and security. 

In addition to its secure use of cloud technology, the app also makes use of innovations in machine learning (ML) to flag potential compliance risks associated with conversations.

The ML module monitors communications using a customisable list of keywords and phrases. Messages containing those keywords are automatically sent to a moderation queue for review, and in this way, the technology is able to help financial institutions achieve regulatory compliance and avoid costly fines.

SayHey usability

And yet, an instant messaging app that no one uses only drives communications back to unauthorised methods of personal or consumer-grade messaging applications, once again exposing an organisation to unnecessary risk.

The app overcomes this issue with a familiar, consumer-style user interface intended to drive adoption rates. The admin panel provides message metrics, such as usage and adoption, to present a holistic view of messaging health.

SayHey Messenger also seeks to enhance employee engagement with a feature allowing users to manually flag messages for moderation, promoting healthy, safe and productive conversations in the process.

Speak safety

At a time when banks must secure every aspect of their valuable data, 7T.co hopes its latest offering will improve electronic communication record keeping as a key part of the data security measures need now and in the future of the banking industry.

The platform is available as a mobile app for both iOS and Android as well as a web app that is compatible with all major web browsers for use on a desktop.  It can also be fully integrated into existing enterprise software platforms.

Author

  • Tyler is a fintech journalist with specific interests in online banking and emerging AI technologies. He began his career writing with a plethora of national and international publications.

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