The absence of in-person meetings with clients during the corona pandemic has boosted the use of messenger services. The use of such services is a challenge for compliance and Avaloq, the banking IT specialist has now launched a tool to help banks to deal with this problem.
Using Whatsapp as a means to order a service from your bank manager will cause him or her a headache and the corona-crisis has added to these woes. Avaloq, the maker of banking software, has launched a new application – «Engage» – which is designed to help banks deal with the compliance issues arising from the use of chat tools such as Whatsapp.
Secure and Compliant
Avaloq’s app allows wealth and relationship managers to engage with clients through social messaging channels Whatsapp and Wechat in a secure and compliant manner said the company in a statement on Tuesday.
For clients, Engage provides the opportunity to interact with their relationship manager using their preferred channels and perform banking transactions safely.
Increase in Digital Channel Conversations
The rollout of Avaloq Engage follows the recent launch of Avaloq Wealth and forms part of a new stand-alone suite of digital wealth management platforms. Use of digital channels and the demand for new ways of client interaction have accelerated during the pandemic, with engagement levels likely to escalate further as social messaging services become mainstream platforms, said Avaloq.
«Whatsapp usage increased by 51 percent during Covid-19 lockdown, for instance, and many banks and wealth managers have found it difficult to maintain the high levels of availability and responsiveness required to deliver tailored advice at the time when clients need it most,» the company added.
