CASE STUDY
OVERVIEW
How
Challenge.
Financial Services Compliance Solution.
Results.
Share this article:
Related content.
Keep business communications flowing with T-Mobile MultiLine.
Empower your employees to call, text, and WhatsApp—all in compliance with industry regulations and within a single app.
Stay SEC and FINRA compliant with ease.
Address critical gaps in electronic communications compliance associated with mobile devices and messaging.
Understand regulatory compliance for the mobile world.
Increased use of personal mobile devices to communicate in regulated industries demands integrated, capable, automated compliance solutions.
A SUCCESS STORY
T-Mobile MultiLine helps a global financial institution communicate with its clients seamlessly.
A Tier 1 global financial institution with a large employee base and diverse client portfolio faced the challenge of seamlessly communicating with clients while ensuring financial services compliance with regulatory requirements. To help comply with electronic communications record-keeping regulations, the bank decided they needed a robust solution to automate compliance for all client-facing employees.
They sought an electronic communications compliance solution that could be easily deployed and integrated with their existing systems, while maintaining the flexibility to accommodate both personal and corporate mobile devices.
- 58% of their regulated US workforce were given MultiLine numbers (8,000 employees)
- Use cases include traders and wealth managers
- Six of the 10 largest investment banks in the world use MultiLine to address their electronic communication concerns
Challenge.
Ensuring financial compliance with SEC mobile communication record keeping regulations can be difficult, especially with employees using client-preferred communication channels. However, financial and reputational risks of non-compliance are too costly to ignore.
Automated Compliance Solution.
PAIN POINTS
Challenge.
Financial institutions are expected to comply with SEC regulations regarding electronic communications record keeping. Ensuring electronic communications compliance requires an automated solution that can be seamlessly integrated and accommodate both personal and corporate mobile devices.
The Tier 1 global financial institution struggled to manage their mobile communication record keeping and received an eight-figure fine from the SEC. This prompted them to find a robust solution that was compatible with multiple carriers for their large, diverse employee base and could be easily deployed across their organization.
MULTILINE BENEFITS
Financial service compliance solution.
With
1. This financial compliance solution is cloud-based and carrier agnostic, meaning it leverages cloud technology. This eliminates the need for extensive on-premises infrastructure and provides compatibility with multiple carriers, ensuring flexibility for the institution’s employee base.
2. MultiLine offers a single application that encompasses all the necessary compliant communication features, including voice call and SMS capture. This streamlines user experience and minimizes the complexity of using multiple tools.
3. With seamless integration with WhatsApp, MultiLine ensures that all client interactions through the popular communication channel are also captured and stored securely for compliance purposes.
4. This financial service compliance solution can be implemented at scale, allowing for rapid onboarding of employees, and minimizing disruption to their daily operations. It gives employees the option to port their current number into MultiLine, minimizing business disruption.
OUTCOMES
Results.
The institution was thrilled with the ease of deploying MultiLine across their organization. The bank added 8,000 lines upon implementation, which corresponded to approximately 58% of their total employees in the United States. Regulated employees adoption of the solution addressed the SEC violation, significantly reducing the possibility of future fines.
By capturing all client engagements in a single system of record, this bank was able to communicate efficiently with clients through their preferred channels, resulting in improved service delivery for their clients. Furthermore, the institution gained the ability to extract business intelligence, surface actionable insights, and identify best practices.
In total, the bank required MultiLine for users in 9 different countries. This extensive deployment across multiple regions demonstrated a significant commitment to implementing MultiLine as a strategic solution to address their compliance, productivity, and client engagement.
Let’s talk.