Instant Messaging for financial Services with Qwil Messenger

Introduction to Instant Messaging with Qwil

Instant messaging for financial services is now a business standard, rather than a luxury. The time of email is finished, for security and convenience reasons. We don’t prefer to use email. We don’t email our friends. Our preference is to send them a text or an instant message. 90% of customers across financial services now expect omnichannel service. This applies across all touchpoints. Your customers don’t want to have to switch between 5 different tools to chat, sign documents and share files.

That is where Qwil comes in. Qwil messenger is an instant messaging platform that does all these functions in one easy to use app/web app. In a world where cyber attacks on financial services have seen a rise of 238%, a secure, compliant solution to client communication in financial services is more needed than ever. So why do firms need Qwil?

Qwil does it all: Instant messaging, file sharing, video conferencing, e-signatures and appointment booking. All in one easy to use platform.
Banking grade security: Qwil is ISO certified, compliant with GDPR and other regulatory bodies. All users are authenticated with 2 factors. Messages are encrypted end to end, in both transit and rest. That means there is nothing you can’t share on Qwil. From common chats, to the most secure of documents.
Branded environments: Your company logo and brand will be present throughout Qwil. The logo and colours present on invites, in app, and message notifications. Inviting your clients into your branded environment helps you cement that relationship and build client trust.

Why do financial services companies need instant messaging?

As a regulated industry, financial services companies suffer a lot with tooling. When you are choosing software solutions, you need to always be considering your security and compliance with your regulatory body. Also you have to think of all of this without creating too much inconvenience for your clients.

How many of your clients try to WhatsApp you? It happens a lot, even though it’s a compliance nightmare. This happens because IM is just easier. So tools like Qwil allow you to bring this preferred channel of communication into a business compliant environment.

Using Qwil also allows you to offer exceptional service across all devices, and channels. Whether your clients (and you) are on the move, and need to use the mobile, or at the desktop PC you can still give your customers the best service possible.

Not only that, but it is faster, more personal and more scalable within your business. The inherent difference between having to read, write and organize emails, and sending an instant message means that less staff can handle more work. As opposed to phone calls or email.

In short, using IM can not only streamline your workflow, but also make your client’s lives easier, and more comfortable. Leading to loyalty, and higher retention rates.

Secure Communications in Financial Services

The foundation of any financial services company is trust. Whether you are a wealth manager, financial advisor, or bank, trust and data protection are central to your customer relationship. Especially in an industry where you are dealing with high value transactions, you are a prime target for cyber attacks.

Security solutions are required, but oftentimes chat is overlooked. With a 238% rise in cyber attacks, and with 90% of these originating from email, platforms like Qwil are becoming less and less of a choice. It really boils down to which solution you are going to choose. Not if you choose one. Continuing with email/encrypted email is becoming a non-viable option.

Using mainstream, non secure apps like WhatsApp and SMS are also out the window. Not only do you risk your clients private information, but also you risk your own reputation. Both publicly, with your clients, and also with your regulatory body. Companies have faced millions in fines through WhatsApp usage in regulated industries.

At Qwil, all users are invited with 2 factor authentication, all messages have end to end encryption, and you are the sole owner of your data. Meaning you always know who you are talking to is in fact who you want to talk to. Also that your messages and documents are safe on the way to where they are going.

A recent study showed that 91% of consumers prefer secure messaging channels to interact with financial institutions. Are you ready to make the switch to secure messaging for financial services?

Key Features of Qwil’s Compliant Messaging App

We built Qwil with compliance in mind. From the ground up. Everything that happens on Qwil is secure and compliant. Out of the box. So now let’s take a look at some of the key features that make Qwil the best compliant messaging platform for financial services;

Security features

Compliance ready out of the box: FCA, GDPR, MiFID II compliant
Untouchable audit trail: all messages are recorded and archived to be audited by any user granted with the data reviewer permission
Banking grade encryption on all messages, documents, signatures shared on Qwil.
Invitation only and 2FA: Only admins can invite users to the platform, and all users are authenticated with 2 factors. So you know that only people you want to join your Qwil, can.
Permission management: With varying levels of permissions, you can decide which of your staff can access which functions.
Real time login alerts.
Access control: control who can access your clients with Qwil’s client teams.

Qwil handles all your security and compliance. Once you are set up, just send and receive messages with no worry. Send instant messages with the ease of a social platform like WhatsApp, but in full compliance.

Real-Time Messaging for Financial Services

90% of messages, whether SMS or instant message, are read within 3 minutes. This is why real-time messaging is key for financial services. As a chat platform for financial services, Qwil can help you make the most of this in a compliant way.

This means you can solve client issues quickly and easily. While keeping records of everything that has happened. Also reduce the need for complicated portals to share documents. Secure and encrypted emails and one time access make it difficult for clients. Qwil is the one platform that does it all.

And if you ever do see any suspicious activity, or risk of fraud, then you have a quick and easy way to check through a verified platform, with real time responses. This means that you can provide even more security for your clients.

Messaging for Scalability and Efficiency

Instant messaging in financial services companies also helps with efficiency. Messages can be automated, broadcasted and responded to far quicker than an email. In the time taken to scroll through the email overloaded inboxes your team have, they could have responded to messages from countless clients.

Being able to delegate fewer human resources to responding to client queries means that your staff can focus their time on areas that grow your business. So that you can handle more clients, and take on more work.

Asynchronous chat means that both people in the conversation don’t need to be present at the same time. This means that staff can maintain multiple conversations at the same time. Rather than having to delegate time to speaking on the phone. Therefore using a secure asynchronous chat platform like Qwil means that you can put your time where it counts.

From the client perspective, instant messaging helps them to feel served quicker. Even though the problem may not be resolved instantly, it means that you can engage and start processes quicker.

Use Cases for Qwil Messaging in Financial Services and Banking

Here are some common use cases for instant messaging in financial services companies.

ID verified transaction confirmations
Smooth and easy onboarding and KYC
Sharing bank details and other secure information
Secure document sharing
E-signatures for contracts and transactions
Sharing bulk communications with market and industry updates with broadcasts
Client review meetings and conferencing
Biometric approvals on withdrawal requests
Customer service, answering questions and solving client issues.

There are many other areas in which Qwil can be used in your financial services company. From normal conversations to the most secure of communication.

Messaging App Solutions for Financial Services

Qwil is ready to deploy in your finance business. We built it so that all you need to do is onboard your users. The security settings are completely within your control, and you can implement any of the measures you need.

Using a fully branded, unified communication channel, means that your firms identity can be associated with efficiency, keeping up to date on the latest tech, and ease of use. This will further build trust between you and your clients.

At Qwil, we also have our public API documentation. So that if you need to build integrations, or take advantage of our existing ones, you can seamlessly plug Qwil into your CRM.

Qwil is built to grow with your organization. From boutique wealth managers and investment firms, to the largest multinational banks. Qwil was built for you.

Using Qwil for Customer Communication and Support

Customer support, with the way tech has progressed, now carries much higher standards. You have to be able to serve all your customers as quickly as possible. Real time messaging is now the standard.

Having a chat platform like Qwil means that you can handle all forms of communication in one place. Due to ease of use, and how easily you can reply. Confirm transactions and answer customer questions on one platform.

Take your support on the go with the mobile app. Real time communication in customer service increases trust, and customer satisfaction. Then leading to further customer loyalty and retention.

Best Practices for Secure Messaging in Finance

Financial services is a regulated industry. Due to this, having a messaging platform like Qwil, built with security and compliance in mind is essential. General purpose apps like WhatsApp do not have the necessary security, data storage or access control.

By using an app like Qwil, all your security needs are handled. The only thing you need to worry about is carrying out your business tasks. Things like authentication, account updates and document sharing.

Make sure that when using a messaging platform, that you are benefiting from the fact it is not email. Use abbreviations, text speak and casual formatting to save time and boost efficiency.

You should also ensure that staff have the correct permissions and access. With Qwil, you control who sees what, and who can see who. Setting up correctly can be the difference between solving problems and making them

Conclusion: Why Qwil Messenger is the Future of Client Communication in Finance

Clients want speed, security and professionalism. Qwil gives you all of these. So that you can give the best impression to your clients. As well as the easiest user experience. Also remain in complete security and compliance.

There is a rising need for an omnichannel service. Too many single use platforms have meant customers are sick and tired of jumping between. Also staff are losing so much time in their day to these context switching. One tool that does it all not only boosts efficiency, but gives more value to your customers.

Trust Qwil Messenger to future proof your financial firm's instant messaging. Get your free trial today.

Frequently Asked Questions (FAQs)

Why not just use SMS or WhatsApp for client communication?

Conventional communication channels like whatsapp and SMS are not compliant. They are unverified, anyone could be on the other end. Also they do not have the encryption, or data control required for regulated industries like financial services.

How quickly do clients respond to instant messages?

90% of instant messages are read within 3 minutes. Whether this is text, or a messaging platform. This means the reply rate is significantly higher and faster than email. Most clients respond within minutes. However instant messaging does not mean instant response.

How does instant messaging reduce costs?

IM means that you don’t need a team to answer clients' support questions. It also means one person’s time goes much further. Reducing the staffing and productivity cost to your business.

Is Qwil Messenger secure enough for banking-grade communication?

Yes. Qwil is ISO certified, and allows for any level of secure communications. Complying with all major regulatory bodies. Audit trails, access control, user authentication and more all come out of the box with Qwil.

Get your Qwil free trial here

Back to Articles