Text messaging is the most widely used feature or application on a smartphone. Financial services clients use text messaging; perhaps even prefer it, as their means of communication. This introduces concerns for financial services organizations that are required by law to maintain a record of every interaction with a client—both inbound and outbound.
Due to its growth in popularity, the 2017 Electronic Communications Compliance Survey found that 42% of responding firms reported employees have requested to use text/SMS messaging for business purposes this year in comparison to 21% in 2016. However, the survey also found that non-email communications channels (including text/SMS messages) are the top risk concern for financial services compliance professionals.