Qumram launched a new solution designed to record end-to-end social media interactions via WhatsApp in a fully compliant manner. “We are excited to reveal this extension to Qumram’s fully compliant social media recording suite,” Qumram CEO Patrick Barnert said. “Financial institutions can now satisfy client demand for WhatsApp interactions, without risk of breaching regulatory requirements for digital record keeping.”
Qumram made the announcement during its presentation at Sibos Geneva 2016, underscoring the opportunity to support FIs who want to use social media like WhatsApp, but fear potential violation of regulatory requirements as they relate to digital record-keeping. Barnett added that using social media to interact with customers is already a phenomenon among FIs in Europe and Asia, and said that the high growth rates of WhatsApp and WeChat suggest that communicating with customers via social media “will undoubtedly become important for North American banks, too.”
CTO and co-founder Simon Scheurer demonstrated Qumram’s technology at FinovateFall 2016.
Qumram’s technology provides a 100% digital audit trail across all channels, including online, social, and mobile. Its platform records all digital activity—including every keystroke, swipe, and mouse movement—and replays it on-demand in video form. This ensures evidence of regulatory compliance for businesses and other institutions while maintaining data-privacy for clients. Qumram’s customers range from financial services and global wealth-management giant UBS to health insurer CSS Versicherung to the online portal for the Swiss Broadcasting Corporation (SBC), Swissinfo.ch.
Founded in 2011 and headquartered in Zurich, Switzerland, Qumram demonstrated its technology at FinovateFall 2016. The company announced in the days leading up to its return to Finovate earlier this month that Russell Investments selected its technology for compliant, digital recording and retention. In August, Qumram won the Swisscom Startup Challenge 2016; in July, the company was named “Startup of the Month” by Swiss Finance Startups. Qumram opened offices in London and San Francisco in May, and in April, Qumram won a spot in the European Fintech Top 100 along with 29 of its fellow Finovate alums.