- 17th October 2023
- Posted by: Mark Dodds
- Category: Financial Services
Despite the fact that WhatsApp was originally meant as a personal messaging app (think party planning with your friends or getting the family together over the festive period), somewhere along the way it morphed into a popular app for business communications. The fact it’s cheap – free in fact! – along with easy to install and simple to use has most definitely made it an attractive choice.
However, whilst it may appear all sunshine and roses on the surface, using WhatsApp is a bad idea for any business, but particularly for those in the financial services due to the data sensitive nature of the industry.
But why is using WhatsApp so bad and is Teams really better?
Why shouldn’t you use WhatsApp for your financial business?
There’re quite a few reasons why using WhatsApp for your financial services business is a bad idea – as we don’t want to keep you here all day, we’re just going to go over a few of the key ones! These include:
This is a pretty big one. As you know, financial service businesses are strictly regulated, with record-keeping obligations that must be stuck to. These regulations are in place to uphold the industry’s integrity and ensure trust, so all business communications must be documented. Failure to comply hampers regulators’ ability to safeguard investors, consumers, and the public, compromising their ability to fulfil their role.
Now enter WhatsApp into this equation and it suddenly becomes very difficult to track communications, with messages flying here, there and everywhere, all under different names and numbers. It’s a big headache and leads to things getting missed, leaving your business wide open to compliance and GDPR issues.
Lack of security
This is another big one that will have you particularly nervous if you work in the financial sector – WhatsApp is not very secure. Whilst WhatsApp does provide end-to-end encryption, this security feature is not foolproof. Cybercriminals are constantly evolving, finding new ways to bypass encryption and compromise sensitive information, and they’re increasingly targeting apps like WhatsApp with scams.
Not only this, but again, using WhatsApp leads to a lot of potentially sensitive information flying around to different people, and this is the exact opposite of what you want. For example, WhatsApp lacks the control you need over your internal discussions. Once someone is added to a WhatsApp group, they remain in the conversation indefinitely, even if they no longer work with your company or if they’re only there on an external advisor basis. This means they have access to ongoing discussions, potentially viewing sensitive information even after their departure. This lack of control could end up costing your business big time by putting your data and reputation at risk.
Data back-up and recovery
Whilst we’re on the subject of data, let’s talk about data back-up. It’s true that WhatsApp does offer some backup options, however, they might not be as robust or reliable as those provided by dedicated business platforms. Relying solely on WhatsApp for your financial communications could put your business data at risk and even lead to total data loss.
How’s best to communicate within your business?
The question then arises: what’s the best way to communicate internally without compromising security and privacy? The answer is pretty simple – use a platform that is specifically designed for this purpose! There are lots of platforms to choose from, but Microsoft Teams remains a solid choice.
Why should you use Microsoft Teams for your business?
Microsoft Teams offers a secure, organised, and user-friendly environment for internal communication, making it quick for everyone within your business to get the hang of. So why is making the switch from WhatsApp to Teams a smart choice for your business?
Unlike WhatsApp, Teams provides strong security features that are designed with business in mind, ensuring that your internal discussions are protected from unauthorised access. You can control who has access to specific channels and conversations, maintaining the confidentiality of sensitive information.
Teams allows administrators to manage user access effectively. For example, when someone leaves the company, their access to Teams can be revoked immediately, preventing them from accessing any ongoing conversations.
Integration with Office 365
Teams seamlessly integrates with other Microsoft Office applications, streamlining workflow and enhancing productivity. You can share documents, collaborate on projects, and schedule meetings, all within the Teams platform. This makes sure every detail that needs to be documented actually does get documented and isn’t left floating around in a random WhatsApp chat.
Organisation and visibility
Teams allows you to create different channels for various projects, departments, or topics. This organisation ensures that conversations are focused and easy to navigate, promoting efficient communication within your team.
Teams enables real-time collaboration, allowing team members to work together on documents, presentations, and projects in real-time. This encourages creativity and teamwork, driving your business toward its goals. Plus, it helps ensure that your employees can enjoy a work/personal life divide – after all, none of us want to log into personal apps and think about work!
Need some help with your IT? Contact us today to find out about our range of IT services – we can even help you to get set up on Teams!