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Customer Engagement vs. Compliance: It Doesn’t Have to be a Choice

Customer Engagement vs. Compliance:

It Doesn't Have to be a Choice

As financial consumer expectations for digital engagement have risen sharply since the pandemic, many financial institutions are struggling to find the right balance between secure engagement tools and regulatory restrictions. Consumers want the flexibility, speed, and convenience of digital tools while regulators want control and security of traditional systems. Financial leaders want it all so they can meet their customer demands while also remaining compliant.

Recent headlines demonstrate how even the largest financial institutions have not been able to find the right balance. For example, in January, the New York Post reported that Morgan Stanley fined employees more than $1M for WhatsApp messaging violations "as it looks to crack down on the misuse of WhatsApp and other apps to conduct official business."  

High-end services, such as private banking and wealth management, are very competitive, and relationship managers constantly feel pressure to meet internal performance objectives while keeping their clients satisfied. The good news, however, is that compliant-ready, digital engagement solutions have emerged as an effective option to help leaders strike the right balance. Modern digital engagement solutions, such as iuviNOW,  can securely enable messaging, video conferencing, document sharing, and other collaboration capabilities native to the experience in the applications your customers or members use daily.  

Customer or member engagement is critical for banks and credit unions to build trust and loyalty. However, long wait times, lack of personalization, complicated processes, and data security concerns make this a challenge for many financial institutions. Although remote engagement has been the new norm for the past two years, many financial institutions are still struggling to provide personalized services through their digital channels.  


Benefits of Digital Engagement Solutions

Banks and credit unions should adopt more robust digital engagement solutions to address these pain points, which will allow them to provide faster, more convenient, and personalized services while helping reduce costs, improve security, and build trust. Digital engagement technology offers several benefits to financial institutions, including:   

  • Improve Customer Experience: Digital engagement technology provides clients with faster, more convenient, and personalized services. Financial institutions can securely communicate via text messages, voice memos, phone calls, and video conferencing. It also enables digital collaboration such as appointment scheduling, document sharing, white-boarding, annotations, and even co-browsing web pages. These features make it easier to plan and better meet customer or member needs, which ultimately leads to a better experience and stronger brand loyalty.   
  • Reduce Costs: Digital client engagement technology reduces the cost of serving clients. This technology streamlines workflows, automates document signing, and enables remote consultations, reducing the need for in-person visits. Banks and credit unions can save money on overhead costs and pass these savings to customers or members.   
  • Ease Regulatory Compliance: Security is a top concern for banks and credit unions. Digital engagement solutions provide highly secure communication channels with audit and logging capabilities to satisfy security audits and operational dashboards to measure agent or banker performance in ways that matter and contribute towards building trusted relationships.   

About iuviNOW

iuviNOW is a digital engagement platform that provides a unified interface for managing client interactions and offers a range of capabilities, including:  

Secure messaging  

Document sharing  


Video calls (recorded)  

Phone calls  


Process workflows (including dynamic forms)  

To-do task tracking  

Audit, logging, and insights  

iOS or Android native apps 

Desktop and mobile browser ready  

Standalone or integrated with your online/mobile banking  

Integrations to Messaging Apps like WhatsApp and CRM systems  

By integrating messaging apps like WhatsApp and CRM systems (i.e., SalesForce, HubSpot, and Microsoft Dynamics) with iuviNOW, iuvity can help financial institutions proactively avoid regulatory violations. The iuviNOW platform provides audit and logging capabilities that track interactions within the platform and other applications, and securely keep records as long as necessary to comply with regulatory requirements. More importantly, pre-defined workflows and associated tasks within the web portal or mobile application can help identify potential misconduct, allowing your financial institutions to take the appropriate steps to address it.  

Adopting more robust and compliant digital engagement solutions can benefit banks and credit unions, including improved customer experience, cost reduction, enhanced security, and avoiding fines from regulators. Plus, you will protect your reputation and avoid penalties for non-compliance while giving your bankers the right tools they need to provide a better experience.  

The time to consider compliant digital engagement is NOW so banks and credit unions can remain competitive in the digital era while mitigating regulatory risks.