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Wealth Briefing Awards 2017

Novastone, a London based Fintech was last night crowned Best Client Communications at the WealthBriefing GCC Region Awards 2017, which was held at the prestigious Taj Dubai. One of 5 firms to be shortlisted in the Client Communications category, the triumph is yet another milestone in the company’s drive to be recognised as one of the pre-eminent players in the competitive secure chat space. The summary of the judges comments on Novastone’s solution was:

“Our winner has devised innovative messaging solutions for high value client interaction across various areas of banking.  This has had a clear and positive impact on improving RMs time management.”

Showcasing ‘best of breed’ providers in the global private banking, wealth management and trusted advisor communities, the awards were designed to recognise companies, teams and individuals which the prestigious panel of judges deemed to have ‘demonstrated innovation and excellence during 2017’.

Commenting on the firm’s triumph, Douglas Orr, Founder & CEO, Novastone said: “We are delighted to have been voted the winner of this prestigious award by so many of the industry’s great and good. It is a great honour to be recognised in these inaugural awards, and testament to the hard work that the team have put in over the last 12 months. Everyone has really pulled together to ensure we continue to deliver the highest level of service to our clients”.

ClearView Financial Media’s CEO, and Publisher of WealthBriefing, Stephen Harris, was first to extend his congratulations to all the winners. He said: “The firms who triumphed in these awards are all worthy winners, and I would like to extend my heartiest congratulations. These awards were judged solely on the basis of entrants’ submissions and their response to a number of specific questions, which had to be answered focusing on the client experience, not quantitative performance metrics. That is a unique, and I believe, compelling feature. These awards recognise the very best operators in the private client industry, with ‘independence’, ‘integrity’ and ‘genuine insight’ the watchwords of the judging process – such that the awards truly reflect excellence in wealth management. I am optimistic that these annual awards will become one of the brightest highlights in the wealth management calendar.”

Over 50% of firms don’t believe their communications are compliant

SecurityWeek recently reported on the Electronic Communications Compliance Survey which surveyed over 100 financial services individuals. The results are, as expected, showing how challenging it is for financial institutions to manage and ensure full compliance for a multitude of communication channels. Indeed, over 50% of firms are concerned about their compliance on non e-mail communication channels. This combined with 47% of firms being examined in the past year (up from 27% in 2015) tells a powerful story for the need of compliant and secure communication channels. Long gone are the days where archiving your e-mail messages was enough. Organizations now need to keep track of many sources of messages with many of them being sent through external networks such as social media, public instant messaging, text messages, etc. Multiple solutions can be considered to tackle these issues, but a great place to start is by centralizing and offering a best in class chat platform to your employees and clients. This reduces the number of channels not being controlled, improves compliance and enhance both staff and client engagement.

For the full article, please click here.

Wall Street’s New Favorite Way to Swap Secrets Is Against the Rules

Dirty jokes and NSFW GIFs. Snaps of unsuspecting colleagues on the trading floor. Screenshots of confidential client positions.

All that — and, on occasion, even legally dubious information — is increasingly being trafficked over the new private lines of Wall Street: encrypted messaging services like WhatsApp and Signal.

From traders to bankers and money managers, just about everyone in finance is embracing these apps as an easy, and virtually untraceable, way to circumvent compliance, get around the HR police and keep bosses in the dark. And it’s happening despite the industry’s efforts to crack down on unmonitored communications, according to conversations with employees at more than a dozen of Wall Street’s most recognizable firms.

Just this week, a former Jefferies Group banker was fined in the U.K. for sharing confidential data on WhatsApp.

In many ways, the development reflects a cultural shift. At big banks and small shops alike, rowdy trading desks and the boys-will-be-boys ethos are no longer tolerated, at least publicly. But the widespread use of encrypted apps is also raising a deeper concern: It could enable reckless behavior that’s all but impossible to police and lead to abuses like the chat-room scandals involving Libor manipulation and currency rigging.

“You’re really able to operate outside of the bank,” said William McGovern, a former SEC branch chief and senior lawyer at Morgan Stanley who now works at law firm Kobre & Kim. “We have seen in our investigations that the ground is shifting under everyone, and technology changes are driving a lot of it.

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