Financial Service Companies Need Screenshot Software To Be Compliant.
Gone are the days when institutions had to store data manually only. Financial institutions now use a different approach to retain copies of their online communication.
To standardize the financial industry, many governments created specific sets of rules—or compliances, as we refer to them today.
One of the significant compliance features, implemented by most government bodies of different countries, is supervising all electronic communication an FSI (financial services institution) is passing to its customer.
Automated website screenshot capturing tools help you to stay compliant with this specific requirement.
The Essence of Financial Compliance and Financial Security
Safeguarding customers’ assets has evolved drastically over the years.
Initially, vaults were used to preserve information and assets and the transfers took place in physical environments. Comparatively, insurance companies and lenders (banks and credit unions) now offer financial products and services via financial technology (FinTech).
Regulations such as the FINRA 10-06, FINRA 11-32, FINRA 11-39, SEC Rule 17-3 & 17 a-4, NASD 3010, MiFID, etc., known as financial compliance regulations, state the nature of the information that needs to be stored to secure customers’ assets today.
Such regulations require financial institutions to record and retain the proof of all communication conducted with customers online. Any financial institution operating in the US needs to comply with these explicit rules.
What is Financial Compliance, Exactly?
Financial compliance can be defined as the rules, regulations, and enforcement of finance and capital markets laws. It stretches through the whole financial spectrum, from investment banking practices to retail banking.
Why Are Security and Financial Compliance Important?
To protect the rights of companies and customers, governments and financial law-making agencies across the globe made a set of compliances that help maintain a clear picture of communication between an FSI and its customer, safeguarding the rights of both in the process.
How Screenshots Contribute to Achieving Financial Compliance?
To meet regulatory compliances, financial organizations now have to retain copies of their communication by taking snapshots of daily activities on their Web pages.
Here is where the concept of automated screenshot capturing comes into play.
Gone are the days when institutions had to preserve the data manually. With the introduction of automated screenshots and cloud archives, financial institutions now use a different approach to retaining copies of their online communication.
How Can Financial Companies Be Compliant?
With automated website screen-capturing, financial service companies can take screenshots and comply with the norm easier than ever before.
Stillio is a website screenshot service that is entirely automatic, hassle-free, and effective when capturing screenshots and contributing to the regulatory financial compliance requirements.
What Does the Finance Sector Gain By Capturing Screenshots Automatically?
In today's digital world, screenshots play a significant role. From communication to messaging, screenshots are robust, efficient, and powerful in the financial world, where everything revolves around the data displayed on the screen.
Here’s what the financial sector gains by capturing screenshots automatically:
- Evidence. When finance sectors capture screenshots, they keep thorough evidence in the form of visual proof. Additionally, when these screenshots are captured timely and at regular intervals, it becomes easy for companies to prove the consistency of information over time.
- Access to historical data. As your financial website becomes the official agent for all users, keeping all the records at your fingertips is essential. Screenshots will help you keep a tab of historical information displayed on the website.
- Meeting regulatory requirements without a hassle. Screenshots make eDiscovery easy. In addition, screenshots make internal and external compliance audits practically effortless.
- Readiness for litigation processes. Be it a startup or an MNC, no business is entirely free from a threat of litigation. When it comes to financial companies, the risk of litigation increases. Should push come to shove, companies need to generate and access the website and social media information before the investigation, thereby cutting down the costs and risks associated with it.
Getting the FINRA Membership and Becoming FCA Compliant
To become a FINRA member and/or FCA compliant, small and medium businesses (SMBs) must create checklists of written supervisory procedures (WSP)and keep track of all electronic communications.
As a part of these checklists, these institutions have to keep track of the information provided to consumers via company websites.
Automated website screenshots by Stillio are the best way to archive your Web pages.
Wrapping Up
Financial service companies must always remain up to the mark.
Whether for your customers’ data integrity or for your own reputation, abiding by the regulatory laws is the inevitable and ethical thing to do.
Leverage the perks of Stillio’s automatic, meticulous screen capturing system and meet regulatory demands and compliance checks without breaking a sweat.