Hearsay Systems Releases SMS Compliance Automation Solution for Financial Advisors

Hearsay Systems, the trusted provider of compliant digital communications and workflow solutions for the financial services industry, has announced its latest offering to simplify compliance for modern financial services organizations, the company said.

The company debuted the first and only automated compliance supervision solution specifically for text messaging to proactively protect firms from financial service and telecommunication industry requirements. This innovative solution leverages industry-specific keyword lexicons powered by Hearsay´s next-generation compliance platform with AI-powered risk meter.

The powerful new offering provides a set of pre-built lexicon lists that align with firm, industry, and federally mandated advertising regulations. It uses intelligent classifiers to automatically detect any forbidden keywords in employee text messages.

Any texts that include a match from lexicon lists are either blocked or an AI-driven risk alert is created for compliance review, preventing any agent or advisor from willingly or unwittingly engaging in unscrupulous practices via text. Besides specific regulatory matches, these pre-built lexicon lists also are designed to discourage specific behavior patterns that would run afoul of FCC and FTC privacy and consumer protection regulations, such as direct solicitation.

Hearsay´s lexicons are continuously enhanced based on thousands of decisions made by compliance officers, enabling texting programs to scale without adding additional headcount.

The latest compliance supervision capabilities were designed so that any financial services organization can select which terms it would like to utilize from Hearsay´s curated Wealth Management, Property & Casualty, and Life Insurance industry lexicons in order to meet its own organizational risk profile. Organizations can also include any additional lexicon terms that they see fit or use Hearsay´s lexicons to supplement existing lists that are already set up.

Hearsay Systems is reinventing the client experience in wealth management, property and casualty and life insurance with compliant digital communications and workflow solutions. Over 170,000 advisors and agents at the world´s largest financial services and insurance firms leverage Hearsay to engage with customers and build stronger relationships to grow their business.

With Hearsay Cloud for financial services, advisors and agents provide real-time, personalized and seamless client experiences across the right channel — social, texting and mobile — at the right moment. Automated, pre-built industry workflows for insurance and wealth management provide one-click actionable suggestions for targeted engagement. Built for the enterprise, Hearsay Systems connects data and every client interaction to corporate CRM systems and digital marketing programs — all on a secure, compliant enterprise-ready platform.