PIMFA
31 January 2022
PIMFA adds Qwil Messenger as PIMFA Plus Partner in drive towards further technology partnerships
PIMFA, the trade association for wealth management, investment services and the investment and financial advice industry, is delighted to welcome Qwil Messenger as the latest of its PIMFA Plus partners offering PIMFA members a secure instant messaging platform they can use to communicate with their clients.
The addition of Qwil Messenger as a PIMFA Plus Partner is part of PIMFA’s commitment to advance digital transformation and innovation within the wealth management and advice industry and comes at a time when the sector is rapidly adopting technology solutions.
Qwil Messenger offers wealth managers and advisers a totally secure, fully auditable app that allows them to chat, share files and documents and start a video call with a prospect, client, colleague or entire team via a single banking-grade application both on mobile and desktop. Users can coordinate conversations and add participants if, and when required.
The addition of Qwil Messenger as a PIMFA Plus Partner comes as extensive research from Lexis Nexus and ThoughtLab (1) recently showed digital innovation is increasingly being driven not just by client demand. Forty per cent of clients now say digital access has become a big priority for them. While 75% of wealth executives expect digital interaction will be the norm in two years. Moreover, 89% of investors say their preferred communications channel will be through mobile apps in the next few years.
At the same time the Covid pandemic has seen a surge in fraud, the majority of which is now carried out online. Cyber criminals are sending over three billion emails a day as part of phishing attacks designed to look like they come from trusted senders with 91% of cyber-attacks starting via email (2). RiskIQ estimates that businesses worldwide lose $17,700 (£13,207) every minute due to phishing attacks—and that top companies lose $25 (£18.65) per minute to cybercrime.
The use of insecure communication is fast becoming a regulatory issue too. JPMorgan was recently fined $200m (£149m) for allowing staff to use personal devices and services such as WhatsApp to send work messages. The penalties were imposed for failing to keep proper records of the “widespread” use of unapproved communication channels between January 2018 and November 2020. WhatsApp, personal emails and other systems were used by more than 100 staff to send tens of thousands of messages. (3)
Qwil Messenger helps to mitigate fraud, and automatically records and protects data simultaneously. It is not only encrypted, but 100% secure as all users are authenticated which allows the sharing of sensitive information. It has an easy-to-use interface with no or very limited training required. Qwil Messenger simplifies the whole client life cycle. For example, onboarding a new prospect only takes 30 seconds before passport and documents can be shared with no further passwords, transactions can be executed without call backs and a video call can be started all from within the same conversation.
Qwil can be deployed to firms of 10 people or 10,000 within minutes and has already been adopted by St James’s Place, Schroders Personal Wealth and Fidelity among others.
The app is unique as has two user types: staff and clients who are all securely invited to a branded tenancy with contact lists and co-ordination rules defined by the user firm. The app can be customised with an individual firm’s logo, theme, terms & conditions, and security settings. With over 45 APIs for further integration and automation, out of the box connectors to Salesforce, Intelliflo and other platforms, firms are able to achieve huge efficiencies.
Laurent Guyot, Chief Revenue & Financial Officer at Qwil Messenger commented: “We know that most cyber-attacks take place via email, social media chat messengers, or text. These are the ‘open doors’ to company networks and client account details. Fraudsters only need one click, a few details and the network is compromised. We like to describe Qwil as a ‘Walled-garden’, an invitation-only platform with centralised security controls, making sure everyone is who they say they are. You can’t impersonate a bank or an individual on Qwil.
“We know that clients are looking for greater flexibility and more convenience in the way in which they communicate with their wealth manager or adviser. Given the vulnerabilities of existing business to client communication channels and the friction that has been added for staff and clients to ensure compliance and security, this is perhaps not a great surprise. We look forward to working with PIMFA members and helping them communicate with their clients in a fully flexible and secure environment.”
Richard Adler, Director of Strategic Partnerships at PIMFA, commented: “We are delighted to welcome Qwil Messenger as a PIMFA Plus Partner. This reflects PIMFA’s ongoing commitment to digital transformation within our industry and anything that enables greater communication with clients in a secure environment is extremely welcome as we begin to transition away from the traditional face-to-face meetings we have all favoured in the past.
“One of the greatest threats to our clients is the possibility that fraudsters might obtain sensitive information that allows them to access their savings and investments. The security offered by Qwil Messenger means that such threats are a thing of the past.”
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- https://thoughtlabgroup.com/wealth-management-4/
- https://www2.deloitte.com/my/en/pages/risk/articles/91-percent-of-all-cyber-attacks-begin-with-a-phishing-email-to-an-unexpected-victim.html
- https://www.thetimes.co.uk/article/jp-morgan-fined-200m-over-staff-using-personal-devices-for-work-messages-3vflthfsb
About PIMFA – the Personal Investment Management & Financial Advice Association
- PIMFA is the trade association for firms that provide investment management, investment services and advice to everyone from individuals and families to charities, pension funds, trusts and companies.
- The sector currently looks after £1.65 trillion in private savings and investments and employs over 63,000 people.
- PIMFA represents both full and associate member firms. Full members provide a range of financial solutions including financial advice, portfolio management, as well as investment and execution services. They assist everyone from individuals and families to charities and pension funds, all the way to trusts and companies. Associate members provide professional services to the PIMFA community.
- PIMFA leads the debate on policy and regulatory recommendations to ensure that the UK remains a global centre of excellence in the wealth management, investment advice and financial planning arena. Our mission is to create an optimal operating environment so that its member firms can focus on delivering the best service to clients, providing responsible stewardship for their long-term savings and investments.
- PIMFA has made numerous recommendations to the FCA regarding the Future of Advice, the Future of Supervision, & the FSCS levy – read more.
- PIMFA was created in 2017 as the outcome of a merger between the Association of Professional Financial Advisers (APFA) and the Wealth Management Association (WMA) with a history as a trade association since 1991 – read more.
- Further information can be found at pimfa.co.uk
Contact
For further information on this release or other press matters please contact:
Matthew West, PIMFA PR Manager – MatthewW@pimfa.co.uk, +44 (0)20 7382 0376
Sheena Gillett, PIMFA Communications & PR Director – sheenag@pimfa.co.uk, +44 (0)20 7011 9869 / +44 (0)7979 493225
