Secure Video Sharing for Financial Services

October 8, 2021·8 minutes read

Safe video is a must for any financial services company. Learn how to communicate and build trust with your customers in a compliant and secure manner.

Financial services are an industry based on trust. Customers rely on you to keep their money safe, give them wise advice, and make decisions in their best interests. To build on that trust, including video as part of your virtual sales strategy is a wonderful way to connect face-to-face with your customers in our new digital world. However, using video in the financial services industry requires certain testing and trade-offs, such as: For example, make sure you are using a corporate video platform that provides secure video sharing.

Security and legal compliance make virtual selling in the financial services industry even more complex. Fortunately, some corporate video platforms have taken steps to ensure that you comply with your company’s policies and legal requirements when creating, sharing, and hosting videos.

The financial services industry is one of the largest users of video creation, up 129% year over year, which makes sense given that many have switched to digital-first work. To ensure that you can benefit from video like so many other consultants and wholesalers, we’ve put together everything you need to know about secure video sharing for financial services.

Safe video for financial servicesEasily create, share and host videos from a secure and compliant corporate video platform.Learn more

  1. contents
  2. 1. Why is it important to use safe video?
  3. 2. Create a compliant and safe video
  4. 2.1 Best Practices for Acquiring Compliant and Secure Video
  5. 2.2 Tools to Address Video Compliance Concerns
  6. 2.3 Marketing Videos and Compliance
  7. 2.4 Sales Videos and Compliance
  8. 3. Secure video sharing
  9. 3.1 Password protected video sharing
  10. 4.Secure video sharing is here to stay

Why is it important to use safe video?

Given the sensitive nature of financial services companies, security and compliance in protecting private customer interactions are non-negotiable. If the video is not sure, there are several negative effects, such as:

  • Punish
  • Loss of brand equity
  • Business disruption

Companies in the financial services industry are subject to a higher standard of information security and data protection. A violation in your system or the publication of a video that should be private can result in regulatory consequences with heavy fines.

When evaluating which corporate video platform is best for your business, both your legal and IT departments need to be part of the procurement process so that all of the requirements are clearly set out in your search.

Look for a platform that has a dedicated security team and has its compliance procedures in place. At Vidyard, for example, we know how important security is to our customers. We have therefore drawn up a security promise to ensure direct and transparent communication with our customers.

Suppose your company is still on the fence about integrating video into your virtual or hybrid sales strategy. If so, we hope we can help you start your video creating and sharing journey by sharing why safe video is important and achievable!

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Create compliant and secure videos

Ensuring video compliance remains a priority and challenge for compliance departments due to increasing regulations and requirements regarding data, disclosure and privacy.

To create compliant and safe videos, you and your organization need to understand the rules. First, evaluate what laws apply to your business, then create a plan with your compliance team to confirm that you are applying these regulations to all video sales content.

Best practices for acquiring compliant and secure video

  1. Engage compliance, legal, and privacy teams early on to set basic goals.
    Before you start looking for a video platform, hold a discovery session with your compliance, legal, and privacy teams to make sure everyone has the opportunity to submit requests. Understand compliance requirements and vulnerabilities and evaluate providers based on these requirements. It will be a lot easier to acquire and use a corporate video platform once you have all of your ducks lined up first.
  2. Submit scripts and transcripts for review for compliance requirements.
    Once your organization is ready to start using video, create a clear organizational chart for the video creation workflow. Maintain collaboration by making the compliance team a partner in this process. Compliance teams can act as business enablers and support the business units by introducing effective video solutions. Have reps submit their scripts and transcripts for review before sending and sharing videos to avoid compliance issues in advance.
  3. Archive videos of compliance standards for potential auditing purposes.
    Chances are, your company already has some marketing videos. Do a full review of all existing videos and compare them to all of your compliance standards. Then archive them in folders that are clearly labeled according to industry regulations. You now have a neat database into which to add future videos for your organizational and potential audit purposes.

Tools to help address video compliance concerns

There are some great tools out there to help your business resolve video compliance concerns.

Theta Lake is an artificial intelligence (AI) compliance suite that helps organizations manage the cost and complexity of dealing with regulations. As your company creates videos, Theta Lake’s system analyzes them to ensure that any compliance issues are flagged and resolved before the video is shared. You review marketing videos, personalized sales videos, and video conferencing through:

  • AI and deep learning that automatically review audio and visual content for corporate compliance, behavioral and regulatory risks
  • A streamlined workflow for compliance teams to review and monitor video communications
  • Legally compliant long-term archiving around video communication and
  • Corporate reporting for auditors

Marketing Videos and Compliance

For marketing teams creating brand awareness videos, compliance requirements can be met long before problems arise. If the marketing team is planning a video, they should submit a compliance review script prior to production and then resubmit it once the video has been shot to verify that the script matches the output.

This process is less of a hassle for the compliance team as videos produced by the company’s marketing team are typically designed for one-to-many distribution (e.g. landing page, website, marketing emails, social media etc.).

Sales videos and compliance

For user-generated sales videos, the script may not exist before a consultant or wholesaler has created a video and approved for contact. Organizations should offer video compliance training to all team members before anyone hoses the record button. Make sure everyone knows what they can and can’t do before making a video and it will save everyone work in the long run.

Ideally, consultants should always submit a video to a compliance workflow. For example, if a consultant creates a video while using Vidyard, it is automatically sent to Theta Lake by Vidyard and the consultant is not allowed to send the video until they have received the approval stamp from the compliance team.

Secure video sharing

Although text-based communication can be the traditional way of communicating with clients and customers, video sharing can provide a more secure communication all around. Unlike text-based communication, videos are more difficult to copy and share beyond the intended audience. It is easy to protect videos with the right features.

When sharing videos with your financial services customers, here are some things to keep in mind:

  • Activate password protection
  • Video access to “Anyone with the link can see” or set specific IP addresses

With internal team sharing, you can also set up single sign-on to require you to log in to a company account to gain access.

Advances in artificial intelligence and machine learning are making it possible for compliance teams to work more efficiently and effectively, and for easier compliance with digital content retention and monitoring regulations.

Safe video for financial servicesEasily create, share and host videos from a secure and compliant corporate video platform.Learn more

Password protected video sharing

Different financial services companies have different needs, so there isn’t just one way to protect your videos.

There are several ways that you can protect your videos while you are sharing them. Consider the following:

  • Only those who have a link can watch the video
  • Only those who have a password can watch the video
  • Only people with a specific IP (your company’s IP) can watch the video
  • Only those with a specific IP and password can watch the video
  • Only those authorized by single sign-on can watch the video

See it in action

Here’s how to add password protection for secure video sharing.

Safe video sharing is here to stay

With the move to hybrid and remote working, the need for secure video is becoming increasingly important for financial services companies. And it should be incorporated into any future sales and marketing strategy. We also know that customers, especially the younger generation, want digital access to their financial services. If your business is constantly changing the way you communicate with your customers, remember to keep an eye on the power of video.

Alanna Gurr

Alanna Gurr

Alanna is our content marketing manager, a digital illustrator and video lover. Outside of everyday office life, she is looking for the perfect cup of coffee, relaxing with a good book or playing her own music all over Canada.