Secure File Sharing for financial services with Qwil Messenger

Why Secure File Sharing Matters in Finance

For financial institutions, the stakes in terms of data protection are higher than ever. Financial services companies are constantly sharing sensitive data. Also the regulatory pressure and customer expectations all rely on your secure digital practices. How many files do your clients send you per day? Also, what would happen if those fell into the wrong hands?

These are questions that Qwil Messenger users don’t need to think about. Qwil is an instant messaging platform that allows regulated industries to securely chat, send documents and personal data. All of this without compromising security, compliance or user experience. 

Data breaches are on the rise. A secure file sharing for financial services is no longer an option but a requirement. Qwil is compliant with GDPR, PCI, DSS, GLBA and MiFID II. For all your security needs when sharing documents, try Qwil.

The Hidden Dangers of Insecure File Sharing

So why can’t you just use email? Email is an insecure network. Users aren’t authenticated, also your emails are not encrypted to a secure level. Not to mention 94% of malware is delivered via email. Especially via email attachments. That makes email not only non-compliant, but also high risk. 

So what are the risks: 

• Data breaches

• Ransomware attacks, which affected 64% of financial institutions in 2023, up from 55% in 2022.

• Misconfigured cloud storage: For example the Capital One breach in 2019 that exposed over 100M client records

What are the consequences of this?

Well this comes with many of the regulatory bodies being more strict on insecure practice. Financial penalties and sanctions are the most obvious. This is something which everyone wants to avoid. However don’t forget that this also comes with loss of customer trust, and reputational damage to your business. 

It is critical to avoid common mistakes like unencrypted file sharing, public links and personal cloud drives. All things which the use Qwil pretty much will completely negate. 

Benefits of Secure File Sharing with Qwil Messenger

Imagine you could share the most secure documents and files, but with the simplicity of a social platform like WhatsApp. That is exactly what we had in mind when we built Qwil. Qwil has all the security and compliance measures you need to protect client data, while keeping that seamless and professional feel. 

Qwil Messenger delivers all the essential security and functionality that you need, right out the box. Let’s take a look at some of these:

• Familiar interface, so that it feels like WhatsApp

• End to end encryption that protects files in transit and at rest

• Fixed audit trails

• Permission and access control, control who can see/do what

• Secure collaboration: files, messaging, chat e-signatures, video calling and appointment booking all in one place

• 2 factor authentication and invitation only, so only verified users you invite can join

From account opening, to investment reports, loan documentation or even KYC, you can do it all on Qwil. 

Use Cases: Where Financial Institutions Need Secure File Sharing

Where does using Qwil for secure file sharing for financial services fit in? 

Account opening and KYC 

From the first moment a client interacts with your business, inviting them into a secure branded environment where they can reach you and share documents can boost conversion. Complicated portals cause friction. This in turn causes lead loss. Having a simple way to share documents and communicate means that you have the shortest journey possible to making a prospect into a paying client.

Investment Portfolio Reporting

Provide your clients with secure updates and reports on how their portfolio is doing. Because we know that all users are verified, we can also take and give actionable advice in full confidence via Qwil.

Client Reviews and performance updates

Take advantage of Qwil’s chat and file sharing to not only share reports, but discuss and review. Drag and drop your secure documents into the chat, send a message back and forth, and straight away jump into a video call with Qwil Meet. All in one place.

Internal operations

Chat with your colleagues, assign tasks, share documents internally with staff only chats on Qwil. Your back and front office can all work together from one platform. You can bring any colleague into a chat at any time and they will have full access to history and files. 

Imagine you are having a real time conversation with a client. And the only thing you need to do to add a document to the chat, is to drag and drop. But still keeping complete security. 

Maybe your client is on mobile, and needs to quickly scan a file to share with you. Qwil’s document scanner works with your phone camera, to create an instant PDF scan of your physical documents. 

Secure Client Communication and Collaboration

Qwil combines secure document sharing, with team collaboration. Your clients expect a seamless experience across all touchpoints. By putting all your client-facing actions into one platform, from secure messaging, to secure file sharing, to video and e-signature, you are giving your clients what they want.

That means no more switching apps, platforms and providers. One omnichannel platform that allows for real time support and file exchange. Across web, mobile, desktop. Use Qwil anywhere, with anyone you want to in your business.

How to Share Files Securely with Qwil

So in practice, how do I share a file securely with my client? Once you have invited your client to Qwil, and they have created their account and verified themselves, it is simple.

Start a conversation, add the relevant participants. So your client, and anyone else in your business that needs to be in the chat.

Simply click on the paperclip icon, or drag and drop your document directly into the chat and click send.

That's it, file sent. Securely, and fully encrypted. That means no more to worry about.

Avoid all common risks like email attachments, public file links and keep all your document sharing within one protected environment. Without the need for single use portals like dropbox or We transfer.

Regulatory Compliance and Risk Mitigation

How Qwil supports compliance with:

• GDPR

• PCI DSS

• MiFID II

• GLBA

• HIPAA

• FCA

The foundation of regulatory bodies in regulated industries can be boiled down to some common requirements:

Encryption standards

Qwil meets the end to end encryption requirements for regulatory bodies. So that means all communications are kept encrypted both at rest and in transit.

Audit Trails

Nothing can be permanently deleted in Qwil. There is always an audit trail accessible by those with appropriate permissions. Qwil’s data reviewer permission can be granted to gain full searchability in your organization.

Access Controls

Have complete control over who can access data, users and documents. There are various controls to limit what users can do and who they can communicate with throughout Qwil. As well as device based access controls

Secure Archiving

Data is kept indefinitely, and also at any time, can be extracted in transcript form. Leaving you with infinite data storage.

As a financial institution, you can avoid costly breach recovery, avoid fines and also increase trust with your clients. All with one simple communication platform. Get your Qwil trial today.

Conclusion: Secure File Sharing Is Non-Negotiable in Finance

Finance is an industry that will never not handle secure and confidential data. Sensitive data must always be handled with care. This care also has to apply when choosing your tools. We built Qwil from the ground up for financial services. Especially those who operate in highly regulated activities. 

Get your security, peace of mind, reduce risks of breaches and boost your client satisfaction. All while keeping a professional, trusted and secure environment for messaging and secure document sharing for financial services. All this so that you can focus on what matters.

Future proof your firm’s communications. Choose secure. Choose Qwil

Frequently Asked Questions (FAQs)

What is the most secure way to share financial documents?

The most secure way to share financial documents is through a secure encrypted platform like Qwil. Making sure that it fits the regulatory requirements. 

How do I securely share files with clients on Qwil?

Simply drag and drop documents into a chat, or click on the paperclip icon in your text bar. Then all you need to do is hit send, the security is handled on our end.

How does Qwil Messenger help with compliance?

Qwil enforces your compliance requirements. Encryption, MFA, audit trails. So that all of it is taken care of out of the box.

Can I use Qwil to collaborate with external partners too?

Yes, external partners can also be added as users to your Qwil. you can communicate with them and call them into relevant client chats too.

Get your Qwil free trial here