Financial services is an industry built on trust. Clients rely on you to keep their money safe, give them sage advice, and make decisions with their best interest in mind. To build on that trust, embracing video as part of your virtual selling strategy is a wonderful way to connect with your clients face-to-face in our new digital world. But using video in the financial services industry requires certain checks and balances, like making sure that you\u2019re using an enterprise video platform that provides secure video sharing.\nSecurity and legal compliance add another layer of complexity to virtual selling in the financial services industry. Luckily, some enterprise video platforms have implemented measures to ensure that when you create, share, and host video, you\u2019re doing so within your company\u2019s guidelines and legal requirements.\nFinancial services has been one of the biggest adopters of video creation and continues to be a strong leader in user-generated videos. Last year, it produced 83% more video content. To ensure you can take advantage of video like so many other advisors and wholesalers, we\u2019ve rounded up everything you need to know about secure video sharing for financial services.\nWhy Is It Important to Use Secure Video?\nWith the information-sensitive nature of financial services businesses, security and compliance are non-negotiable when protecting private client interactions. If video isn\u2019t secure, there are multiple negative impacts, like:\nPenalties.\nLoss of brand equity.\nDisruption to the business.\nBusinesses within the financial services industry are held to a higher standard regarding information security and privacy. There are regulatory consequences with hefty penalties for a breach in your system or a video that was meant to be private being made public.\nWhen evaluating what enterprise video platform is best for your business, both your legal team and IT department need to be part of the procurement process so that all the requirements are laid out clearly in the scope of your search.\nLook for a platform that has a dedicated security team and has laid out its compliance procedures. For example, at Vidyard, we know how important security is to our customers, so we created a Security Pledge to ensure direct and transparent communication with our customers.\nSuppose your organization is still on the fence about integrating video into your virtual or hybrid selling strategy. In that case, we hope that by sharing why secure video is essential and attainable, we will help you start your video creation and sharing journey!\nCreating Compliant and Secure Video.\nEnsuring video compliance continues to be a priority and challenge for compliance departments because of increased regulations and mandates covering data, disclosures, and privacy.\nTo create compliant and secure videos, you and your organization must understand the rules. First, evaluate which laws apply to your business, then form a plan with your compliance team to confirm you\u2019ll be using those regulations across all video selling content.\nBest Practices for Acquiring Compliant and Secure Video.\nEngage compliance, legal, and privacy teams early in the process to set foundational objectives.\nBefore even starting the search for a video platform, have a discovery session with your compliance, legal, and privacy teams to make sure everyone has a chance to submit requirements. Understand compliance requirements and pain points and evaluate vendors against those requirements. It will be much easier to acquire and start using an enterprise video platform if you have all your ducks in a row first.\nSubmit scripts and transcripts for review against compliance needs.\nOnce your organization is ready to use video, make a clear organizational chart for the video creation workflow. Keep it collaborative by making the compliance team a partner in the process. Compliance teams can operate as a business enabler, supporting the business units by adopting impactful video solutions. Have employees submit their scripts and transcripts for review before sending out and sharing any videos to avoid any compliance issues ahead of time.\nArchive videos with compliance standards for potential audit purposes.\nChances are, your organization already has a few marketing videos out there. Do a full audit of all existing videos and check them against all your compliance standards. Then, archive them in folders that are clearly labeled based on industry regulations. You now have a concise database to add any future videos for your organizational and potential audit purposes.\nHow AI Tools Help to Address Video Compliance Concerns.\nSome great tools are out there to help your organization address video compliance concerns.\nTheta Lake is an artificial intelligence (AI) compliance suite that helps firms manage regulations\u2019 costs and complexity. Theta Lake\u2019s system analyzes the videos created by your company to flag and address all compliance issues before sharing them. They review marketing videos, personalized sales videos, and video conferences through:\nAI and deep learning that automatically screens audio and visual content for corporate compliance, conduct, and regulatory risks.\nA streamlined workflow for compliance teams to review and supervise video communication.\nCompliant long-term archiving for all aspects of video communication and.\nEnterprise reporting for auditors. See it in Action\nSee how the Vidyard Compliance Integration with Theta Lake works in this quick 3-minute video.\nMarketing Videos and Compliance.\nFor marketing teams creating brand awareness videos, compliance needs can be dealt with well before any issues arise. When the marketing team plans for a video, they should submit a script for compliance review before production and then resubmit once the video is filmed to verify that the script matches the output.\nThis process is a lower lift for the compliance team, as videos produced by the corporate marketing team are usually designed for one-to-many distribution (e.g., landing page, website, marketing emails, social media, etc.).\nSales Videos and Compliance.\nThe script may not exist for user-generated sales videos before an advisor or wholesaler creates and shares a video for outreach. Organizations should roll out training regarding video compliance to all team members before anyone starts pressing that record button. Make sure everyone knows what they can and cannot do before creating a video; it will save everyone\u2019s work in the long run.\nIdeally, advisors should always submit a video into a compliance workflow. Vidyard sends advisor\u2019s video to Theta Lake for compliance approval before it can be sent out.\nSecure Video Sharing.\nVideo sharing is a more secure way to communicate with clients and customers than traditional text-based communication. Unlike text-based communication, video is more difficult to copy and share beyond the intended audience. Protecting video becomes easy with the right features.\nWhen sharing videos with your financial services clients, you should consider:\nEnabling password protection.\nSetting video access to \u201cAnyone with the link can view\u201d or specified IP addresses.\nWhen sharing with teams internally, you can also set up a single sign-on to require logging into a company account to access.\nAdvances made in artificial intelligence for sales and machine learning enable compliance teams to be more efficient and effective. These improvements make it easier to meet retention and supervision regulations of digital content.\nPassword Protected Video Sharing.\nDifferent financial services organizations have different needs, which is why there isn\u2019t just one way to protect your videos.\nThere are multiple ways you can protect your videos while sharing them. Consider the following:\nOnly those with a link can view the video.\nOnly those with a password can view the video.\nOnly those on a specified IP (your company\u2019s IP) can view the video.\nOnly those on a specified IP and with the password can view the video.\nOnly those that have been authorized through a single sign-on can view the video. See it in Action\nHere\u2019s how you can add password protection for secure video sharing.\nSecure Video Sharing Is Here to Stay.\nWith the move to hybrid and remote work, the need for secure video is becoming increasingly important for financial services companies. And consider baking it into any sales and marketing strategy moving forward with a robust video hosting platform. We also know that clients, especially those of younger generations, want digital access to their financial services. As your organization changes how you communicate with your clients, remember to keep the power of video at the top of your mind.\nThis post was originally published on October 8, 2021. It was updated on July 14, 2023.