From nursery school sing-alongs to FTSE/JSE All Share company boardrooms and even Government cabinet meetings, a socially distanced world is reconvening in cyberspace with the help of Silicon Valley video conferencing app, Zoom.
As governments across the world have placed their citizens on lockdown, downloads of video conferencing apps have soared to record highs and the companies behind them have seen their share prices rise while the rest of the global stock markets battle these very difficult times.
Zoom, which allows virtual meeting to take place while participants join from anywhere in the world, has emerged at the top of the pile with the app often leading the download charts in Apple’s app store. The company does not provide daily download figures, but app tracking firm, Apptopia, said Zoom was downloaded 2.13 million times around the world on 23 March, the day the lockdown was announced in South Africa and the UK – up from 56,000 a day two months earlier.
But with all of this in mind, Zoom and similar platforms have allowed businesses and economies to continue to operate, and has definitely sped up the integration of technology into the way we communicate for all purposes, and Resolute Wealth Management is no different. Although we do still prefer meeting face to face, which we are unable to do at the moment, whether it be with asset managers, service providers, and most importantly, our clients, we have to ensure we make use of all of the possible technology and tools which are available to us in order to continue providing the service our clients have become accustomed to. With this in mind, and as many of you may have already experienced, we are making use of the Zoom platform where possible in order to interact remotely, and still have face to face interactions, and we even hosted our first client Webinar on Wednesday the 20th of May, where Jeremy Gardiner from Ninety One (formerly Investec Asset Management) presented to those of you who tuned in, which was very well received. It is important to note that in order to join in the meeting, you will not need to have a Zoom account, or download any type of software, but purely join the meeting by following the meeting link we will send to you in the meeting invite.
If you are unsure of how to do this, I have included the below link, which is a very short YouTube video which does explain in simple terms, how to join a Zoom meeting, but we will also be sending out a short 1 pager, including this link in the short term with every meeting we setup:
Zoom Tutorial Link: https://youtu.be/hIkCmbvAHQQ
A big concern for us is always the protection of our client’s information, and therefore security is of utmost importance, which has to include cyber-security. Some of Zoom’s most notable security features include the following:
- Encryption of data in transit and at rest
- Transparency on data routing via the account administration dashboard
- Safeguards and controls to prohibit unauthorized participants, such as Eleven (11) digit unique meeting IDs, complex passwords, waiting room with the ability to automatically admit participants from your domain, meeting lock feature that can prevent anyone from joining the meeting, and ability to remove participants, and authentication profiles that only allow entry to registered users, or restrict to specific email domains
- Meeting host controls can enable/disable participants to share content, chat and rename themselves
- Security controls at the fingertips of the host/co-host with a dedicated Security icon on the main interface
- All cloud recordings are encrypted with complex passwords set to ON by default
- Prevent robocalling with rate limiting and reCAPTCHA (requires human intervention) enabled across all platforms
- Audio recordings with a user’s electronic fingerprint embedded into the audio as an inaudible watermark so if the recording is shared without permission, we can help identify the source
- Content watermarking superimposes the image of a meeting participant’s email address onto shared content they screenshot
Over and above this, Zoom Also meet the following industry and security organization standards:
- SOC 2 (Type II)
- FedRAMP (Moderate)
- GDPR, CCPA, COPPA, FERPA, and HIPAA Compliant (with BAA)
- Privacy Shield Certified (EU/US, Swiss/US, Data Privacy Practices)
- TrustArc Certified Privacy Practices and Statements
I’m sure you would have also seen from an administration point of view, we have started making use of electronic approvals for client transactions, allowing you to approve the necessary transactions without needing to print, sign and scan back documents, but rather by simply following an e-mailed instruction, which is far more efficient, and most importantly, far easier for our clients.
Although we will overcome this hurdle, and hopefully return to normality as we know it sooner rather than later, I do believe that this type of remote communication will become a big part of our lives going forward, and will only increase over time, especially with many companies moving to a “work from home” strategy where they are able to with their employees, mainly due it having now been tried, tested, and in many cases, trusted!
But for now, we will do our best to make sure we are available across all forms of communication in order to maintain our high levels of service, and should you have any recommendations or ideas as to how we can better achieve this, please feel free to chat to us.