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Hearsay Systems Appoints Mike Boese as CEO; Founder Clara Shih Transitions to Executive Chairperson

Key leadership hires address surge in platform demand and utilization, prepare company for next stage of growth

SAN FRANCISCO–Hearsay Systems, trusted leader in compliant human-client experience for the financial services industry, today announced that Mike Boese has been named CEO. Clara Shih, who with Steve Garrity founded the company on September 1, 2009, will transition from CEO to Executive Chairperson, remaining on the board of directors.

“After 11 years of building Hearsay and serving as CEO, the time has come for me to pass the torch. The next decade for Hearsay requires a different leader than the last, and we are very fortunate to have Mike here as that leader,” said Clara Shih. “Spending the past six months working side-by-side with Mike amidst a global crisis, I have seen how he leads with courage, grit, and compassion. Mike has scaled companies and teams exactly to the next phase of where Hearsay needs to go, and I know the company will flourish under his leadership.”

“Clara’s decision to move to the Executive Chairperson role and transition the CEO reins to Mike comes at a logical inflection point. Hearsay is seeing a surge in demand as last-mile, compliant engagement has now become mission-critical for every financial firm,” says Frank Defesche, Hearsay board member and SVP & GM at Veeva. “With record levels of sales and product usage over the past six months, Mike’s intense focus on customer success, track record of driving growth at software companies, and strong leadership have given the board confidence that he is the right leader for Hearsay’s next decade.”

“I’m thrilled to lead Hearsay into our next chapter, building on the incredible work Clara has done to create this market and build products and a customer base that is second to none. The pandemic has underscored the critical importance of authentic, last-mile engagement. We are doubling down on this unprecedented market opportunity to help every financial firm modernize its field operations and customer experience,” says Boese.

Boese joined Hearsay as COO in Q1, after 25 years of executive leadership at some of the world’s most iconic software companies including Taleo, SAP, PeopleSoft, and Oracle. Most recently, he was co-founder and CEO of Plantt and CEO of Certent, a fintech SaaS company where he oversaw 5x revenue growth, significant margin expansion, and drove key strategic partnerships with leading brokerages and wirehouses. Boese’s priorities will include building upon Hearsay’s position as the leading authentic, last-mile communications platform for financial services advisors and agents, ensuring the success of the Hearsay customer community and further advancing Hearsay’s growth initiatives.

In response to increased demand, including a 300% increase in utilization of Hearsay’s platform, Hearsay has also bolstered its broader leadership team for this new phase of growth and innovation. New leadership hires include Joe Van Remortel as VP of Customer Success and Pradeep Ananthapadmanabhan as VP of Client Services. Van Remortal joined Hearsay from DocuSign, where he led the Customer Success/Account Management organization and helped grow the company into a global leader. Ananthapadmanabhan was formerly Chief Customer Officer at Celtra and the Digital Customer Experience practice leader at Deloitte Digital prior to that.

About Hearsay Systems

Hearsay Systems is reinventing the advisor-client experience in wealth management, property and casualty, and life insurance. The Hearsay Client Engagement Platform allows advisors and agents to authentically and intelligently grow business relationships by proactively guiding and capturing the last mile of digital communications. Only Hearsay delivers the human-client experience at scale.

Over 170,000 advisors and agents at the world’s largest financial services firms leverage Hearsay to scale their reach, optimize sales engagements, and deliver exceptional client service that builds stronger relationships and grows their business. Built for the enterprise, Hearsay guides field organizations to deliver a consistent and compliant experience to each and every client to ensure all advisors and agents perform like your best.

Hearsay is headquartered in Silicon Valley with locations throughout North America, Europe and Asia. Connect on FacebookTwitterLinkedIn and the Hearsay blog.

Hearsay Systems Announces New Integrations, Partnership, and Investment to Meet Growing Demand for Last-Mile, Human Client Experience for Financial Services

Hearsay product utilization increases 3X during pandemic across digital communication channels between advisors and clients

Salesforce Ventures takes on a minority stake in Hearsay

Hearsay’s compliant, regulation-ready social media, voice, text, and website solutions extend the power of Salesforce to wealth management, banking, insurance, and home lending customers

Hearsay Systems, a trusted leader in compliant digital communications for the financial services industry, today announced a deeper partnership with Salesforce to provide compliance at scale for heavily regulated financial services firms to deliver a human client experience across digital channels. With Salesforce, Hearsay will continue to reinvent the advisor-client experience in wealth management, home lending, property and casualty, and life insurance by allowing advisors and agents to authentically and intelligently grow business relationships by proactively guiding and capturing the last mile of digital communications. Salesforce Ventures also took on a minority stake in Hearsay.

“Salesforce’s 360-degree view of the customer, workflow, and analytics plus Hearsay’s compliant last-mile engagement together deliver the human client experience at scale which advisors and customers need now more than ever,” said Hearsay CEO Clara Shih.

“Customers are increasingly navigating their lives through seamless digital experiences, and the interactions with their financial services partner should be no different,” said David Dintenfass, Chief Marketing Officer at Fidelity Investments. “Fidelity is glad to leverage Hearsay’s platform to enhance our customer focus by simplifying communications through text messaging, which will integrate with our Salesforce CRM. Digitally-driven capabilities like these give our advisors more time to spend on what’s most important, serving their clients.”

Naveen Agarwal, Chief Marketing Officer, Prudential, explained the importance of seamless integration from first interaction to last mile:

“Our advisors think deeply about the needs of our clients and help them make complex financial decisions. They act as approachable authorities and are a trusted partner. To do this well they need connectivity and consistent communication with our clients. Enabling our advisors with the right communication tools, from first interaction to the last mile, with seamless CRM integration is essential for success. A technology-enabled advisor is the future, and key to realizing Prudential’s purpose to help clients do better in an ever changing world.”

“Hearsay’s last-mile customer engagement platform is a natural addition to our Salesforce applications,” said Bill Patterson, EVP and General Manager, Salesforce CRM Applications. “With a growing set of regulations introduced across industries, organizations need to ensure that their sales, service, and marketing teams follow compliant communications with customers. With Hearsay, we are excited to deliver these enhanced capabilities to Salesforce customers.”

Hearsay serves more than 170,000 advisors and agents at the world’s largest financial services firms including Allstate, Ameriprise, Farmers Insurance, HSBC, Morgan Stanley, Northwestern Mutual, and Prudential. The partnership will encompass stronger product integrations, allowing insights from advisor activities to be captured in Salesforce, thereby providing visibility into omnichannel advisor-client conversations that are happening in the field across compliant text messaging, mobile calls, social media, and advisor websites.

“The first phase of digital for banks and insurers was automated engagement – mobile apps and push notifications, email automation, ad targeting. Now, especially in the pandemic, financial services customers are demanding authentic engagement with their financial advisors, bankers, and insurance agents,” says Clara Shih, CEO of Hearsay Systems. “Customers want the speed and convenience of digital combined with the empathy and trust of their relationship manager. Salesforce’s 360-degree view of the customer, workflow, and analytics plus Hearsay’s compliant last-mile engagement together deliver the human client experience at scale which advisors and customers want and need now more than ever.”

Built on the Salesforce Platform, Hearsay for Salesforce is currently available on Salesforce AppExchange, the World’s Leading Enterprise Cloud Marketplace.

Any unreleased services or features referenced in this or other press releases or public statements are not currently available and may not be delivered on time or at all. Customers who purchase Salesforce applications should make their purchase decisions based upon features that are currently available. Salesforce has headquarters in San Francisco, with offices in Europe and Asia, and trades on the New York Stock Exchange under the ticker symbol “CRM.” For more information please visit https://www.salesforce.com, or call 1-800-NO-SOFTWARE.

About Hearsay Systems

Hearsay Systems is reinventing the advisor-client experience in wealth management, property and casualty and life insurance. The Hearsay Client Engagement Platform allows advisors and agents to authentically and intelligently grow business relationships by proactively guiding and capturing the last mile of digital communications. Only Hearsay delivers the human client experience at scale.

Over 170,000 advisors and agents at the world’s largest financial services firms leverage Hearsay to scale their reach, optimize sales engagements, and deliver exceptional client service that builds stronger relationships and grows their business. Built for the enterprise, Hearsay guides your field to deliver a consistent and compliant experience to each and every client to ensure all advisors and agents perform like your best.

Hearsay is headquartered in Silicon Valley with locations throughout North America and Europe. Connect on Facebook, Twitter, LinkedIn and the Hearsay blog.

About Salesforce Ventures

Salesforce is the global leader in Customer Relationship Management (CRM), bringing companies closer to their customers in the digital age. Salesforce Ventures, the global investment arm of Salesforce, invests in the next generation of enterprise technology that extends the power of the Salesforce Platform. Salesforce Ventures is building the world’s largest ecosystem of enterprise cloud companies and extending that technology to customers. Portfolio companies receive funding, strategic advisory, and operating support, and can easily join Pledge 1% to make giving back part of their business model. Salesforce Ventures has invested in more than 400 companies, including DocuSign, GoCardless, Guild Education, nCino, Twilio, Zoom, and others across 22 countries since 2009. For more information, please visit www.salesforce.com/ventures.

Contacts
Carmen Mantalas for Hearsay Systems
503-997-5987
pr@hearsaysystems.com

Hearsay Systems a Finalist for Social Media Leadership Award

Hearsay Systems recognized by WealthManagement.com as a finalist for financial services social media award.

Hearsay Systems, the trusted leader in compliant last-mile digital communications for the financial services industry, today announced that it is a finalist for WealthManagement.com’s prestigious 2020 Industry Awards, in the Technology Providers: Social Media Leadership category, for its initiative regarding Safeguarding Social during COVID.

“We are honored to be named a finalist for the Social Media Leadership award, as we have been advancing the effectiveness of compliance in social media for more than 10 years,” said Leslie Leach, Hearsay Systems Vice President of Marketing. “An acknowledgement like this by WealthManagement.com, an organization dedicated to supporting and elevating financial professionals, validates the focus and commitment Hearsay devotes to transforming client engagement within the financial services industry.”

Now in its 6th year, the WealthManagement.com Industry Awards program recognizes the outstanding companies, individuals and organizations that make a real difference in the daily activities of financial advisors. For the 2020 Industry Awards, Hearsay is one of 155 finalists selected from 625 nominations.

The social media leadership award recognizes thought leaders in the space. Hearsay’s submission, Safeguarding Social during COVID,  highlights the criticality for wealth management firms to confidently empower their advisors to continually engage clients through turbulent times when the risk of misinformation is heightened. With social media on the front lines of this issue, it’s critical for advisors to be proactive and provide a steady drip of updates to keep clients continuously informed. These are key moments for building stronger relationships and loyal clients.

However, financial institutions need to ensure what goes out is both accurate and representative of a firm’s view. To address these challenges, Hearsay arms customers with risk mitigation features to identify, prevent, and track sensitive communications related to COVID-19 and alleviate compliance challenges. These tools offer a scalable, intelligent defense for firms and their compliance teams, providing stronger, more efficient coverage against digital risk. By tracking these COVID-19 engagements, business and compliance leaders can understand how their field is operating amidst the pandemic and better assess advisors’ overall impact.

A panel of independent judges made up of top names in the industry will determine the WealthManagement.com 2020 Industry Award winners who will be announced at the Wealthies Live Virtual Event, September 10, 2020.

To learn more about Hearsay Social and all that Hearsay has to offer, please visit www.hearsaysystems.com.

About Hearsay

Hearsay Systems is reinventing the advisor-client experience in wealth management, property and casualty and life insurance. The Hearsay Client Engagement Platform allows advisors and agents to authentically and intelligently grow business relationships by proactively guiding and capturing the last mile of digital communications. Only Hearsay delivers the human client experience at scale.

Over 150,000 advisors and agents at the world’s largest financial services firms leverage Hearsay to scale their reach, optimize sales engagements, and deliver exceptional client service that builds stronger relationships and grows their business.

Built for the enterprise, Hearsay guides your field to deliver a consistent and compliant experience to each and every client to ensure all advisors and agents perform like your best.

Financial Services Regulatory Compliance Leader Iain Duke-Richardet Joins Hearsay Systems as Compliance Strategy Principal

Amidst growing regulations across the wealth management, banking, insurance, and mortgage industries, Hearsay Systems doubles down on last-mile compliance as a strategic advantage for financial services firms

As Hearsay’s Compliance leader, Iain Duke-Richardet and his team will guide Hearsay’s 100+ global financial firm clients around the ever-evolving regulatory landscape.

Hearsay Systems, the leader in compliant last mile digital communications for the financial services industry, today announced the appointment of financial services compliance veteran Iain Duke-Richardet as Compliance Strategy Principal. Duke-Richardet was an original member of FINRA’s Social Media Task Force, which provided industry input to FINRA’s initial guidance (FINRA Notice 10-06) regarding how financial firms and advisors should use social media.

As Hearsay’s Compliance leader, Duke-Richardet and his team will guide Hearsay’s 100+ global financial firm clients around the ever-evolving regulatory landscape. He will be actively engaged with Hearsay’s product teams so Hearsay’s solutions continue to address new complexities as a strategic advantage to firms’ digital client experience initiatives. Such challenges range from establishing new operating models in response to COVID-19, to adapting to various regulatory developments specific to Wealth & Asset Management, Banking, Insurance and Mortgage verticals.

“As a former compliance officer at a large global bank, I have seen first-hand that regulatory compliance is one of the most challenging aspects of digital transformation for financial services organizations,” says Duke-Richardet. “Accelerated by COVID-19 and Reg BI, firms must rapidly adapt to new digital client engagement models, yet time and resources especially in compliance groups are stretched thin. As a longtime former Hearsay customer and user myself, I have personally experienced the breadth and depth of Hearsay’s commitment to compliance teams, and I’m thrilled to expand on this foundation, continue the company’s long-standing relationship with regulators like FINRA and FCA, and enable my peers who are compliance officers to play a strategic role in their firms’ digital transformation initiatives.”

Duke-Richardet is a widely recognized authority on global technology-related legal and regulatory issues. He joins Hearsay from Accenture, where he was a leader in the Regulatory & Compliance Practice and partnered with clients on a range of issues including regulatory change, regulatory reporting, technology-related legal and regulatory issues, cybersecurity, privacy, and communication and trading surveillance. Previously, Iain spent over a decade as a compliance officer and leader at global financial services firms including RBC Capital Markets, Lehman Brothers, Barclays Capital, and Goldman Sachs & Co.

“Compliance has always been a foundational pillar of our company’s products and services, as it is the price of admission in financial services,” said Clara Shih, CEO and founder of Hearsay Systems. “As a leading expert in emerging areas of compliance who literally helped write the social media regulatory rules in 2006, Iain will be a tremendous asset to our leadership team. As a Hearsay customer, Iain frequently had strong opinions about our compliance product direction and functionality, and I’m thrilled now that he gets to own this!”

Hearsay Offers Trusted Last-Mile Compliance Solutions Amid Uncertainty

From banking and wealth management to insurance and mortgage, financial services industries remain among the most highly regulated worldwide, and compliance is only becoming more complex with changing consumer expectations and enterprise implementations of new cloud and mobile technologies.

As financial services firms react to emerging guidance such as FINRA’s Notice 20-16 and economic shifts due to COVID-19, and introduce processes to comply with new rules including Reg BI set to go into effect on June 30, 2020, business-led control functions and Compliance teams must quickly adapt while continually becoming more efficient and accurate with the help of technology such as Hearsay’s Compliance Platform.

Hearsay’s Compliance Platform

To help financial services organizations cut through the noise and remain in compliance amid the challenging regulatory environment, Hearsay’s products and services deliver these core compliance benefits:

  • Complete view of the client relationship: Context is critical when it comes to compliance – teams that leverage a single supervision platform across channels are able to administer programs most effectively, with maximum scale and efficiency. Reg BI puts additional emphasis on context, with obligations that require firms to have written policies and procedures to demonstrate their advisors are acting in their clients’ best interests. To meet these demands, firms and their compliance teams need platforms that automate recordkeeping across all communication channels. Hearsay makes this requirement simple by arming advisors with modern, digital channels designed to automatically capture client engagement activity and do so in context – including reporting of calls and text messages – offering a complete, unified view of the client relationship.
  • Extensible approach that reduces cost, complexity and risk: To adapt alongside business and regulatory requirements, compliance teams should consider a modern, flexible technology ecosystem with strong governance and change management policies. Hearsay continually develops solutions that facilitate the industry’s best compliance practices while placing the compliance user-experience at the forefront. This includes integrating seamlessly with existing infrastructure and offering configurable workflows to make compliance programs more efficient and impactful.
  • Scalable layers of defense to supervise suitability: At the center of any compliance team’s mandate is risk mitigation, and in particular putting policies in place to reduce the risk of regulatory penalty and censure. With Reg BI, the identification and prevention of messages – on any digital channel – that contain a recommendation is expected to be a policy and control that firms adopt. Hearsay bolsters firms’ overall compliance strategy by intelligently surfacing, tracking and remediating sensitive communications across its platform. This offers a modern defense layer for teams on the front lines of compliance so supervisors can focus on the highest-risk violations.
  • Guidance, not just technology: Additionally, Hearsay offers professional advisory services partnering with customers to create customized compliance plans. Ultimately, Hearsay aims to make life simple for compliance teams, offering a platform purpose-built for compliance to supervise more efficiently and to collaborate more effectively with the business.

To learn more about how Hearsay can help your business prepare for Reg BI or overcome other compliance challenges, please visit https://hearsaysystems.com/solutions/compliance-supervision/.

About Hearsay Systems

Hearsay Systems is reinventing the advisor-client experience in wealth management, property and casualty and life insurance. The Hearsay Client Engagement Platform allows advisors and agents to authentically and intelligently grow business relationships by proactively guiding and capturing the last mile of digital communications. Only Hearsay delivers the human client experience at scale.

Over 150,000 advisors and agents at the world’s largest financial services firms leverage Hearsay to scale their reach, optimize sales engagements, and deliver exceptional client service that builds stronger relationships and grows their business.

Built for the enterprise, Hearsay guides your field to deliver a consistent and compliant experience to each and every client to ensure all advisors and agents perform like your best.

Hearsay is headquartered in Silicon Valley with locations throughout North America, Europe and Asia. Connect on Facebook, Twitter, LinkedIn and the Hearsay blog.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200624005282/

Contacts

Carmen Mantalas for Hearsay Systems
503-997-5987
pr@hearsaysystems.com

8th Annual Hearsay Summit Explores How To Deliver a Human Touch at Digital Scale in Extraordinary Times

Industry Leaders from Allstate, Fidelity, Prudential, and Starbucks Share Vision on Building More Authentic Client Relationships
Hearsay Honors 2020 Innovators from MassMutual, Janney Montgomery Scott, Allstate, Co-operators (CA), Thrivent and Lincoln Financial Distributors

Hearsay Systems, the trusted leader in compliant digital communications and workflow solutions for the financial services industry, today announced it held its 8th annual Hearsay Summit in a virtual event on April 21-22, bringing together the top leaders in fintech. The two-day Summit featured keynote presentations and breakout sessions with executives from Allstate, American Family Insurance, Ameriprise, Facebook, Farmers Insurance, Fidelity, HSBC, Morgan Stanley, Northwestern Mutual, Prudential, SIFMA, Starbucks, and more. These innovators led thought-provoking discussions on the most difficult challenges advisors and agents face in building stronger, more authentic client relationships at scale. In addition, Hearsay Systems announced its 2020 Innovator Award winners, who were honored during the virtual Summit.

Sessions at this year’s Hearsay Summit included various TED®-style talks presented by the industry’s biggest disruptors and innovators on various key topics, including:

  • Glenn Shapiro, President, Allstate Personal Insurance, Esurance, Encompass, Answer Financial: Shapiro delivered an impactful keynote presentation on customer centricity.
  • Brady Brewer, Executive Vice President, Chief Marketing Officer, Starbucks: Brewer delivered a talk on How Starbucks Puts Human Connection at the Center of Digital Strategy.
  • Brooke Forbes, Head of Technology, Fidelity Personal Investing: Forbes provided The CIO Perspective on Technology Imperatives in her insightful fireside chat with Clara Shih, Hearsay CEO.
  • Naveen Agarwal, Chief Marketing Officer, Prudential Financial: Agarwal provided key perspective on the Importance of the Last Mile in a lively fireside chat.

The key learnings and highlights from this year’s Summit discussions, included:

  • Crises like COVID-19 accelerate the need for human touch at digital scale. While COVID-19 highlighted things financial services firms already knew, it also exposed the gaps. The crisis has accelerated the human digital transformation the industry has been working toward; and while the crisis is temporary, the behavioral change is not.
  • Human connections must be built on the clients’ terms, not the advisors’. It is important for advisors to focus on creating a cohesive, customer-centric ecosystem that gives customers control and allows them to choose the channel they prefer to connect or receive information. It’s the financial firms’ responsibility to create an authentic experience across each of these channels.
  • Omnichannel is not just digital – it includes face-to-face interactions, too. Digital transformation strategies must account for the human element and a full understanding of what role technology plays for their audience. In-person interactions reinforce and solidify the human connection and strengthen the impact of the digital touchpoints.
  • Product and price are no longer enough. Advisors and agents must be “approachable authorities.” The advisor’s role is to listen to clients and execute on fewer things – done well – and aided by technology. Technology will not replace advisors and agents, but non-technology-using advisors and agents will replace themselves. Firms must help them eliminate friction throughout the process, create scalable connections that add the most value, while pursuing a relentless focus on internal consistency so that each advisor, agent and wholesaler performs like your best.
  • Leadership + Humanity = Trust. Advisors and agents must ensure they are engaging clients in a thoughtful, compassionate and authentic way across every channel to establish trust in an advisory role.
  • 2020 Hearsay Innovator Awards

    During the Summit, Hearsay honored some of its biggest Innovators through its annual Innovator Awards program, which celebrates customers who leverage the Hearsay platform to delight and provide value to their clients in new and exciting ways. This year’s winners include:

    • Greatest Compliance Efficiencies: Christy Zielinski, MassMutual. Developed a process for monthly internal audits of supervision activities which harnessed automation to capture more activity while intelligently reducing the impact on compliance.
    • Most Influential Wealth Management Leader in Transforming the Client Experience: Chris Johnson, Janney Montgomery Scott. Since its inception in 2015, yearly adoption of the Hearsay program has grown over 280% under Johnson’s leadership.
    • Most Influential Insurance Leader in Transforming the Client Experience: Erin Fenton, Allstate. Under Erin’s leadership, Allstate has seen a dramatic increase in web traffic to Allstate.com attributable to the Agent Social program, while the rate of active agents on social and total published content rose 164%.
    • Best Strategy for Improving ROI – Hearsay Sites: Wendi Phillips, Co-operators (CA). Launched more than 600 fully custom themed sites in English and French to harmonize their sites for their bi-lingual Canadian audience.
    • Best Strategy for Improving ROI – Hearsay Relate: Nicole Schluender, Thrivent. Increased the leads generated through Advisor websites and rolled out Hearsay Relate to their entire field during the COVID-19 crisis to make sure communication between field representatives and clients never stalled.
    • Best Strategy for Improving ROI – Hearsay Social: Scott Carlisle and Kiersten Shank, Lincoln Financial Distributors. Led their wholesaler team to a steep increase in connections and content creation over the past year.

    “2020 is proving to be the most challenging year many advisors, agents, and clients have ever faced, with COVID-19 and wildly fluctuating markets,” said Clara Shih, CEO of Hearsay Systems. “At the same time, these circumstances inspire amazing and innovative practices. I am thrilled that we can honor these Innovators and collaborate together, sharing best practices as we reimagine the advisor client journey.”

    To learn more about how Hearsay Systems empowers financial professionals, visit hearsaysystems.com.

    About Hearsay Systems

    Hearsay Systems is reinventing the advisor-client experience in wealth management, property and casualty and life insurance. The Hearsay Client Engagement Platform allows advisors and agents to authentically and intelligently grow business relationships by proactively guiding and capturing the last mile of digital communications. Only Hearsay delivers the human client experience at scale.

    Over 150,000 advisors and agents at the world’s largest financial services firms leverage Hearsay to scale their reach, optimize sales engagements, and deliver exceptional client service that builds stronger relationships and grows their business.

    Built for the enterprise, Hearsay guides your field to deliver a consistent and compliant experience to each and every client to ensure all advisors and agents perform like your best.

    Hearsay is headquartered in Silicon Valley with locations throughout North America, Europe and Asia. Connect on Facebook, Twitter, LinkedIn and the Hearsay blog.

    View source version on businesswire.com: https://www.businesswire.com/news/home/20200428005224/en/

    Contacts

    Carmen Mantalas for Hearsay Systems
    503-997-5987
    pr@hearsaysystems.com

Hearsay Systems Launches First SMS Compliance Automation Solution for Financial Advisors

Compliant advisor cloud leader introduces new FINRA, SEC, IIROC, MFDA, and FTC rules engine to enable advisors to meet client expectations for text messaging without creating unmanageable supervision team burden

SAN FRANCISCO–Hearsay Systems, the trusted leader in compliant digital communications and workflow solutions for the financial services industry, today announced its latest offering to simplify compliance for modern financial services organizations. The company debuted the first and only automated compliance supervision solution specifically for text messaging to proactively protect firms from financial service and telecommunication industry requirements. This innovative solution leverages industry-specific keyword lexicons powered by Hearsay’s next-generation compliance platform with AI-powered risk meter.

The powerful new offering provides a set of pre-built lexicon lists that align with firm, industry, and federally mandated advertising regulations. It uses intelligent classifiers to automatically detect any forbidden keywords in employee text messages. Any texts that include a match from lexicon lists are either blocked or an AI-driven risk alert is created for compliance review, preventing any agent or advisor from willingly or unwittingly engaging in unscrupulous practices via text. Besides specific regulatory matches, these pre-built lexicon lists also are designed to discourage specific behavior patterns that would run afoul of FCC and FTC privacy and consumer protection regulations, such as direct solicitation. Hearsay’s lexicons are continuously enhanced based on thousands of decisions made by compliance officers, enabling texting programs to scale without adding additional headcount.

“Compliance is one of the biggest issues for financial services organizations, and as more and more business is conducted via text, it becomes increasingly complex,” said Chris Fernandes, Head of Legal & Compliance for Hearsay Systems. “We recognized this as a problem for our customers and designed our intelligent, modular lexicons to provide a simple, turnkey solution that protects organizations and field representatives alike. It has never been easier for advisors and agents to adhere to their respective firms’ texting policies or for firms to protect their brand reputation across all channels.”

The latest compliance supervision capabilities were designed so that any financial services organization can select which terms it would like to utilize from Hearsay’s curated Wealth Management, Property & Casualty, and Life Insurance industry lexicons in order to meet its own organizational risk profile. Organizations can also include any additional lexicon terms that they see fit or use Hearsay’s lexicons to supplement existing lists that are already set up.

Hearsay’s industry-specific lexicons are built on Hearsay’s next-generation compliance platform, a comprehensive compliance solution that enables firms to easily monitor, supervise, and comply with company policies and industry regulations including FINRA, SEC, FFIEC, NAIC, IIROC, FCA, and MiFID II requirements. The new Advertising Lexicons allows firms to comply with guidance and regulations from MMA, FCC, and FTC. Hearsay’s compliance platform also applies predictive technology to reduce false alerts and help compliance teams focus on activities that pose the highest risk while increasing security coverage and control. In fact, Hearsay found that compliance officers collectively saved nearly 75,000 hours in 2019 by automating manual tasks.

Applying Hearsay lexicons to texts over its compliance platform, firms are able to not only block outgoing messages based on rules, but monitor activities through a universal supervision dashboard which includes alerts, internal team notes, and text message sampling. Administrators gain flexible policy controls and approval workflows as well. They also can view text message attribution so that they have a record of who said what, when, and to whom. The universal supervision dashboard provides advanced reporting capabilities, both pre-built and custom options, and flexible TCPA Opt-In, Opt-Out and Consent Notice flows. It can be set up based on hierarchy by either region or line of business to meet the needs of complex organization structures.

Hearsay’s compliance platform captures and logs all mobile voice calling and text message data that can be integrated into a CRM or archive system for activity monitoring and e-discovery. Firms also retain complete ownership of all of their data.

In addition to its pre-built industry lexicons, Hearsay has a dedicated compliance advisory practice available to review firms’ existing lexicons and provide recommendations to cover new channels and regulatory needs with greater accuracy. To learn more, please visit www.hearsaysystems.com.

About Hearsay Systems

Hearsay Systems is reinventing the client experience in wealth management, property and casualty and life insurance with compliant digital communications and workflow solutions. Over 170,000 advisors and agents at the world’s largest financial services and insurance firms leverage Hearsay to engage with customers and build stronger relationships to grow their business.

With Hearsay Cloud for financial services, advisors and agents provide real-time, personalized and seamless client experiences across the right channel – social, texting and mobile – at the right moment. Automated, pre-built industry workflows for insurance and wealth management provide one-click actionable suggestions for targeted engagement. Built for the enterprise, Hearsay Systems connects data and every client interaction to corporate CRM systems and digital marketing programs – all on a secure, compliant enterprise-ready platform.

Hearsay is headquartered in Silicon Valley with locations throughout North America, Europe and Asia.

Contacts
GMK Communications for Hearsay Systems
Carmen Mantalas
carmen@gmkcommunications.com

Hearsay Systems Launches Hearsay Compliance Advisory Services to Help Financial Services Organizations Adhere to Industry Regulations

Company works with firms and agencies to ensure compliance while helping advisors and agents significantly grow and better serve their client bases

New offerings assist companies as they prepare for June 30, 2020 Reg BI deadline

November 15, 2019 — SAN FRANCISCO — Hearsay Systems, the trusted leader in compliant digital communications and workflow solutions for the financial services industry, today announced the launch of a new consulting practice, Hearsay Compliance Advisory Services, to help financial services organizations adhere to all industry regulations while implementing modern technologies that enable them to efficiently attract new prospects, cultivate leads, and better serve existing clients.

The new practice is designed to ensure that every financial services organization has the right tools to meet their specific objectives in a compliant manner, particularly in light of new and evolving compliance regulations. This includes the latest Securities and Exchange Commission (SEC) rule, Regulation Best Interest (Reg BI), which goes into effect on June 30, 2020, as well as recently enacted FINRA 2210.

“As new technologies permeate the financial services industry, compliance issues become more complex. With a constant influx of new regulations and guidelines, organizations are often lost on how to expand existing programs to meet new compliance requests and when to adopt new technologies and practices,” said Donna Prlich, Chief Business Officer of Hearsay Social. “We launched Hearsay Compliance Advisory Services to help our customers easily navigate this complicated landscape by providing both technical and subject matter expertise to optimize Hearsay’s powerful data-driven, customer-centric digital solutions to customers’ ever-changing risk profiles.”

Hearsay Compliance Advisory Services provides the following offerings:

  • Custom Discovery and Risk Assessment: A well-defined lexicon enables compliance program administrators to efficiently and effectively oversee advisor content. Hearsay partners with organizations to conduct a complete assessment of their lexicon, analyzing flagged content and providing recommendations to minimize false positives while improving supervision effectiveness. Hearsay also will assess customers’ compliance configuration and processes as well as implement changes to enhance the use of the Hearsay platform.
  • Custom Compliance and Supervision Training: To help Hearsay Compliance Administrators increase their value, Hearsay Compliance Advisory Services has created its own certification program in compliance administration. This offering shows exactly how Hearsay Compliance for the Hearsay platform can be used to support digital marketing programs through the full client-advisor/agent life cycle. Compliance administrators take a deep product dive and learn industry best practices that will further key objectives. They also learn how to analyze data and drive efficiency and automation. Additionally, Hearsay works with customers to design and deliver a series of webinars designed to help train an organization’s Hearsay users, create awareness of new features or practices, and/or share best practices. These webinars are tailored specifically an organization’s needs, delivered by Hearsay Customer Education experts, and recorded for future use.
  • Compliance Analytics and Reporting: Advisors need to engage with their clients seamlessly. As such, Hearsay partners with teams to analyze their compliance policies and supervision processes to minimize the firm’s risk while ensuring an efficient client engagement experience for advisors. Hearsay Compliances Services can also create custom compliance reports via Looker based on each individual customer’s requirements.
  • Compliance Resource and Technology Optimization: As organizations evolve and policies and procedures shift, Hearsay configurations may also need to change. Hearsay Compliance Advisory Services partners with teams to reconfigure their supervision dashboard, ensuring that the review process meets the needs of the program. Hearsay will conduct analysis of Compliance Administrators’ supervision dashboard setup and provide additional guidance based on Hearsay and industry best practices. Hearsay can also update fields on advisors’ social media profiles to ensure they are in compliance, which is critical when regulations change or when an organization goes through a name change or merger and acquisition.

These offerings are customizable to meet each customer’s needs. They can be scoped as individual services or as an annual service.

“Hearsay has been at the forefront of compliance in the digital era,” said Robert Bartolomeo, Vice President of Professional Services and Customer Success at Hearsay. “Our new Compliance Advisory Services practice takes this up a level to ensure customization, meet organizations where they are, and help them get to where they need to be.”

For more details on how Hearsay Compliance Advisory Services can help your organization, please visit https://hearsaysystems.com/customers/customer-success-services/.

About Hearsay Systems

Hearsay Systems is reinventing the client experience in wealth management, property and casualty and life insurance with compliant digital communications and workflow solutions. Over 170,000 advisors and agents at the world’s largest financial services and insurance firms leverage Hearsay to engage with customers and build stronger relationships to grow their business.

With Hearsay Cloud for financial services, advisors and agents provide real-time, personalized and seamless client experiences across the right channel – social, texting and mobile – at the right moment. Automated, pre-built industry workflows for insurance and wealth management provide one-click actionable suggestions for targeted engagement. Built for the enterprise, Hearsay Systems connects data and every client interaction to corporate CRM systems and digital marketing programs – all on a secure, compliant enterprise-ready platform.

Hearsay is headquartered in Silicon Valley with locations throughout North America, Europe and Asia.

Contacts
GMK Communications for Hearsay Systems
Carmen Mantalas
carmen@gmkcommunications.com

Hearsay Systems Launches Biometric and PIN App Security to Enhance Secure Client Engagement Via Hearsay Relate

Hearsay Relate becomes the first product to provide both in-app PIN and biometric security for iOS and Android devices, ensuring agent and advisor communications are protected in line with recommendations from FINRA’s 2018 Report on Selected Cybersecurity Practices.

Hearsay Systems announced that its innovative Hearsay Relate solution now has biometric and PIN-based security features. This makes it the industry’s first solution to offer this high level of privacy and security across both iOS and Android devices for advisor texting and cellular calling capabilities.

SAN FRANCISCO–(BUSINESS WIRE)–Hearsay Systems, the trusted leader in compliant digital communications and workflow solutions for the financial services industry, today announced that its innovative Hearsay Relate solution now has biometric and PIN-based security features. This makes it the industry’s first solution to offer this high level of privacy and security across both iOS and Android devices for advisor texting and cellular calling capabilities. With Hearsay Relate, financial services organizations can be sure that every agent and advisor follow mobile application security guidance provided in FINRA’s 2018 Report on Selected Cybersecurity Practices and be confident that potential end-user vulnerabilities are being mitigated.

“As the rise of attacks on mobile devices coincide with the broadening of corporate device policies, we are at the forefront of security, providing another layer of protection and advancing FINRA’s cybersecurity recommendations,” said Alex Falls, Hearsay.

By adding biometric and PIN-based security features to Hearsay Relate, its innovative, compliant voice, text messaging, and advisor workflow product, Hearsay increases the protection available for both company and client data at the application level. Because this additional layer of security doesn’t require device management, it enables protection on managed and unmanaged devices to support all mobility models (BYOD, CYOD and COPE) without affecting end-user productivity.

New Features Make It Simple to Protect Client Data and Communications

Hearsay Relate provides a dedicated mobile business number for compliant texting and cellular calling on all web and mobile devices. Every call and text are automatically logged, saving advisors and agents the time and hassle of data entry each day. The Relate application can also trigger click-to-call or compliant SMS. Additionally, Hearsay Relate leverages an automated FINRA compliance data model and supervision engine, which saves compliance officers hours of manual approvals per day.

With the latest security enhancements, Hearsay Relate utilizes the device’s preferred security method―facial recognition, fingerprint or PIN―to unlock for the user, providing nearly instant access to secure conversations. This also ensures that sensitive data stored within the Relate application is protected behind an additional wall of security while preventing sensitive data from being accessed if a device is compromised. These features do not just safeguard from hackers. For example, if an agent’s or advisor’s child finds his or her parent’s phone, the child can’t start texting their clients.

To learn more about how Hearsay Relate empowers agents and advisors while delivering industry-leading privacy and security controls, please visit https://hearsaysystems.com/solutions/advisors-agents/.

About Hearsay Systems

Hearsay Systems is reinventing the client experience in wealth management, property and casualty, and life insurance with compliant digital communications and workflow solutions. Over 170,000 advisors and agents at the world’s largest financial services and insurance firms leverage Hearsay to engage with customers and build stronger relationships to grow their business.

With Hearsay Cloud for financial services, advisors and agents provide real-time, personalized and seamless client experiences across the right channel – social, texting, and mobile – at the right moment. Automated, pre-built industry workflows for insurance and wealth management provide one-click actionable suggestions for targeted engagement. Built for the enterprise, Hearsay Systems connects data and every client interaction to corporate CRM systems and digital marketing programs – all on a secure, compliant enterprise-ready platform.

Hearsay is headquartered in Silicon Valley with locations throughout North America, Europe, and Asia. Connect on FacebookTwitterLinkedIn, and the Hearsay blog.

For Editorial Contact:
Carmen Mantalas for Hearsay Systems
503-997-5987
pr@hearsaysystems.com

Hearsay Systems Founder and CEO Clara Shih Named First Fintech Woman of the Year at Finovate Awards

Shih is recognized as a role model for women on how to break barriers

Clara Shih, CEO, Hearsay Systems – Finovate Fintech Woman of the Year

SAN FRANCISCO–Hearsay Systems, the trusted leader in compliant digital communications and workflow solutions for the financial services industry, today announced that the company’s founder and CEO Clara Shih was recognized as Fintech Woman of the Year by Finovate. This award is given to a woman whose achievements and work in fintech-related areas of financial services have helped enhance the sector or raise its profile as a career for women – through education, leadership, mentoring, coaching or acting as a role model. 2019 marks the inaugural year for the Finovate Awards program.

“Finovate has always aspired to highlight the accomplishments of the people and companies driving fintech forward. Our inaugural awards program takes this a step further by celebrating our industry’s brightest stars,” said Greg Palmer, VP of Finovate. “Clara Shih has led the charge of women in fintech since she burst onto the scene. Now she is helping to develop the next generation of leaders. We are delighted to honor her as a true role model.”

Shih has been known as a trailblazer throughout her career. After graduating #1 in the computer science program at Stanford University, she also received an M.S. in computer science and was named a Marshall Scholar. Shih then went on to develop the first social business application in 2007 before penning the New York Times-featured best-seller, The Facebook Era. After founding Hearsay to provide innovative, compliant fintech solutions for advisors and agents, she authored a sequel, The Social Business Imperative. Shih also became the youngest person invited to join Starbucks board of directors — a position she’s held since 2011.

To help inspire other women, Shih has consistently prioritized mentoring others. She actively engages with female professionals both formally and informally, embracing the power of connecting, celebrating their successes, navigating through challenges, and counseling through failures to help turn them into valuable learning experiences. At Hearsay specifically, Shih encourages her teams to empower one another through activities such as monthly Ladies of Product meetups.

Shih has also emphasized making STEM programs appealing and accessible to girls. From working with Maria Klawe, president of Harvey Mudd College, on the school’s STEM program, which now graduates among the highest number of female engineers in the country, to her involvement with Girls Inc, a national organization that inspires all girls to be strong, smart, and bold, Shih is a strong proponent of education and a role model to women and girls at all stages of their journey.

“I am deeply honored and humbled to receive this award from Finovate– an organization for which I have tremendous respect as its events have moved fintech forward,” said Shih. “I’m proud to see the industry evolving thanks to the contributions of many amazing women. By supporting one another in big and small ways, we can achieve great things and prove to be an example for others, making fintech stronger in the process.”

With more than 10 years of pioneering financial and banking technology, Finovate created the inaugural Finovate Awards to bring together the best-of-the-best in the financial services industry, recognizing credit unions, banks, fintech firms, and individuals with unique and innovative solutions. The Finovate Awards were developed with a diverse group of judges and 19 categories aimed to highlight innovative financial institutions, products and people from across the industry.

To view all of the Finovate Award winners, please visit https://finovate.com/drumroll-finovate-awards-winners-announced/.

About Hearsay Systems

Hearsay Systems is reinventing the client experience in wealth management, property and casualty, and life insurance with compliant digital communications and workflow solutions. Over 150,000 advisors and agents at the world’s largest financial services and insurance firms leverage Hearsay to engage with customers and build stronger relationships to grow their business.

With Hearsay Cloud for financial services, advisors and agents provide real-time, personalized and seamless client experiences across the right channel – social, texting, and mobile – at the right moment. Automated, pre-built industry workflows for insurance and wealth management provide one-click actionable suggestions for targeted engagement. Built for the enterprise, Hearsay Systems connects data and every client interaction to corporate CRM systems and digital marketing programs – all on a secure, compliant enterprise-ready platform.

Hearsay is headquartered in Silicon Valley with locations throughout North America, Europe, and Asia. Connect on Facebook, Twitter, LinkedIn, and the Hearsay blog.

Contacts
Carmen Mantalas for Hearsay Systems
503-997-5987
pr@hearsaysystems.com

Hearsay Systems Joins Guidewire PartnerConnect Solution Alliance Program

Hearsay to offer a streamlined experience that helps agents take client interactions to a new level

SAN FRANCISCO, and SAN MATEO, Calif., October 10, 2019

Hearsay Systems, the trusted leader in compliant digital communications and workflow solutions for the financial services industry,  and Guidewire Software, Inc. (NYSE: GWRE), provider of the industry platform Property and Casualty (P&C) insurers rely upon, today announced that Hearsay has joined Guidewire PartnerConnect™ as a Solution partner.

Hearsay offers innovative, compliant solutions designed to reinvent the client experience across the financial services industry. These advances help drive productivity, empowering insurance agents to more effectively cultivate new prospects as well as retain and expand relationships and product portfolios with existing clients. Hearsay solutions also increase operational efficiency by facilitating meaningful connections between agents and clients.

The company’s open and extensible APIs allow insurers to seamlessly integrate Hearsay with the foundational elements of their ecosystems, enriching their CRMs, deepening their analytics capabilities, and enabling multi-channel client journeys. Hearsay’s planned integration with Guidewire BillingCenter™ is a natural progression as Guidewire InsurancePlatform™ unifies software and services with its extensive partner ecosystem to provide access to leading third-party solutions, including insurtechs, to help power its customers’ businesses.

“This partnership will enable our joint customers to get the most out of both companies’ solutions, making it even easier for agents to be successful,” said Eugene Lee, Vice President of Solutions at Hearsay Systems. “Guidewire’s comprehensive ecosystem embraces insurtechs, and Hearsay will add value to InsurancePlatform by integrating our digital communications tools and compliant workflow solutions.”

“Insurers and their agents need access to the best products – be they from established solution providers or insurtechs – to help them gain an advantage and enable them to succeed in today’s competitive market. It is our focus to make the tasks of finding, testing, and integrating these solutions easier for P&C insurers,” said Neil Betteridge, Vice President, Strategy, Guidewire Software. “We are pleased to welcome Hearsay as a new Guidewire PartnerConnect Solution partner and look forward to them contributing to the Guidewire Marketplace.”

About Hearsay Systems

Hearsay Systems is reinventing the client experience in wealth management, property and casualty, and life insurance with compliant digital communications and workflow solutions. Over 170,000 advisors and agents at the world’s largest financial services and insurance firms leverage Hearsay to engage with customers and build stronger relationships to grow their business.

With Hearsay Cloud for financial services, advisors and agents provide real-time, personalized and seamless client experiences across the right channel – social, texting, and mobile – at the right moment. Automated, pre-built industry workflows for insurance and wealth management provide one-click actionable suggestions for targeted engagement. Built for the enterprise, Hearsay Systems connects data and every client interaction to corporate CRM systems and digital marketing programs – all on a secure, compliant enterprise-ready platform.

Hearsay is headquartered in Silicon Valley with locations throughout North America, Europe, and Asia. Connect on FacebookTwitterLinkedIn, and the Hearsay blog.

About Guidewire PartnerConnect

Guidewire PartnerConnect™ is a global network of select companies that provide consulting services and solutions to enhance, extend, and complement the capabilities of Guidewire products. Our worldwide community helps contribute to the success of our mutual customers in the general insurance industry by delivering Guidewire software implementations, value-add solution and technology offerings, and guidance on insurance industry best practices.

Guidewire PartnerConnect is an invitation-only program. For more information about Guidewire PartnerConnect please visit http://www.guidewire.com/partners/.

About Guidewire Software
Guidewire delivers the industry platform that Property and Casualty (P&C) insurers rely upon to adapt and succeed in a time of accelerating change. We provide the software, services, and partner ecosystem to enable our customers to run, differentiate, and grow their business. We are privileged to serve more than 350 companies in 34 countries. For more information, please visit www.guidewire.com. Follow us on Twitter: @Guidewire_PandC.