As technology continues to evolve over the long-term, one particular trend we can expect to remain is that of the role of voice – especially within the field of communications compliance. As we look towards the future, how can this technology bring change to the financial industry?
The role of technology is ever-increasing within the daily practices of companies, particularly in the financial space. Many firms are also moving to the cloud. What could this mean for the role of voice and voice calling?
In the view of Susannah Hammond, senior regulatory intelligence expert at Theta Lake, there is a huge drive to move to the cloud, with a wide plethora of unified communication and collaboration tools coming to the fore. They are, in her opinion, the next technological revolution that is making the business lives of people more effective and efficient.
“They are also device-agnostic and location-agnostic, and they give you so much more inherent flexibility if you adopt voice in the cloud,” said Hammond. She added that users also get not only functionality and simplicity, but also scalability and ‘profound cost-efficiency’. If companies are going to adopt all of these, she stated they have got to have the back-end compliance tool to take advantage of it and store and capture all of these voice calls compliantly.
For financial services firms, the need for such technology is statutory, and is not an optional extra. Hammond explains that for companies that have legacy compliance infrastructure, and have complex, patchwork systems, they may need a rethink on their technology. “Many of these don’t lift and drop into the cloud – you’re going to have to have a modern technology that is future-proof and is able to see what is coming,” she said.
“Voice going into the cloud with unified communications doesn’t exist in a vacuum,” said Hammond. “It’s meshed together with SMS, visual – everything comes together as a hybrid package. Whichever system you choose has got to be able to deal with the fact that voice is no longer a standalone thing. As part of a UCC, it becomes an incredibly powerful, integrated means of communication. But you’ve got to have the right infrastructure to support all of that.”
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