Surveying 100 key executives across financial services, Theta Lake found that 83% of respondents are turning off key productivity and usability features of collaboration platforms like Zoom, Microsoft Teams, and Webex due to their organizations’ technical inability to adhere to relevant regulatory compliance and security requirements.
Analysis showed that the exponential adoption of collaboration tools since early 2020, coupled with a reliance on legacy archiving and supervision technology built for email, has challenged financial services firms.
While 91% of financial services professionals reported using two to six collaboration tools, 63% were concerned about the ability to share data and communicate in ways that circumvented email-based monitoring and archiving. That directly correlated to 83% of respondents broadly disabling features such as whiteboarding, screensharing, and meeting chat, instead of strategically implementing purpose-built technologies to ensure compliance and enable collaboration and productivity.
“The pandemic is said to have ‘turbo-charged’ digitalization which has brought both benefits and challenges,” commented Susannah Hammond, Senior Regulatory Intelligence Expert at Thomson Reuters.