In 1990, Vanilla Ice counseled us all to: “Stop. Collaborate. And listen.”
More than three decades later, financial services institutions (FSIs) are trying their best to follow that sage advice, digitally as well as in person, by implementing collaborative tools in their applications and on their websites to better communicate and work with their retail and business customers online and on their mobile devices. However, as is often the case, meeting security and compliance demands are working in opposition to convenience, according to a report released Wednesday by Theta Lake, a collaboration and security compliance solutions provider.
The annual report, dubbed the Modern Communications Survey Report: The Security and Compliance Risks of Collaboration Tool Usage in Financial Services, is based in part on a survey of 100 financial industry technology experts in the second quarter of 2021.
Indeed, the report found that online video and chat usage implementations by financial firms have jumped by more than 70% and 50%, respectively, since just last year. Collaborative tools have become more popular, essential even, in the wake of pandemic closures, which pushed many more people to use online and mobile banking services. Chat and video give online financial customers the best of human contact in a digital setting, which is hoped to bring more techno-laggards around to using online and mobile services for more than just account access, transfers and bill payment.
While Devin Redmond, co-founder and CEO of Theta Lake, said the majority of the findings “were not a surprise to us as they reflect what we’ve been hearing from our customers over the last two years … The survey validates these trends and the increasing concern that regulated firms have in monitoring the volume of content and the risks they pose to the organization.”
The survey found that FSIs are “most concerned with what can be shared in chat conversations or the accidental sharing of desktops in virtual meetings, and the fact that this all circumvents their existing email-focused compliance monitoring systems,” Redmond added.