Leading solution vendor Theta Lake on how it can help financial firms and their UC platform service providers manage regulatory risk
Compliant communication used to be easy.
Lawyers, bankers, and financial services experts would fax each other, or perhaps record their conversations and have them transcribed, printed, and filed with all the other reams of vital documentation that may or may not be required again at some unknown date in the future.
Of course, that’s all changed for the better now. The digital, omnichannel, always-on environment in which those same practitioners operate today enables them to communicate at lightning speed via a myriad of unified channels.
Voice, email, video, SMS, chat, and whiteboards – the conversations can occur however and whenever is most appropriate. It all makes for a more efficient, more productive process that delivers a slicker, more satisfying customer experience.
However, there is a tricky dichotomy at play. As the communicative convenience has increased, so has the number of rules and regulations with which financial services organisations must comply. Data storage, privacy, fraud, money laundering, due diligence, market abuse – different regulators in different countries with different rules have jurisdiction over it all, and the penalties for non-compliance can be catastrophic.
For those organisations (and their technology partners), deploying smart and powerful data capture, storage, and retrieval solutions is business-critical. All they must do is pick a provider which not only understands the issues at hand, but also has the product set and expertise to make it happen.
“It’s no surprise that financial services organisations have adopted the unified communication applications and platforms out there that drive efficiency and deliver enhanced customer service – but with all of that new capability comes greater governance challenges,” says Garth Landers, Director of Global Product Marketing at leading security solution vendor Theta Lake which has recently published its fifth annual survey of 600 compliance professionals, 74% of which say they face significant struggles searching for and retrieving modern communications.
“Their users are engaged, and the velocity and volume of content is exponential. That means those tasked with conducting and responding to compliance enquiries or governance events such as audits, investigations, or litigation must find and retrieve communication information from multiple platforms that in some cases are accessed by dozens, hundreds or even thousands of users.