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Emerging voice and data challenges in 2023

Emerging voice and data challenges in 2023

4 min read
Author Business Systems UK
Date Feb 1, 2023
Category Uncategorized

For organisations in regulated industries, voice and data is not only key to operational success, but also compliance.

Skills required to unlock the value of voice and data are complex. Not to mention the technology required as financial organisations grapple with legacy infrastructures and scalability challenges when transitioning to the cloud. 

Voice and data remains at the top of many financial organisations priority list when keeping up with compliance, regulation and employee conduct. 

After meeting with and listening to more than 20 individual Compliance, IT and Surveillance heads, we uncovered the top 3 voice and data challenges, as well as additional considerations financial firms are coming to terms with. 

1. The ‘Golden Source’

Organisations are continuing to look for a ‘single Golden Source’ of user/trader information across all platforms. Question over who owns this ‘Golden Source’ is leaning more towards compliance rather than IT. 

A single view of trade-related communications and an up-to-date record of who is using what, when, where and how is another complex requirement demanded by both the regulators and the organisation.

2. Retention Management

The challenge behind call and communication retention management remains an important issue. To tackle this, a robust in-house retention management policy and process, designed to facilitate compliance, company-wide is highly recommended.

3. Walk the Floor Testing

‘Walk the Floor Testing’ in terms of efficiency, cost, speed and most importantly risk, remains a challenge. While there are automated assurance solutions to consider, many financial organisations are still adapting to the technology, culture and processes behind an investment such as this.

Keeping on top of the compliance curve

As compliance and regulations evolve, financial organisations should continue utilising the data at their disposal. Capitalising on this can put them in the strongest position possible, risk, compliance, and efficiency wise. 

Explore the rest of the emerging voice and data trends in more detail, what they mean for your organisation and how to plan for them accordingly, by downloading our free guide today. 

3 emerging voice and data challenges in 2023