# Managing Cross Channel Communications in a Regulatory Swell
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2019-03-28
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: Why Financial Services Organisations Need Unified Recording Solutions
Meta Description: Learn how to achieve regulatory compliance and competitive advantage with a communications recording solution. Explore the challenges faced and solutions
URL: https://financedigest.com/managing-cross-channel-communications-in-a-regulatory-swellhtml

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_By Richard Mill,_ [_Managing Director_](https://www.businesssystemsuk.co.uk/people) _of_ [_Business Systems (UK) Ltd_](https://www.businesssystemsuk.co.uk/about)

_Financial service organisations have seen a flow of directives and regulations in recent times with_ _MiFID II/MiFIR and GDPR– and these will not stop as the quest for more efficient markets and greater transparency continues._ _As a result it is imperative financial services organisations adopt a communications compliance recording solution that satisfies compliance, while also providing a competitive advantage, explains Richard Mill, MD of Business Systems (UK) Ltd_

![Richard-Mill](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/richard-mill-1736839088338-compressed.jpeg)

Richard Mill

Trust and credibility as we know are pivotal to the success of [financial](https://www.financedigest.com/financial-literacy-what-is-financial-literacy-and-why-is-it-important.html) services [organisations](https://www.financedigest.com/2016-the-year-of-technology-financing-the-year-of-business-growth.html) in the [digital economy](https://www.financedigest.com/feature-africas-mobile-money-taxes-risk-driving-poor-out-of-digital-economy.html "FEATURE-Africa’s mobile money taxes risk driving poor out of digital economy"). Product mis-selling or unauthorised trading have a detrimental impact on an organisation’s industry reputation and [public image](https://www.financedigest.com/increasing-private-and-public-investment-in-digital-imaging-technology-particularly-in-the-field-of-healthcare.html "Increasing private and public investment in digital imaging technology particularly in the field of healthcare") that is difficult to salvage, not to mention having enormous financial consequences. To stop this happening, it is paramount that [financial](https://www.financedigest.com/financial-literacy-what-is-financial-literacy-and-why-is-it-important.html) organisations [keep](https://www.financedigest.com/sas-bridge-financing-keeps-survival-hopes-airborne-shares-climb.html "SAS bridge financing keeps survival hopes airborne, shares climb") complete and immutable records of their dealings and communications, which can be quickly and conveniently accessible.

This is quite a challenge in itself with a single communications channel, but today financial organisations are [faced](https://www.financedigest.com/g7-finance-heads-face-tricky-trade-off-in-debating-steps-to-counter-china.html "G7 finance heads face tricky trade-off in debating steps to counter China") with omnichannel. A communication thread may start on a landline and move to a mobile, [social media](https://www.financedigest.com/top-social-media-growth-companies-in-the-uk.html "Top Social Media Growth Companies in the UK") or SMS. To add to the complexity, it may include more than two parties. With this multifarious picture in mind, any voice recordings [must be effortless to find and easy to play](https://www.financedigest.com/advisors-must-play-a-bigger-role-in-unlocking-scale-up-potential.html "Advisors must play a bigger role in unlocking scale up potential") back if an audit or investigation is required.

The [problem is where financial services organisations have deployed multiple solutions](https://www.financedigest.com/factbox-what-is-rishi-sunaks-solution-to-britains-problems.html "Factbox-What is Rishi Sunak’s solution to Britain’s problems?") over time utilising very different call capture protocols, often without understanding the consequences. This has left them with [data stored](https://www.financedigest.com/exclusive-tiktok-nears-deal-with-oracle-to-store-its-data-sources.html "Exclusive-TikTok nears deal with Oracle to store its data-sources") in disparate formats in separate silos, often across locations, with each stage compounding the issue and making it difficult if not impossible to track down data quickly when it is needed.

These repositories of siloed data have made data coherence [across business](https://www.financedigest.com/eliminating-financial-leaks-across-your-business.html "Eliminating financial leaks across your business") operations almost impossible. Yet, this unification of data is essential in achieving common compliance goals. It is also crucial when it comes to a growing tide of regulatory directives with which financial [organisations](https://www.financedigest.com/2016-the-year-of-technology-financing-the-year-of-business-growth.html) must comply – and there will be more coming to the forefront. _Be careful in your selection_

With directives such as MiFID II and the [data protection](https://www.financedigest.com/modern-data-protection-how-organisations-can-protect-against-cyber-attacks.html "Modern Data Protection: How organisations can protect against cyber attacks") regulation GDPR, financial organisations must be able to produce records at short notice. These [records can span years](https://www.financedigest.com/uk-inflation-hits-40-year-record-highest-in-g7.html "UK inflation hits 40-year record, highest in G7"). Often they are stored away on legacy systems that are no longer supported. This is an expensive and arduous process in itself.

There are a host of solutions out there – but they aren’t all made equal. If you take a [deep dive you will see that all vendor’s](https://www.financedigest.com/vibratory-feeder-machine-market-insights-deep-analysis-of-key-vendor-in-the-industry-2019-2029.html "Vibratory Feeder Machine Market Insights, Deep Analysis of Key Vendor in the Industry 2019 – 2029") software comes with proprietary components.It is therefore essential that financial services [organisations](https://www.financedigest.com/2016-the-year-of-technology-financing-the-year-of-business-growth.html) ensure they can transfer data from alternate or incompatible [systems](https://www.financedigest.com/the-role-embedded-finance-systems-will-play-as-commerce-goes-increasingly-digital.html "The Role Embedded Finance Systems Will Play as Commerce Goes Increasingly Digital"), or it will create huge issues in the future that may or may not be surmountable.

The good news is that there are solutions out there that can extract and [manage](https://www.financedigest.com/quality-and-compliance-management-solution-market-to-rise-at-a-high-cagr-of-9-4.html "Quality and Compliance Management Solution Market to rise at a high CAGR of 9.4%") data from a disparate range of capture and storage solutions from multiple vendors. These can be provided as a single central management portal with an intuitive interface. The results of these solutions are visible in [terms of enhanced compliance](https://www.financedigest.com/ifrs-15-moving-away-from-short-term-fixes-is-vital-for-effective-compliance.html "IFRS 15: Moving away from short-term fixes is vital for effective compliance"), reduced costs, streamlined processes and informed decision making.

Taking this route, enables organisations to be more proactive with their data across multiple departments, providing a self-service platform for extracting voice [recordings so that data can be analysed for trade](https://www.financedigest.com/euro-zone-posts-record-trade-deficit-in-august-amid-soaring-energy-prices.html "Euro zone posts record trade deficit in August amid soaring energy prices") reconstruction. Voice [recordings that fall](https://www.financedigest.com/uk-retailers-report-record-food-inflation-but-see-falls-ahead.html "UK retailers report record food inflation but see falls ahead") outside the retention periods can be pinpointed and deleted, reducing risk and cutting down on storage costs. In addition, legal teams will no longer have to spend hours trying to locate interactions and can instead focus on [business value projects](https://www.financedigest.com/fluid-coolers-market-by-covid-19-impact-analysis-volume-and-value-revenue-business-opportunity-future-projections-and-key-trends.html "Fluid Coolers Market By Covid-19 Impact Analysis – Volume And Value, Revenue, Business Opportunity, Future Projections, And Key Trends").

_An omnichannel shift in thinking_

With today’s omnichannel of communications, ranging from social media to email, web and voice, financial organisations have an enormous trail to keep track of. At the same [time this data](https://www.financedigest.com/data-time-for-some-levelling-up.html "Data – Time for some “Levelling Up”") needs to be easily accessible. From a compliance point of view, this means seamlessly moving from one channel to another. As we get more [connected with the advent of the Internet](https://www.financedigest.com/why-a-good-internet-connection-is-a-must-for-all.html "Why a good internet connection is a must for all.") of Things (IoT), data will increase. Financial services organisations need to be prepared for this with robust, secure and scalable systems that can [handle data](https://www.financedigest.com/crowdsourcing-of-data-to-drive-the-patient-handling-equipments-market.html "Crowdsourcing of data to drive the Patient Handling Equipments Market") diversity.

The practical solution for managing these [huge amounts of disparate](https://www.financedigest.com/research-from-epos-reveals-a-huge-disparity-about-the-return-to-the-office.html "Research from EPOS reveals a huge disparity about the return to the office") data streams will be through an agnostic central portal. One that can locate [data easily from different systems](https://www.financedigest.com/interoperability-of-data-to-accelerate-the-ventilator-test-systems-market.html "Interoperability of data to accelerate the Ventilator Test Systems Market") and locations, be that ‘live’,on-premise, ‘live’ in the cloud or even obsolete legacy storage– enabling authorised users to view, manage, replay and pull out data swiftly and efficiently as required.

Regulations can be seen as yet another burden, but on the positive side they cultivate accountability and transparency, which [instill trust in customers](https://www.financedigest.com/instilling-customer-confidence-in-the-pandemic-era.html "Instilling customer confidence in the pandemic era"). Having a smart approach to omnichannel data will not only help to ensure compliance, but also improve the [bottom line](https://www.financedigest.com/business-leaders-flexibility-for-everyone-contributes-to-gender-equality-in-the-workplace-without-affecting-your-bottom-line.html "Business leaders: flexibility for everyone contributes to gender equality in the workplace, without affecting your bottom line").


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