Key Trends Financial Organisations Are Using to Stay on Top of Compliance

Published 10/06/24 under:

Staying compliant in the financial industry is critical for maintaining the trust of customers and regulators.

Financial institutions must be constantly on the lookout for changes in how their teams are communicating, whilst ensuring that captured data is stored and managed in compliance with regulatory requirements.

As new technologies and communication platforms emerge, financial institutions must adapt quickly to stay ahead. Here are some of the key trends that financial organisations are leveraging to ensure robust compliance practices:

Integrated Solutions Over Piecemeal Tools

With the constant influx of third-party messaging apps like WhatsApp, WeChat, and Teams, maintaining consistent recording across diverse platforms can be a daunting task. Many organisations find themselves using a patchwork of tools to oversee communications, which can lead to data loss, inconsistencies, and increased resource requirements.

The sector is now seeing a shift towards holistic solutions. A unified platform capable of capturing communications across multiple messaging and video platforms, alongside traditional phone data from back offices and contact centres, is becoming the norm. This integrated approach offers significant benefits:

• Effective Data Analysis and Audit Processes: By consolidating data into a single system, financial organisations can streamline data retrieval and management, making it easier to conduct audits and respond to regulatory inquiries.
• Simplified Security Protocols: A unified platform reduces the complexity of implementing encryption, access controls, and other security measures, ensuring that sensitive information is safeguarded against breaches.
• Cost Efficiency: Reducing the number of disparate tools decreases overall costs and resource requirements, enabling organisations to allocate their resources more effectively.

Proactive Monitoring Over Manual Checks

The increasing volume of recorded data from a wide range of platforms makes it challenging to stay alert to early signs of potential regulatory breaches. Manual checks are not only time-consuming but also prone to human error, which can lead to compliance risks.

AI technology offers a solution by significantly reducing the need for human intervention in monitoring communication patterns. Advanced AI models can automatically transcribe and analyse voice, video, and text communications in real-time. These models “listen in” for concerning phrases or patterns and alert teams to potential risks, allowing them to prioritise resources and take swift action when necessary.

• Real-Time Analysis: AI-driven monitoring tools provide real-time insights into communication trends, helping organisations detect and address potential issues before they escalate.
• Resource Optimisation: By automating the monitoring process, teams can focus on high-priority tasks and strategic initiatives, rather than getting bogged down in manual checks.

Automated Assurance for Confident Compliance

As the range of communication channels expands, capturing and archiving call data securely and accurately becomes increasingly challenging. Data loss or inaccuracies can pose serious compliance risks.

Technologies that automate the testing of recording systems and verify the accuracy of recordings are becoming essential. Automated assurance solutions offer several advantages:

• Improved efficiency and speed: Automated testing can be performed quickly and efficiently, allowing financial organisations to ensure that all calls are accurately captured and archived in a timely manner.
• Increased accuracy and consistency: Automated testing ensures that all calls are tested thoroughly and consistently. CDR Assurance reduces the risk of errors or omissions in call recordings.
• Reduced costs: Automated testing can be less expensive than manual testing, as it eliminates the need for human testers to manually review call recordings.
• Enhanced compliance: By ensuring that all calls are accurately captured and archived, financial organisations can demonstrate compliance with relevant regulations and standards.

Stay Updated with Kerv Collaboration & Compliance

At Kerv Collaboration & Compliance, we believe that compliance doesn’t have to be complicated. Our flagship Compliance Cloud solution is designed to streamline every aspect of financial services regulatory compliance. By leveraging AI, automation, cutting-edge security, and advanced analytics, Compliance Cloud ensures effortless alignment with even the most complex regulatory requirements.

To learn more about the latest trends in financial compliance and how our solutions can help your organisation stay ahead, download our eBook: Compliance Trends in Financial Services.