Many financial firms worldwide had been compelled to shift to a work from home setup thanks to the coronavirus pandemic. Traders, private bankers, wealth managers, and other employees had to use their personal phones and alternative communication channels to transact businesses and make deals with customers. Companies must ensure that they can monitor their employees’ communications to ensure that they’re compliant with regulations, especially since even regulated firms see increased mobile phone usage among their staff.
Regulated firms must comply with strict regulatory requirements when their employees use mobile phones to communicate with their clients. Financial institutions had to follow NFA regulatory requirements and record WhatsApp and WeChat voice calls.
Capturing Employee Mobile Phone Communications
Many people prefer using their mobile phones to contact one another and purchase items online, even before the coronavirus pandemic struck the world. Now that many employees work at their homes, several businesses restricted their staff’s channels of communication, only to face the potential risk of losing customers. Consumers stuck in their homes prefer sending text messages, making voice calls, or using certain mobile applications to make deals.
Businesses need to know how to record voice calls, and capture WhatsApp chats and calls. By retaining these conversations, companies can monitor their employees’ communications, use the information gathered from data retention to improve processes, and comply with any data protection regulations applicable in their industry.
Firms no longer need to restrict their employees’ communications by using the traditional channels of communication that the company’s legacy archiving tools can monitor when they use a modern mobile archiver. Using new cloud-based call monitoring, message capturing, and WhatsApp archiving solutions are essential to ensure that companies can surveil their staff’s communications even when they’re working remotely.
Importance of Using Cloud-Based Archiving Solutions
Cliffe Allen of the National Futures Association said that many firms were concerned that they couldn’t monitor their employees’ voice calls because they lacked the technologies to do so. If people continued to work from the office, the company might have been able to record their employees’ communications since they had an on-site legacy archiving system that monitors phone calls.
Cloud-based archiving solutions can effectively monitor employee communications even in work-from-home settings. Different companies have different mobile phone policies, including BYOD and corporate-issue.
Not all firms can issue phones to everyone in their company, especially during the coronavirus pandemic, when many establishments are cutting costs. Because of this, the employees are forced to resort to using their personal phones for business purposes, thus motivating companies to invest in a cloud-based archiving solution suitable for BYOD phones.
As business goes on and people continue working, the company can continue recording their staff’s phone calls and monitor their conversations since they can access the files on one server or data storage site. Companies can keep their standard operations remotely without compromising the quality of their services by failing to monitor calls since they have the necessary tools.
Phone Recording and Surveillance
Companies banned specific messaging applications because they couldn’t monitor their employees’ business communications through them. Lack of active surveillance increases the chances of fraud, insider trading, and other illegal activities occurring. The difficulty of monitoring communications increased when people suddenly had to work remotely.
Financial firms need to invest in robust archiving solutions to comply with various data protection regulations like FINRA, MiFID II, NFA, and others. Recording conversations with an archiver with excellent eDiscovery capabilities can allow companies to surveil employee conversations easily. TeleMessage partnered with NICE Actimize to use both the TeleMessage’s cloud-based archiver and Surveil-X, allowing institutions to protect themselves from any criminal activities in the financial sector thanks to better eDiscovery as a result of their collaboration.
The TeleMessage Mobile Archiver effectively addresses compliance, regulatory, and eDiscovery response requirements and reduces risk across various industries. TeleMessage captures mobile content, including SMS, MMS, Calls, WhatsApp, and WeChat calls and chats from corporate or BYOD mobile phones. Messages are securely and reliably retained within TeleMessage servers or forwarded to your choice archiving data storage vendor. It consists of:
TeleMessage offers cross-carrier and international mobile text & calls archiving for corporate and BYOD phones. Contact us to learn more about how our mobile archiving products can help your company or agency record mobile messages for a timely response to eDiscovery requests.