In this webinar, experts from SteelEye and TeleMessage discuss the challenges around the wider adoption of mobile technology in financial services, including the regulatory requirements firms need to adhere to. The webinar also looks at how firms can address these challenges in order to meet the increasing demand for flexible communications.
Recent regulations, such as MiFID II, have introduced highly prescriptive rules about the recording, storage and access requirements of voice and electronic communications relating to financial dealings. These have been relatively straight forward to manage for email and desk phone communications. However, many firms have struggled with how to monitor and capture the wealth of communications channels used on mobiles and how to manage the behaviours often used on these devices.
In response to these challenges, many banks have limited the use of mobiles from the trading floor. However, in today’s world, customers expect a level of responsiveness which can only be achieved with mobile devices. Further, workplace happiness has been found to be closely linked with the ability to communicate freely during the working day. As a result, we are seeing an increasing number of firms looking for ways to effectively and compliantly monitor and capture mobile communications.
Head of Operations and Strategic Partnerships
Helen has over 21 years of experience in compliance & trading technology within the financial sector. She as a strong background within banking, having worked in tier 1 Investment Banks, Asset Managers and brand leading Technology Vendors.
Guy has served as TeleMessage’s CEO since July 2002 after co-founding TeleMessage in 1999. Prior to this, he held various sales, marketing and operational positions within the company. Guy holds a B.Sc. in Industrial Engineering from the Technion, Israel’s Institute of Technology and an MBA from Tel Aviv University.
How can you separate personal and business WhatsApp calls and messages?
Guy: This can be enabled in a couple of different ways. One option is to use an enterprise number archiver which provides a virtual business number for BYOD and personal devices. This allows you to capture anything that is being communicated through the business number whilst protecting the privacy of any communications that pass through the personal one. For the user, this simply means selecting which number they wish to use from prior to use. The method does not require the installation of any apps. However, for WhatsApp the user needs to scan a QR code to capture the communication at hand. As such, there is a larger risk of human error or forgetting to log certain messages.
The second option allows you to capture messages and calls but involves an additional "business" WhatsApp app. This will typically be a WhatsApp wrapper or agent which needs to be downloaded and installed onto the device (see example in the screenshot). Unlike option one, this method reduces the risk of human error since all business communications are made through the specific business app. There is also a smaller risk of mixing up personal and business communications.
TeleMessage cater for both these methods with its Whatsapp enterprise number archiver, cloud archiver and WhatsApp wrapper, enabling the effortless separation between personal and business calls and messages.
What are the risks of not allowing WhatsApp?
Guy: The policy of enabling mobile phones but banning WhatsApp has been in place in the UK for quite some time and has become an issue. Digital banking is here, and end-users, customers and employees now demand the use of this communications channel. To ignore WhatsApp at this point will therefore inevitably just lead to firms falling behind. Firms need to realise that WhatsApp isn’t a “nice to have” but an essential communications medium. We are after all in 2020!
How 'real time' are mobile feeds?
Helen: All mobile communications are captured in real time through TeleMessage and instantly ingested into SteelEye.
How quickly does TeleMessage adapt when Android or Apple update their operating systems?
Guy: Using the TeleMessage “WhatsApp Phone Archiver” we do need to have regular updates. At TeleMessage we are committed to always having a fully functioning WhatsApp wrapper. This is why we ship monthly upgrades to ensure we always stay up to date with the latest operating system.
You might be wondering what happens if you do not use the latest version of WhatsApp. This isn’t a problem since all of Facebook’s upgrades to WhatsApp are backwards compatible. This means that even though you might still be using a version of WhatsApp from 3 months ago, or have just upgraded to the latest version, the TeleMessage wrapper will always work.
But using the TeleMessage “WhatsApp Cloud Archiver”, we use the regular official Facebook (WhatsApp) versions, so it will always work.
Will you be covering WeChat in APAC?
Guy: We will be releasing capture and archiving for WeChat later this year. It is currently in beta mode and will be available as an integrated TeleMessage solution a few months from now.
Do you capture LinkedIn chat/posts?
Helen: This is absolutely something that the SteelEye platform can do and we already ingest data from a range of sources including CRM systems, news outlets, communications platforms. However, we have yet encountered a company that wants to ingest and monitor this information. So, if there is anyone our there who would like to start bringing in this data, we would love to facilitate that.
Does SteelEye provide a translation tool?
Helen: SteelEye transcribes all voice communications and offer translation via AWS. All recordings, transcriptions and translations are thereafter instantly accessible via the SteelEye user interface.
Can SteelEye group all types of communications to a particular user?
Helen: Yes, just like SteelEye can pull together all relating data to a specific trade or order, the system also allows you to effortlessly view all communications related to a particular employee. This can also be easily viewed for different teams across the business and can include all other relevant information such as trades and orders executed, previous flags or alerts, meeting minutes, CRM data and more.
How do you marry up all the forms of communication - voice calls, SMS and WhatsApp messages and calls - with trading activity?
Helen: The SteelEye platform ingests data from a range of sources. Whilst this webinar focussed on communications capture and storage, we can ingest data from any platform (incl. order management systems, trading platforms, CRM systems, news outlets and more).
Once we have all relevant data in the platform, we use technologies such as machine learning, artificial intelligence and advanced data relationships to tie relating records together.
The platform looks at a scenario or piece of data and simultaneously brings together any data that is deemed to be relevant. By accepting or rejecting these "suggestions" the systems also learns as it goes along, becoming better at reconstructing these scenarios. The reconstructions are based on several factors, including the date, time, trader, instruments, venue and even the content within a communication. This means that you can immediately dive into a particular trade or order and automatically see all the relating phone calls, meetings, WhatsApp messages, as well as finding out information about the trade/order itself.
This is where we can really begin to appreciate the benefits of truly holistic or integrated compliance. For example, if you were using separate/siloed communications and trade surveillance systems, you could never review this data side by side, leaving your firm vulnerable to missing key risks and open to regulaotry scrutiny.