Customers are unhappy when the one compliance officer at the firm with sole access to the archive, and we’ll call him “Joseph,” quits and joins their competitor. Read the PDF or visit the blog to know Why Compliance Officers are Unhappy with Communications Archiving Solutions at https://bit.ly/2UAADL4

1. COMPLIANCE OFFICERS
ARE UNHAPPY WITH
COMMUNICATIONS
ARCHIVING SOLUTIONS
Website:
https://www.shieldfc.com/

2. Archives: the word itself conjures up images of cobweb-ridden dark spaces deep
underground where few people are brave enough to venture. Our university library
archive was infamously known as, “The Stacks,” and it offered exactly the kind of
experience that you’d expect from a word like, “archives.” Store whatever
document it is that you have, tag it, and then forget about ever going back into
the depths of that sub-basement to retrieve that content again.
In today’s era of communications archiving, is that the kind of experience that you
want to have? There is a superior option to storing, tagging, and losing all hope of
ever retrieving the content again. With today’s volatility in the market, constantly
changing regulations, new guidelines coming in from Europe to protect consumers
against the bias in high-risk artificial intelligence systems, “set it and forget it”
isn’t a viable practice. Communications Compliance must be relentless and
routinely updated to meet new guidelines as well as be capable of retroactively
applying those same guidelines to archived communications.
https://www.shieldfc.com/
Are customers happy with their communications archiving
solutions?
At the end of the day – it’s about the customer experience. If a customer is happy
with their archiving solution, then everyone wins. However, if a customer is
unhappy, well, we can all guess how that scenario typically plays out.
Apparently, the data seem to suggest that customers could go either way; it’s a
50-50 draw if they’re going to be happy – or unhappy – with their communications
archiving solution. Answers were collected via a randomized recent public poll
conducted on Linkedin in May 2021. Bottom line – there’s room for improvement.

3. Perhaps it’s easier to relay what makes customers unhappy. One of the biggest
complaints of compliance officers is the requirement for specialty hardware to
perform the surveillance and communications archiving. Integrating a third-party’s
hardware imposes an added burden on the client; additional physical storage,
maintenance costs, and asset management responsibilities are typically unwelcome
“extras.” Not to mention the unhappiness associated with complex and slow archive
searches, a lack of connectors to integrate with existing tools, and so on.
Speaking of storage, Saving money sounds like an idea that would make a financial
firm happy with their communications archiving solution – but the only way that the
cost of such storage stays low is if you store it and forget about it. Exporting costs,
odd pricing models, and “private data centers” are making it very hard to reduce
TCO when choosing an archiving over surveillance.
Here’s one more comment on the “set it and
forget it” theme. Compliance officers are
busy, overworked people. They’re already
battling the happy-unhappy battle each day
at work. As soon as you tell them that they
need to regularly – and manually – make
communications archiving system adjustments
with regularity, they pretty much lose it. Their
unhappiness is palpable by this stage.
https://www.shieldfc.com/
What makes financial firms unhappy with their
communications archiving solutions?
Who’s the unhappiest group of workers at a bank? It could be the IT team that’s
under-resourced and has the unfortunate task of maintaining all of the spaghetti-
cobbled legacy plus third-party solutions so that they continue to operate. The
attorneys are generally okay with making requests for transaction data in the
preparation of potential litigation initiatives.
So, the question remains open. Are YOU happy with your
communications archiving solution?
We’ll try and explore the WHY in the next couple of articles and
survey questions.