Connecting and analyzing different types of electronic communications can provide the type of insight and analysis modern financial firms need to compete in today’s financial services markets. Read this file to know more about Electronic communications surveillance raises regulatory and technological challenges. Source: https://bit.ly/30cvAAH

1. Electronic
Communications
Surveillance
SHIELD
Anti-fraud, anti-money laundering and other financial regulations require
financial services companies to track electronic communications in
various forms. However, this often requires these firms to collect
substantial volumes of different types of communications data. Standard
lexicon-based search software commonly used in financial services is
effective up to a certain level of scale and complexity, but the demands
of today’s financial regulators are outpacing traditional enterprise
software solutions.

2. 02
Legacy software solutions come up
short
Those solutions have proven functional in flagging and recording
information required by applicable regulations. However, these
software applications isolate different types of digital data – voice, text,
and graphic data in its various forms – and store it separately. This
archived data is often difficult to access and analyze after it is collected,
and as a result created a huge load of data silos.
Data management has become a critical component of day-to-day
operations for regulated firms, but collecting, validating, standardizing,
and integrating different types of data is a technologically challenging
task. Many regulated financial companies rely on processes that simply
collect these pieces of information and dump them into large drives.
Source: https://www.shieldfc.com

3. 03
New communications channels
emerging daily
People are constantly looking for better
ways to connect with each other, and tech
companies are innovating new ways to
meet these needs every day. New
electronic communications technologies
are allowing financial firms to connect
both internally and with their clients in
increasingly effective ways, which has
improved quality of service. However, the
new communications channels emerging
every day are raising new challenges for
regulatory compliance.
After the financial crisis of 2008, regulators passed a suite of new rules
aimed at preventing fraud and other improper financial practices.
These regulations cast a wide net, requiring financial services
companies to collect and store countless pieces of customer and
transaction-related data. However, the collection of such copious
amounts of personal and financial data also raises increasingly
significant privacy concerns.
Increasing regulatory complexity
affects e-communication
Connecting and analyzing different types of electronic
communications can provide the type of insight and analysis modern
financial firms need to compete in today’s financial services markets.
The regulatory and technological challenges facing today’s regulated
financial services company demand innovative solutions.
Source: https://www.shieldfc.com