Over the past 12 months, financial services companies have adopted a range of new processes, policies and procedures in order to successfully transition to a remote working environment. For many, this meant the accelerated adoption of new technologies that enable employees to work from home.

Now that the return to the office is in sight, companies should be taking stock of the impact of these operational changes in relation to their ability to ensure regulatory compliance.

One of the most significant trends we’ve observed over the last year is the increasing volume of both communication content and the range of communication channels being used. 

Increasing volume of communication content and channels

From May to October 2020, financial services companies reported a 20% increase in the volume of communications content. In that time, the volume of content generated by instant messaging platforms alone increased by 128%. 

With employees working from home, we have witnessed the adoption of an increasingly diverse range of communication channels being used to conduct business. Email, instant messaging, phone calls and video conferencing are all being used on a daily basis in higher volumes than we have ever seen before. Channels more commonly used in a non-corporate setting, such as WhatsApp and WeChat, are now integral to the way many firms communicate with their customers.

Although we are beginning to see a return to the office in some form, the trend is here to stay – employees will use the communication channels that they and their customers are most comfortable with. It’s now up to companies to adapt accordingly.

The requirement to archive data from all communication channels

In the January 2021 edition of its Market Watch newsletter, the U.K.’s Financial Conduct Authority (FCA) made it clear that whatever communication channel employees are using to conduct business on company devices, firms have an obligation to ensure that data is recorded and auditable. 

Firms, therefore, must use an information archiving solution that ingests data from the communication channels that are being used to conduct business. The alternative is to restrict the channels that employees use, however, this is likely to result in them simply using their preferred channel regardless and firms risking the creation of significant compliance blindspots.

If a firm’s current information archiving solution does not ingest data from these communication channels, there may be an urge to simply add an additional archiving solution for this specific use case. This hypothetical patchwork of communication channels, import tools and archiving solutions leads to one thing: fragmented data. Not only is this inefficient in terms of cost, but it also causes inefficiencies when it comes to eDiscovery. Searching, reviewing and exporting data across multiple solutions is far more time-consuming and also more likely to result in submitting incomplete data for audit.

Behavox Archiving – one archive for your entire organization

In contrast, Behavox Archiving is a single access point for all enterprise data. It’s able to ingest data from all of the most popular communication channels, including email, instant messaging and voice, even including platforms such as WhatsApp, WeChat, Twitter and Zoom. With all data archived in one place, firms have peace of mind knowing that all employee and customer communications are recorded and auditable, regardless of whether they’re in the office or working from home.

The pandemic has been the ultimate stress test for technological solutions and many information archiving platforms have simply not been able to adapt quickly enough. Behavox Archiving has the agility to add new data types within weeks, ensuring it adapts to the evolving needs of the firms that it supports. As proven by the past 12 months, the urgency to replace aging technological solutions can become more acute at any time. With firms now at risk of regulatory non-compliance, there is no time like the present to evaluate the effectiveness of archiving solutions.