In a post MiFID II world, financial institutions are experiencing increasing pressure to find a mobile compliance solution that meets the compulsory legal requirements associated with new EU regulation.
As of January 2018, MiFID II states that it is a mandatory requirement for all FCA authorised and regulated firms to record and store all telephone conversations and electronic communications related to or intended to result in a trade or sale for at least 5 years. The pressure is now on for firms to invest in a solution that works!
At VoxSmart, we understand that finding a regulatory solution can be a complicated and lengthy process. However, as we unfold our business case in this article, we want to discuss how solutions like VSmart™ can help turn your regulatory requirement into a business opportunity. It will become apparent how embracing MiFID II and investing in innovative solutions, can not only eliminate the risk of financial penalty, but also significantly reduce the total cost of ownership and increase your front office revenue opportunity.
Since the fallout of the 2008 financial crisis. pressure has been mounting, as firms make moves to increase transparency and improve investor protection. In today’s financial market where instantaneous, multi-channel connectivity is essential how can organisations deliver security and compliance whilst still empowering their business’ functionality?
Technology is the backbone of business success and fundamentally crucial to our everyday lives. When the line blurs between business life and personal life, users expect the same experience at work or at home. We are spending an increasing amount of our time online, answering emails on the move and trading over consumer platforms like WhatsApp and WeChat.
With this in mind, any business solution needs to guarantee security, global connectivity and a positive user experience whilst adhering to global regulation. Financial institutions need to embrace compliance and empower mobile users, not restrict them.
Many firms have opted to reduce costs by adopting a ‘Bring Your Own Device’ strategy or through company policy. But how can we truly mitigate risk on an unmanaged device or empower mobile users by banning mobile? This strategy not only limits control but shifts the blame from organisations to end users.
The greatest expense when running corporate issued devices largely lies with employees traveling overseas and accumulating steep call charges when roaming. With a VSmart™ loaded device this need not be the case. All International numbers are routed through the users local point-of-presence and converted to local calls in all major financial districts, globally. This significantly reduces the overall cost and enables flexibility when regularly making inbound and outbound.
Banks and financial institutions are under growing pressure to increase revenue and adopt new channels to grow new revenue streams. Today, Instant messaging channels are rapidly becoming the preferred mode of communication averaging 1 billion WeChat users per month and 1.5 billion WhatsApp users per month. These channels are not only growing their user base, they are freely available for users to access over 1 billion customers. Whether at home or in the office, at the desk or travelling and on the move, traders can transact with their customers at any time of day.
By capturing multiple communication channels, firms can maximise revenue in a highly competitive market space, whilst in the knowledge that the workforce remains compliant and adheres to global regulation.
VSmart™ is the only multi-channel solution on the market that grants users the ability to communicate not only with SMS and voice, but also instant messenger applications such as WhatsApp™ and WeChat™, and now WhatsApp™ Web.
Global, multi-channel surveillance from VoxSmart has been designed and developed with the user in mind. VSmart™ is trusted by banks and financial institutions across the globe. VSmart™ sits natively on your devices operating system, which ensures our software is completely tamper-proof and always on, therefore making no change to the user experience.
Discover why VSmart™ is the only MiFid II mobile compliance solution that enables all your communication channels under one roof, authorising users to transact on the go whilst remaining 100% compliant.
We at VoxSmart believe that the future of finance is mobile. Embrace mandatory regulation and future-proof your business by unlocking the ability to transact with piece of mind.