Even two years since the pandemic started, there are still gaps in the way people communicate, especially in highly regulated sectors such as financial services. Any software that makes it easier to deal with regulators will always be in demand. Here’s one example:
On Monday, Smarsh said it is acquiring TeleMessage. Smarsh helps organizations manage their communications data. TeleMessage offers mobile technology services.
“Highly regulated firms have always needed to capture and retain their digital communications for regulatory compliance, legal discovery, and to protect their brand,” says Goutam Nadella, chief product officer at Smarsh. “However, given the new hybrid workforce and how digitally connected everyone is, it’s more challenging than ever to monitor all the new voice and text channels. Simply put, firms everywhere are overwhelmed by all the new channels – like WhatsApp, WeChat and more effective coverage for Bring Your Own Device (BYOD) models – that are necessary for business but pose real risks, because of their variety and the volume and velocity of the data they produce. One of the biggest areas of risk is mobile communications.”
Nadella adds that “there are significant gaps in how firms capture and monitor mobile communications.” Regulations in the financial services sector are constantly changing and increasing and some firms are having a hard time keeping track. Companies that communicate through mobile channels have to keep records and always love a way to streamline those processes.
“Bottom line, if you’re a heavily regulated company doing business in 2022, you have to have a proven solution to capture, archive, and supervise mobile communications,” adds Nadella. And any business that makes it easier to do so is a plus in my book.
– Demitri Diakantonis