As recently as 10 years ago, trading turrets (dealerboards) and landline desk phones were the primary means for connecting two parties in different locations. The exponential rise of mobile devices – cell phones, tablets, smartphones – has influenced the way in which traders, investors, and bankers communicate.
In addition to regular day-to-day business communications, mobile phones and other mobile devices are being used to:
- Communicate directly with customers, coworkers, and clients
- Conduct complex financial trades and swaps
- Facilitate purchases and other transactions
- Expedite problem resolutions
- And more
To address this increase in mobile device usage, requirements for capturing the recordings and associated metadata (call time, length, location, etc.) have increased. Regulations such as Dodd-Frank (US) and MiFID II (EU) have specified that all trade-related communications must be captured, even if they are communicated via mobile device or cell phone.
Modern Mobile Recording solutions are:
- Resilient and secure
- Flexible and can be integrated on top of an existing recording environment
- Easy to manage, with a single point of management across locations
- Cost efficient and require little or no additional hardware
- Product/manufacturer independent
- Available across multiple locations
- Cloud based
- Able to leverage existing processes
It is estimated that 12.1 billion mobile devices will be in use by 2018. When replacing or upgrading your Compliance Recording system, proactively addressing Mobile Recording can help ensure future compatibility.
Tags: Compliance, Compliance Recording Solutions, Dodd-Frank Act, Financial Compliance, MiFID II, Mobile Recording