Dublin Executive Dinner Recap
Last Wednesday, May 29, we had the pleasure of attending an executive dinner in Dublin, Ireland, hosted by our partner CWSI and customer Cantor Fitzgerald Ireland, along with key decision makers in the banking and asset management space. In an industry that is continuously evolving, it is a constant struggle to keep up with the increasing demand for mobility without compromising regulatory requirements. Three key areas emerged during discussion:
Embracing Cloud in a Highly Regulatory Environment
FSI has long been hesitant to transition to the cloud, concerned with the impact on business continuity, perceived lack of control, potential data security risk, and effect on customer satisfaction. Recently, however, industry leaders are recognizing the competitive advantage cloud brings for their employees in the ease of operations, as well as the flexibility of choice it offers their customers. The resilience, lower capital costs, and consistency of cloud solutions have also served to convince firms of the platform viability.
Vendors are also now more well-versed in the landscape these banks operate in, and intentionally interface directly with regulators to ensure they can deliver the required security and compliance outcomes.
SIM-Based vs. App-Based Mobile Recording
Because of the highly-regulated nature of these firms, much of the discussion focused on how to meet mobile recording requirements. Historically these have been met through SIM-based methods: it is a tried and tested approach, with predictable security, costs, and usage. But does a SIM-based approach meet employee needs, and is it a method that is sustainable for future changes? Most financial experts say no; the modern solution is a move to app-based mobile recording. For financial institutions, the integration of a mobile recording solution is unquestionably essential, and also carries a series of benefits in terms of scalability, security and quality monitoring. Another key advantage of an app-based approach is that it is network agnostic, meaning it is able to record calls and text no matter what provider or network the user is on.
Total Cost of Ownership
The nature of the bank and financial services business makes it very important for each and every business unit to internalize risk and compliance management. Traditionally, functional and business units develop their own risk and compliance silos that often have common requirements. No matter what new technology is out there, total cost of ownership is always a factor. The cost of migration, sunk costs in existing solutions, and the sheer amount of time it could take to train employees, deploy and adjust to a new platform all have to be taken into account. Quantifying the costs associated with transitioning from current methods to a more flexible model carry the potential to break the business case.
At Movius, we believe that modern companies need modern solutions; it’s not enough to merely meet the current demands set by customers and regulators. It pays to be one step ahead, employing solutions that will set the framework for future successes without compromising on today’s. We are passionate about our customers, and value every opportunity we get to listen and learn from them. The consensus by the end of the dinner was that this conversation is far from over, and we look forward to a continuation of what has proved to be a very productive and highly informative discussion.