Considerations For Ensuring Mobile Recording Compliance For Remote Workers
July 23, 2020
It’s an unprecedented time for the financial services industry with thousands of regulated users working from home. But there’s no break in the need to record all transaction-related electronic communications, including those on mobile devices. Equipping at-home workers with the tools to stay productive and compliant is a priority. Here are some considerations and best practices to help you evaluate alternative approaches, including software-based, mobile-first solutions.
1. How does the solution fit in with other tools for at-home workers?
Banks have deployed a recorded mobile line as a complement to a fully provisioned laptop for accessing trading, CRM, video conferencing, and other corporate systems. The two devices—mobile phone and laptop—go hand in hand to ensure ongoing business operations.
2. How quickly can you onboard a remote workforce?
Banks have shifted from hardware- to software-based mobile recording solutions to meet the accelerated timelines demanded by COVID-19. Software-based solutions can be provisioned over the air, to 1,000s of users, in a matter of minutes.
3. Will the solution work reliably in a variety of home settings?
It’s inevitable that some employees live in areas with poor cellular coverage or shaky internet connections. As a result, banks have opted for solutions that work across cellular, data, and WiFi networks to support a distributed workforce and eliminate compliance gaps.
4. How easily can you demonstrate regulatory compliance?
Regulatory audits and reporting are infinitely easier when all transaction-related recordings are stored in one place. Initial piecemeal approaches have given way to technologies that centralize communications, with the option to migrate data to existing archival solutions.
5. Where is the solution geographically available?
Banks have prioritized solutions that serve all their major geographic markets. Establishing a single global standard saves time, money, and management hassles, especially over the long run.
6. What is the experience like for users?
Top user concerns include ease of use, service reliability, and the privacy of personal data and conversations. Banks also favor solutions that require little to no user training to minimize ramp-up time and the need for remote support.
7. What is the experience like for external bank clients?
Clients want to stay connected, especially during times of increased market volatility. For a seamless service experience, banks have shied away from solutions that cause clients to download a special app, call a new number, or worry about data security.
8. Are you prepared for mobile as the new normal?
Bank executives expect remote working to continue into the foreseeable future. Some employees may never return to the office. In response, organizations have started to move beyond ad hoc WFH approaches to long-term strategies that enable regulated users to be productive and compliant wherever they work.
9. Is the solution recession-friendly?
Economists predict an extended virus-driven downturn that will put pressure on banks to cut costs. With a recession looming, banks are exploring ways to mobilize more workers with a compliant BYOD strategy.