The finance sector is facing a multitude of challenges right now. MiFID II has hit at the same time as the General Data Protection Regulation (GDPR) and has required firms to overhaul significant areas of their operations, staffing and technology.
However, recent research from TeleWare reveals that just 60% of employees in financial services firms have suitable processes and technology in place to capture, record and consequently retrieve real-time business communications. Meaning 40% of firms are risking non-compliance with Article 16 of MiFID II.
Firms that don’t comply with MiFID II risk fines of up to €5 million, or 10% of their annual turnover.
Compliance can often be seen as a necessary evil by firms, requiring investment and changes to processes. However, the same research also reveals there are huge benefits available to firms from embracing communications recording.
Employees in the survey agreed that if they could record and recall information more effectively, this would benefit the business by:
- Improved customer experience (58%)
- Better customer service (55%)
- Improved employee productivity (54%)
- Increased collaboration across the business (36%)
Steve Haworth, CEO of TeleWare, comments: “Financial services firms have been dealt a tricky hand in 2018, with MiFID II and GDPR coming into force just months apart. And with some contradictory requirements when it comes to the recording of personal data.
As the threat of non-compliance is so high, it’s critical that firms make the necessary investments in technology and infrastructure. Ensuring all employees have the tools to be compliant. Our research has shown that firms that do so will reap significant benefits in return, in addition to mitigating the compliance risks.”
Notes to editors
Survey of 2000 employees from all industries, age groups and regions, undertaken by 3Gem Research & Insights, on behalf of TeleWare, between 20th – 27th February 2018.
Media contacts
Jo Cresswell at Milk & Honey PR: 020 3637 7310 or jo@milkandhoneypr.com
About TeleWare
TeleWare, a Microsoft Gold Partner in multiple disciplines, has been a leading communications technology business for over 25 years. Its customers include some of the world’s leading multinational and local financial and professional services, IT, manufacturing, retail, health and public sector organisations. Today, TeleWare technology is used by one in every three FTSE 100 financial services companies.
TeleWare has created single numbering solutions, pioneered cloud-based recording solutions, is the world’s leading provider of SIM based compliant recording and the only organisation to offer both SIM and app-based compliant recording. This helps businesses meet regulatory and governance requirements. TeleWare’s ability to help businesses route their communications more effectively addresses fundamental customer experience and business productivity challenges.
With innovation at its core, TeleWare designs and builds its own software products in-house. TeleWare’s innovation resulted in 2 recent Microsoft world firsts. By routing, recording and analysing a call through the Azure platform in real time and in a fully compliant environment, it created a paradigm shift in cloud platform capabilities. A month later TeleWare did this again, being the first to migrate all fixed line operations to Azure.