A groundbreaking benchmarking report by 1LoD has just been released, offering an in-depth look at the current state of voice surveillance across financial institutions. This detailed survey gathers data from over 30 leading global banks, providing a comprehensive analysis of existing voice surveillance practices and a glimpse into future trends.
Business Systems, which offers a range of monitoring and compliance tools, has delved into the report to highlight six of the biggest takeaways.
Legacy Technology Dissatisfaction Many financial institutions are expressing dissatisfaction with their outdated legacy systems used for trade, e-communications, and voice surveillance. Despite this dissatisfaction, a striking development is underway: approximately 74% of these institutions are looking to invest in new voice surveillance technologies within the next three years.
Embracing Innovation This investment boom reflects a wider acknowledgment of the limitations posed by traditional surveillance methods. The field is witnessing exciting advancements in transcription, translation, and AI-driven analytics, which are dramatically enhancing surveillance capabilities. These modern solutions offer improved accuracy and efficiency, moving beyond the old lexicon-based searches.
Risks of Inaction Holding on to legacy systems is fraught with risks, including compliance issues and security vulnerabilities. These risks come with severe consequences, as regulatory bodies enforce stringent data retention policies that span several years. Non-compliance not only leads to heavy penalties but also threatens data integrity and accessibility.
Migration Imperatives In response to these challenges, banks are confronted with crucial decisions on technology migration. Choices include shifting to cloud-based, hybrid, or on-premises solutions. A standout in this area is Wordwatch, which provides scalability, data integrity, and seamless integration across different platforms.
Addressing the Scale With the enormous volume of voice data that needs processing, there is a critical need for robust systems capable of managing massive data ingestions. Wordwatch stands out by processing millions of calls daily while maintaining the data in its original format, making it a leader in addressing large-scale data challenges.
Prioritising Investment As financial institutions prepare to allocate substantial resources, adopting a strategic approach is essential. Focusing on high-risk areas such as data integrity and accessibility will allow these organisations to tailor their surveillance programmes for optimal effectiveness, not just for the immediate future but also in the long run.
For more insights, read the full story here.
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