The Top Hurdles When It Comes to Mobile Archiving Compliance
More than a year ago, the Markets in Financial Instruments Directive II or MiFID II was implemented. Even with this implementation, many financial firms in the EU and even outside of it have still struggled with the vast requirements of this directive. These requirements include mifid call recording and other forms of conversation recording. Research says that 40% of financial firms are still non-compliant despite all of the financial investments being made into this directive.
One of the main reasons why financial firms are having a hard time complying is the difficulty to find the right MiFID voice call recording solution. Conversations between financial professionals such as wealth managers to independent financial advisors, sales personnel, and their clients are now required to be recorded with all the complete details such as accuracy and clarity.
Another problem that financial firms face is the difficulty of maintaining a unified archiving system. MiFID II requires firms and companies to record communications for up to seven years, which means all types of file formats, whether they be mp4 or mp3, have to be stored properly. It’s a good thing that we have Telemessage to help financial firms and banks deal with all of these regulations.
To learn more about this topic, simply read this infographic by Telemessage.