{"id":50421,"date":"2021-12-23T08:00:02","date_gmt":"2021-12-23T16:00:02","guid":{"rendered":"\/us\/en\/blog\/?p=50421"},"modified":"2021-12-23T08:33:58","modified_gmt":"2021-12-23T16:33:58","slug":"financial-institutions-cloud-communications-simplify-compliance","status":"publish","type":"post","link":"\/us\/en\/blog\/financial-institutions-cloud-communications-simplify-compliance\/","title":{"rendered":"A $200-million warning for financial institutions: Cloud communications simplify compliance"},"content":{"rendered":"<p><b>Highlights:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#ensure-compliance\"><span style=\"font-weight: 400;\">How can financial institutions ensure compliance across communications channels while seamlessly maintaining business-critical communications?<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#simplify-compliance\"><span style=\"font-weight: 400;\">Cloud-enabled unified communications can simplify compliance<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#takeaways\"><span style=\"font-weight: 400;\">3 takeaways\u2014using AI and cloud communications to meet regulations, at scale<\/span><\/a><\/li>\n<\/ul>\n<hr \/>\n<p><span style=\"font-weight: 400;\">\ud83d\udc40\u00a0 Did you know that cloud adoption is growing within the financial services sector? Grab our eBook to get the whole story.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\t<\/p>\n<div class=\"download-form-widget enterprise-download-form\" data-url=\"https:\/\/netstorage.ringcentral.com\/documents\/cloud_communications_collaboration_tools_financial_services.pdf\" data-id=\"69d7a0c0edd8b\" id=\"69d7a0c0edd8b\">\n\t\t<button tabindex=\"on\"  on=\"tap:69d7a0c0edd8b.toggleClass(class='open')\" class=\"open-modal-download-action download-form-button\" type=\"submit\">\ud83d\udcd9 Get the eBook<\/button><\/p>\n<div class=\"download-form-modal\">\n<div class=\"download-form-modal-body\">\n<div class=\"download-form-modal-content\">\n<div class=\"download-form-modal-title\">\ud83d\udc40 \u200a \ud83d\udc40 \u200a Get this free eBook to learn more about the future of cloud communications and collaboration tools in financial services.<\/div>\n<form class=\"download-form ENTERPRISE\" method=\"post\">\n<div class=\"download-form-part\">\n\t\t\t\t\t\t\t<input class=\"download-form-input\" aria-label=\"Full Name\" aria-required=\"true\" aria-invalid=\"false\" type=\"text\" name=\"fullname\" placeholder=\"Full Name\" data-dl-events-hover=\"true\" data-dl-element=\"text\" data-dl-additional-info=\"enterprise download form\">\n\t\t\t\t\t\t<\/div>\n<div class=\"download-form-part\">\n\t\t\t\t\t\t\t<input class=\"download-form-input\" aria-label=\"Email (please enter a work email address)\" aria-required=\"true\" aria-invalid=\"false\" type=\"email\" autocomplete=\"on\" name=\"email\" placeholder=\"Email (please enter a work email address)\" data-dl-events-hover=\"true\" data-dl-element=\"email\" data-dl-additional-info=\"enterprise download form\">\n\t\t\t\t\t\t<\/div>\n<div>\n\t\t\t\t\t\t\t<input type=\"hidden\" name=\"popup_form\" value=\"1\">\n\t\t\t\t\t\t<\/div>\n<div><input type=\"hidden\" name=\"Asset_ID__c\" value=\"ODAM-02321\" class=\"download-form-input\"><\/div>\n<div>\n\t\t\t\t\t\t\t<input type=\"hidden\" name=\"Lead_Entry_Source__c\" value=\"RC Blog Enterprise\" class=\"download-form-input\"\/>\n\t\t\t\t\t\t<\/div>\n<div class=\"download-form-part\">\n\t\t\t\t\t\t\t<button class=\"download-form-submit\" type=\"submit\" data-dl-element=\"button\" data-no-auto-dl=\"true\" data-dl-additional-info=\"enterprise download form\" data-dl-name=\"Get it now\">Get it now<\/button>\n\t\t\t\t\t\t<\/div>\n<\/p><\/form>\n<p> \t\t\t\t\t<button on=\"tap:69d7a0c0edd8b.toggleClass(class='open')\" role=\"button\" tabindex=\"0\"  class=\"download-form-modal-close\"><\/button>\n\t\t\t\t<\/div>\n<div class=\"download-form-modal-thank\"> Enjoy!<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>\t<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">The Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) together fined JPMorgan Chase Securities (JPMC) $200 million after staff used personal chats for company business. The bank was fined for failing to track work-related communications on employees\u2019 personal cell phones and email.<\/span><\/p>\n<p>According to the SEC, employees in the securities division of JPMC avoided oversight by discussing company business on their personal devices via text messages, personal email accounts, and messaging service WhatsApp. This violates numerous securities regulations covering business-related communications, which must be archived and searchable to respond to client issues and\/or government requests.<\/p>\n<div class=\"tip\">\n<div class=\"tip-heading\"><b>RECORD-KEEPING<\/b><\/div>\n<p>Record-keeping is \u201can essential part of market integrity and a foundational component of the S.E.C.\u2019s ability to be an effective cop on the beat. As technology changes, it\u2019s even more important that registrants ensure that their communications are appropriately recorded and are not conducted outside of official channels.\u201d<br \/>\n&#8211; Gary Gensler, S.E.C. chairman<\/p>\n<\/div>\n<p><span style=\"font-weight: 400;\">In addition to the fine, JPMC will need to retain a consultant to investigate their record-keeping practices and commence remedial training for employees on proper handling of communications. An Artificial Intelligence (AI)-enabled unified communications system would have helped manage security and compliance.<\/span><\/p>\n<h2><b><a id=\"ensure-compliance\"><\/a>How can financial institutions ensure compliance across communications channels while seamlessly maintaining business-critical communications?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">This is a critical question for companies in highly regulated industries, such as financial services. Companies don\u2019t need to give up ease and convenience for security and compliance. But compliance can be difficult to implement, particularly when you consider that the same retention and supervision requirements that apply to text-based communications, such as emails, apply to all forms of electronic communications, including audio, video, SMS\/texting, and messaging.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The problem with ensuring compliance stems from the proliferation of digital channels coupled with the customer\u2019s expectation of being able to use the communication tools and apps they want and are most comfortable using. Fortunately, there is a solution. By using a cloud-based unified communications platform, not only will all forms of communication be captured and archived, but layering artificial intelligence (AI) and machine learning will enable and automate detection for compliance risk. In the case of a regulatory request, any relevant content or data can be surfaced to compliance teams and shared with government regulators and auditors.<\/span><\/p>\n<h2><b><a id=\"simplify-compliance\"><\/a>Cloud-enabled unified communications can simplify compliance<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">In the past, financial institutions recorded and stored their audio, messages, and video communications. Sometimes they ran speech-to-text so they could run keyword searches, and when auditors asked, they were able to pull the tapes to share the requested information. But now, it seems the process of \u201crecord and store\u201d is no longer enough.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">New modes of communication\u2014including fragmented and multiple duplicative systems offering messaging, voice, and video connections\u2014have made the job difficult for compliance teams to monitor and track all of their employees\u2019 communications, or the tools available on the older on-premises platforms were not easy to use. However, an AI-enabled and cloud-based unified communications platform can give firms the tools, access points, and economies of scale to efficiently feed multiple systems for surveillance, compliance, audit, and proprietary analysis while enabling the communications modes (messaging including SMS, video, phone) that empower employees to work effectively.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">RingCentral has helped companies like <\/span><a href=\"https:\/\/www.ringcentral.com\/whyringcentral\/casestudies\/firstcreditservices.html\"><span style=\"font-weight: 400;\">First Credit Services<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/www.ringcentral.com\/whyringcentral\/casestudies\/walker-crips.html\"><span style=\"font-weight: 400;\">Walker Crips Group<\/span><\/a><span style=\"font-weight: 400;\"> adhere to regulatory requirements by recording and archiving calls. The RingCentral platform API for call recordings provides a system for automatically downloading and archiving the audio files and corresponding call logs to a cloud storage array at the end of each day.<\/span><\/p>\n<p data-pm-slice=\"1 1 []\">\n<div class=\"rc-subscribe\" id=\"new-rc-subscribe\"  style=\"background-image:url('\/us\/en\/blog\/wp-content\/themes\/ringcentral\/assets\/images\/temp\/subscribe.png')\">\n\t\t<button class=\"close js-popup-close\"><svg class=\"icon_close_mobile\" width=\"20\" height=\"20\"><use xlink:href=\"#icon_close_mobile\"><\/use><\/svg><\/button><\/p>\n<div class=\"rc-subscribe__wrapper\">\n<div class=\"rc-subscribe__wrapper_text\">\n<h3 class=\"rc-subscribe__title h2\">Stay informed with RingCentral<\/h3>\n<div class=\"rc-subscribe__subtitle\">Subscribe to our emails for the latest blogs, events, and exclusive content on AI-powered communication solutions. Stay ahead with insights and tips from the leader in trusted AI communications.<\/p>\n<p>\t\t\t\t\t<a href=\"https:\/\/www.ringcentral.com\/legal\/privacy-notice.html\" target=\"_blank\" data-dl-name=\"Privacy Notic\" data-dl-element=\"link\" data-dl-additional-info=\"social\" rel=\"noreferrer noopener\">Privacy Notice<\/a>\n\t\t\t\t<\/div>\n<\/p><\/div>\n<div class=\"rc-subscribe__wrapper_form\">\n<form class=\"\" data-event-init=\"true\" novalidate data-js-form>\n<div class=\"rc-subscribe__row\">\n\t\t\t\t\t\t<input\n\t\t\t\t\t\t\t\tname=\"email\"\n\t\t\t\t\t\t\t\tplaceholder=\"Email address *\"\n\t\t\t\t\t\t\t\ttitle=\"Must be valid email. example@yourdomain.com\"\n\t\t\t\t\t\t\t\tminlength=\"4\"\n\t\t\t\t\t\t\t\tmaxlength=\"255\"\n\t\t\t\t\t\t\t\ttype=\"email\"\n\t\t\t\t\t\t\t\trequired\n\t\t\t\t\t\t\t\tpattern=\"[a-z0-9._%+\\-]+@[a-z0-9.\\-]+\\.[a-z]{2,}$\"\n\t\t\t\t\t\t\t\tclass=\"field__control\"\n\t\t\t\t\t\t\t\tautocomplete=\"on\"\n\t\t\t\t\t\t\t\taria-required=\"true\"\n\t\t\t\t\t\t\t\tdata-dl-events-hover=\"true\"\n\t\t\t\t\t\t\t\tdata-dl-element=\"email\"\n\t\t\t\t\t\t\t\tdata-dl-additional-info=\"LET'S WORK TOGETHER\"\n\t\t\t\t\t\t\t\taria-label=\"Email address *\"\n\t\t\t\t\t\t\t\taria-errormessage=\"email-subscribe-errors\"\n\t\t\t\t\t\t><br \/>\n\t\t\t\t\t\t<span class=\"field__errors\" id=\"email-subscribe-errors\" data-js-form-field-errors><\/span>\n\t\t\t\t\t<\/div>\n<div class=\"rc-subscribe__row\">\n\t\t\t\t\t\t<select\n\t\t\t\t\t\t\t\tname=\"Country__c\"\n\t\t\t\t\t\t\t\trequired\n\t\t\t\t\t\t\t\tclass=\"field__control\"\n\t\t\t\t\t\t\t\taria-required=\"true\"\n\t\t\t\t\t\t\t\taria-expanded=\"false\"\n\t\t\t\t\t\t\t\taria-label=\"Country *\"\n\t\t\t\t\t\t\t\taria-errormessage=\"country-subscribe-errors\"\n\t\t\t\t\t\t><option value=\"\" disabled=\"disabled\" selected=\"selected\">Country<\/option><option value=\"Canada\">Canada<\/option><option value=\"United_States\">United States<\/option><\/select><\/p>\n<p>\t\t\t\t\t\t<span class=\"field__errors\" id=\"country-subscribe-errors\" data-js-form-field-errors><\/span>\n\t\t\t\t\t<\/div>\n<div class=\"rc-subscribe__row\">\n\t\t\t\t\t\t<button type=\"submit\" data-event-init=\"true\">Subscribe<\/button>\n\t\t\t\t\t<\/div>\n<\/p><\/form>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"confirm-form\" role=\"status\" aria-live=\"polite\" style=\"display: none;\" aria-hidden=\"true\">\n<div class=\"confirm-form__text\">Thank you for your interest in RingCentral<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p>\n<h2><b><a id=\"takeaways\"><\/a>3 takeaways\u2014using AI and cloud communications to meet regulations, at scale<\/b><\/h2>\n<h4><b>1. A unified communications platform enables financial institutions to leverage <\/b><a href=\"https:\/\/www.ringcentral.com\/small-business\/blog\/communication-channels\/\"><b>communication channels<\/b><\/a><b> that provide the highest level of personal touch and engagement and stay compliant with regulations.<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">When seeking advice on high-value decisions, most customers need that human touch. For instance, according to an <a href=\"https:\/\/insuranceblog.accenture.com\/wheres-the-value-for-insurers-in-hyper-relevance\">Accenture study<\/a>, 88% of consumers demand a more personalized experience when buying insurance. A unified communications platform allows customers to interact with their financial institutions on their own terms and via preferred means of communication.<\/span><\/p>\n<h4><b>2. Businesses can use AI to scale cloud communications efficiently while achieving compliance.<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Some organizations rely on compliance teams to manually review their call recordings each year for compliance violations, but they are only able to complete a fraction of them. AI and machine learning can help bring these teams out of the trenches by automating this process, ensuring that 100 percent of cloud communications are reviewed, and focusing compliance teams\u2019 more intensive review efforts on higher-risk content and more critical tasks. Make sure your communications platform can seamlessly integrate with leading AI and ML compliance tools to enable a complete solution.<\/span><\/p>\n<h4><b>3. Bringing AI capabilities to cloud communications can help reduce organizational risk across financial services.<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Banks, investment management, asset management, mortgage, and insurance companies can benefit from this strategy and must evaluate their approach to supervision and compliance as they continue to innovate how they communicate with their customers.<\/span><\/p>\n<h3><b>Incorporate regulatory-grade security and compliance into every conversation<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">RingCentral\u2019s unified communications platform protects your customer and corporate data against <\/span><a href=\"https:\/\/www.ringcentral.com\/trust-center.html#security\"><span style=\"font-weight: 400;\">security<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/www.ringcentral.com\/trust-center\/compliance.html\"><span style=\"font-weight: 400;\">compliance<\/span><\/a><span style=\"font-weight: 400;\"> breaches and gives your customers the highest standard of data protection, including:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Same redundant infrastructure as Nasdaq and NYSE<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Support for FINRA-regulated customer compliance requirements<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Seven layers of security<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">TLS and SRTP encryption between all endpoints<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u201cEnterprise-Ready,\u201d Skyhigh\u2019s CloudTrust\u2122 highest rating<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Integration with CRM systems and client logs that capture all client communications across all channels automatically<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Real-time file-sharing capabilities<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Business and personal texts are kept separate<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">End-to-end encryption<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ability to track and retain all solicitations and recommendation conversations<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Additionally, a best-in-class unified communications platform should be SOC-certified, ISO-certified, GDPR-compliant, and PCI-compliant.<\/span><\/p>\n<h3><b>Ensure compatibility with leading AI and ML compliance tools<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Many financial institutions have deployed AI and ML tools to monitor compliance, but these tools are only as effective as the data they can access. RingCentral offers customers a complete solution through out-of-the-box integrations to leading partners like <\/span><a href=\"https:\/\/www.ringcentral.com\/apps\/theta-lake-for-ringcentral-video\"><span style=\"font-weight: 400;\">Theta Lake<\/span><\/a><span style=\"font-weight: 400;\">, <\/span><a href=\"https:\/\/www.ringcentral.com\/apps\/ringcentral-for-smarsh\"><span style=\"font-weight: 400;\">Smarsh<\/span><\/a><span style=\"font-weight: 400;\">, and <\/span><a href=\"https:\/\/www.ringcentral.com\/apps\/liquid-voice-smartexperience-for-ringcentral\"><span style=\"font-weight: 400;\">Liquid Voice<\/span><\/a><span style=\"font-weight: 400;\">, among other leading AI and ML analysis tools. We also offer an open platform that can easily integrate with your existing AI and ML analysis suite. <\/span><a href=\"https:\/\/www.ringcentral.com\/partner\/isv.html\"><span style=\"font-weight: 400;\">Learn more about our platform here<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<section class=\"show-demo\">\n<div class=\"title\">\n\t\t\tWant a better, more compliant customer experience?\t\t<\/div>\n<div class=\"flex-container button-container {{ $description ?: 'spacing' }}\">\n<div class=\"flex-container description\">\n<div>\n\t\t\t\t\tRingCentral\u2019s secure, compliant, flexible unified communications platform makes it easy for financial institutions to take advantage of all forms of client communications and parts of the client journey.\t\t\t\t<\/div>\n<\/p><\/div>\n<div class=\"button-wrapper\">\n                                            <button onclick=\"window.open('https:\/\/www.ringcentral.com\/office\/industry-solutions\/business-communications-for-financial-services.html', '_blank'); return false;\" class=\"show-demo-button\" data-dl-name=\"show-demo\" data-dl-element=\"button\" data-dl-additional-info=\"show demo button\" data-no-auto-dl=\"true\">Get a demo<\/button>\n                                    <\/div>\n<\/p><\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>Highlights: How can financial institutions ensure compliance across communications channels while seamlessly maintaining business-critical communications? Cloud-enabled unified communications can simplify compliance 3 takeaways\u2014using AI and cloud communications to meet regulations, at scale \ud83d\udc40\u00a0 Did you know that cloud adoption is growing within the financial services sector? Grab our eBook to get the whole story. The &#8230;<\/p>\n","protected":false},"author":1120,"featured_media":50427,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18836],"tags":[12520,1249,13415,3865,1640],"class_list":["post-50421","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-services","tag-ai","tag-communications","tag-compliance","tag-financial-services","tag-security"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v19.3 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>A $200-million warning for financial institutions: Cloud communications simplify compliance | RingCentral Blog<\/title>\n<meta name=\"description\" content=\"Unified communications solutions help financial institutions ensure compliance across communications channels while maintaining business continuity.\" \/>\n<meta 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