News / Why Financial Services Pros Are Using Private Messaging For Work
By Tom Groenfeldt, Oct 26, 2015

It’s not just the former Secretary of State who used private messaging for work — financial services staff are also using private voice and text for business communications.

Financial institutions are allowing employees to communicate by mobile messaging on unsecured apps and platforms, according to a study by Infinite Convergence Solutions. According to the study, 50 percent of financial institution employees use mobile messaging daily, yet 38 percent of employers do not have an official platform – internal or third-party.

“We found that financial employees use mobile messaging more frequently for business communication than voice calling,” said Anurag Lal, CEO of Infinite Convergence. “But many financial institutions still underestimate how prevalent mobile messaging is in their organizations, and they don’t have policies in place to address the same. They’re unknowingly exposing themselves to security breaches and leaving room for sensitive company information to be mined and compromised.”

It’s not a new problem. Last year Reuters reported that “UK regulators are turning a blind eye to rules on mobile phone recording introduced more than two years ago after concluding that technology may not yet be widely enough available to implement the requirements, according to technology providers.”

“Over the last three years in the UK mobile recording was resisted pretty firmly,” said Paul Liesching, head of the finance vertical at Truphone, which offers recording of mobile voice and messages around the world. “There was a lot of pushback around functionality and user acceptance.” Now recording of mobile phones works pretty well he said, although the adoption rate in financial services hovers around 50 to 60 percent in the UK.

“A number of organizations say they manage by policy, which means sending out a letter to staff saying they shouldn’t use their mobile phones for work.”

Last year NICE Systems and Truphone, the global mobile network, announced that they had integrated the cellular carrier’s mobile recording service with the NICE Trading Recording system.
Recommended by Forbes

This partnership enables clients to have an integrated solution to comply with international mobile record keeping regulations, including FCA in the UK and Dodd-Frank in the US. These rules mandate that financial institutions capture, store and be able to retrieve mobile communications relating to specific trades in the UK and US.

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