In an era defined by rapid advancements in the use of unified communication and collaboration tools and an evolving regulatory landscape that has led to fines totaling nearly $3 billion for recordkeeping failures, the importance of digital communications governance cannot be overstated. Despite this, new research from Theta Lake reveals that financial institutions still struggle to keep off-channel communications in check.
The company’s fifth annual survey, which included responses from about 600 IT and compliance professionals at financial institutions in the U.S. and UK paints a less-than-rosy picture of how these platforms are being used, as well as the challenges finserv firms are facing.
Here are a few of the report’s key findings:
- Nearly three-quarters (74%) of respondents say it’s likely their employees are using unmonitored communications channels, up from 66% in 2022.
- Two thirds (68%) of firms reported disabling features across their approved communications tools to manage challenges relating to search visibility, compliance, privacy or security.
- Regulatory expectations to monitor communications will increase, according to 78% of financial institutions.
- Only 6% are confident in their approach to communications compliance, a concerning statistic given the increasing global enforcement…
