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An E-Comms Surveillance Deep Dive - Shield

This is where tech vendors come into play, for example, Symphony is attempting to sort out some of this multi-channel mess. Watch the infographic or visit us at https://bit.ly/3H1NklV

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An E-Comms Surveillance Deep Dive - Shield

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  1. E-COMMS SURVEILLANCE DEEP DIVE WHAT WE LEARNED FROM AN E-COMMS SURVEILLANCE DEEP DIVE INTRODUCTION IN MAY 2021 complianceofficers, RegTechvendors, andfinancialfolks acrossEurope, Asia, andtheUSAgatheredtodebatethe futureofcommunicationssurveillance. Foreachgroup, alot wasatstake. Policies, processes, andtechallneedtomeet existingrequirements – aswellasconsiderfutureneeds. THE BIG CHALLENGES LET’S START HERE WITH THE BIG 3. personaldevicesandexplodingeCommschannelsaretoday’s greatestchallengeforsurveillance. Two – everyoneisinhotpursuit ofefficiencyandoptimization. Three – asitturnsout, surveillance integrationofdisparatethird-partyandin-houselegacysolutions isnotaone-and-done. Norcanitbedonequickly: apparently, it’s evolvedintoamulti-yearprojectthatmostfirmsarenow adequatelybudgetedfor. MULTI-CHANNEL MESS WHATSAPP USERS SEND 100 BILLION TEXTS PER DAY! Thisiswheretechvendorscomeintoplay, forexample, Symphony isattemptingtosortoutsomeofthismulti-channelmess. How? They’reintegratingWhatsAppandWeChat. Thisoffersatremendous stepforwardregardingcomplianceandhelpsmeetconsumers wheretheyare EFFICIENCY & OPTIMIZATION FRESH LOOK AT EFFORTS TO BOOST EFFICIENCY Machinelearning (ML), althoughcostly, isprovingitselfasa harbingerofefficiency. Itsapplicationisleadingtoexpanded languagecoverage; inthisway, badactorswhoattemptto camouflagetheirwrongdoingsarenolongerabletohidebehind the “switch-to-a-foreign-language-trick.” AnotherplusforMLis thatitishandsomelykeepingupwiththeproliferationof messageandvideochatchannels. Anditsradicallyimproved voice-to-textcapabilities. BRINGING IT ALL TOGETHER – INSIGHTS ON INTEGRATION E-COMMS SOLUTIONS FOR PENDING REGULATORY REQUIREMENTS Only54% feltthattheyhadanadequatebudgettokeepupwiththebasic requirements; there’snoroomforinnovativesolutions. Withoutincreased funding, financialfirmswillbeunabletoexpandexistingsystemsby integratingtoolsthatcanaugmentworkflowstoreducefalsepositives. ThatalsoleavestheopenquestionaroundbuildingRegTechtoolsin- houseoroutsourcingthemtothevendorswhomakethedevelopmentof suchtoolstheirsingularfocus. Thismightbeagoodopportunityto evaluateyourexistinglegacysolutions, someofthemcanbereplacedwith moreadvanced, ROI-positiveones… https://www.shieldfc.com/

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