Global Relay Data Insights: Compliant Communications (2023)
In this annual report, Global Relay analyzes the data of over 10,000 regulated financial institutions to provide a unique view of the expanding web of connections that are being made, how the industry is capturing communication data, and what the future may hold for compliant communications.
We collected data from a range of financial firms, including banks, broker-dealers, fund managers, and other regulated entities to understand how they are maintaining electronic communications to meet intensifying recordkeeping requirements – especially as communication needs modernize. Using data from a subset of customers that use Global Relay Connectors that capture business communication data from any messaging channel – we were able to assess what communication channels the industry is prioritizing.
A preview of what we found…
- 33% of financial services firms are capturing and storing LinkedIn communications, prompting questions about whether it could be the next big channel on regulators’ radar
- 89% of financial services firms are capturing and storing email communications
- 10% of financial services firms are capturing and storing communications published on their own websites
- 3% of financial services firms are connecting Zoom video to their compliant archive
- Implementation of WhatsApp Connectors increased more than 400% in the two years following high-profile regulatory enforcements for WhatsApp-related recordkeeping failures
- Implementation of Microsoft Teams Connectors increased 229% in the year of the COVID-19 pandemic
Despite recordkeeping being a longstanding requirement, the past several years have seen a change in pace when it comes to communications capture rules. The industry continues to progress, and to keep up, firms have been expected to balance rapidly advancing methods of business communication with tightening recordkeeping guidelines. Particularly following the COVID-19 pandemic, the reliance on collaboration platforms in out-of-office scenarios brought about the need for expanding capture solutions.
In reflection of recordkeeping needs, firms have integrated capture solutions into compliance processes to manage communications data. Many organizations are capturing “traditional” channels, such as email, Instant Bloomberg, and Microsoft Teams. Further, the data illustrates a boost in the capture of social media platforms LinkedIn and X, suggesting a shift in approach to respond to regulatory scrutiny.
Findings also signify a different approach to SMS and IM capture that contrasts with definitive actions regulators have taken against such platforms, namely WhatsApp. Learn more about whether firms plan to control WhatsApp use by placing channel bans on the platform, or if they’re reviewing strategies to align more closely with regulations.
In addition to the most popularly captured platforms, this data provides detail about a range of other thought-provoking points, hinting at possible trends moving forward. How do retention needs vary per financial sector? As regulators stress the significance of individual conduct, can communications data mitigate misconduct risk? How is the spotlight on marketing rules and consumer protection reflected in firms’ elected capture solutions?
Report data also give a glimpse at Connector demands into 2024, such as the gradual increase in SMS capture, the possibility of video and Zoom attention from regulators, and enforcement implications for website and social platforms.
Discover a breakdown of the following topics:
- An analysis of the most popular channels used across jurisdictions and within financial sectors
- The evolution of communications data over the past five years, and expanding recordkeeping requirements from regulators
- Future evolution of communications capture as illustrated through the development of current communications platform capture
