Banks and other financial services companies manage a tremendous amount of data. A global bank recently reviewed its entire data management strategy from the ground up, with a focus on reducing data silos and efficiently and securely managing large volumes of unstructured data. A particular piece of its IT environment, its voice recording archives, falls under the umbrella of e-communications (eComms) and contains more than 1PB of data.
Gartner issued a Market Trends report for the Mobile Voice Recording industry and confirms that regulatory compliance is a primary motivator behind a search for new solutions, and that providers delivering value-add services like search and security to archival storage will be key. In addition, Gartner predicts increased migration to the cloud for better economies of scale, lower TCO, and elasticity.
While voice and eComms management is a concern across a wide variety of industries, financial services IT teams are held to higher standards than most. Voice archiving in the banking industry is more complex than many other industries because data is collected from a wide variety of sources including traders, customer-facing agents and transactions, trading floor voices, and telephone calls.
All recordings of telephone conversations are considered to contain personally identifiable information (PII) and enterprises must meet regulatory requirements for privacy compliance. On top of that, data sovereignty laws dictate that certain data may not leave a corporate perimeter or cross geographic boundaries, and often all data must be retained indefinitely for discovery reasons once other regulations are met. The recent worldwide financial crisis brought greater levels of compliance to the forefront. Regulations like GDPR and the California Consumer Privacy Act have added complexity to an industry with burgeoning amounts of data.