"Financial services firms have been dealt a tricky hand in 2018, with MiFID II and GDPR coming into force just months apart."
TeleWare noted the train on firms as MiFID II hits at the same time as the General Data Protection Regulation and has required firms to overhaul significant areas of their operations, staffing and technology.
Firms that don’t comply with MiFID II risk fines of up to €5 million, or 10% of their annual turnover.
Compliance can often be seen as a necessary evil by firms, however the same research also reveals there are huge benefits available to firms from embracing communications recording.
Employees in the survey agreed that if they could record and recall information more effectively, this would benefit the business by improved customer experience (58%), better customer service (55%), improved employee productivity (54%), and increased collaboration across the business (36%).
Steve Haworth, CEO of TeleWare, commented: “Financial services firms have been dealt a tricky hand in 2018, with MiFID II and GDPR coming into force just months apart. And with some contradictory requirements when it comes to the recording of personal data.
"As the threat of non-compliance is so high, it’s critical that firms make the necessary investments in technology and infrastructure. Ensuring all employees have the tools to be compliant. Our research has shown that firms that do so will reap significant benefits in return, in addition to mitigating the compliance risks.”
