The Financial Sector’s Rarest Commodity

According to a popular article by a major London newspaper, bankers rank as the third least trusted professionals after politicians and, ironically, journalists. Only 11% of consumers trust bankers and financial institutions, with this lack of trust coming from the clandestine way the finance sector conducts business.

Trust is invaluable

In order to strengthen relationships with clients, finance professionals must continually strive to be more transparent and able to demonstrate this transparency to their clients in hope of fostering greater trust. This is where MiFID II comes in. 

MiFID II & Dodd-Frank 

The requirement to monitor and retain details of trading-related voice and electronic communications under MiFID II has helped to raise the bar of trust in scope, magnitude and jurisdictional range. It enforces the kind of communications monitoring envisaged by the US Dodd-Frank Act, which has experienced significant pushback from the industry since its introduction in 2014. 

Deterrence & detection 

ESMA codified the standards for monitoring trading-related communications to ensure firms adhering to their regulatory obligations under MiFID II. Specifically, to "assist the firm in meeting its wider regulatory obligations, which include but are not limited to having policies and procedures in place in respect of its client order handling, best execution, own account dealing obligations and the deterrence and detection of market abuse."  

Retention & investment 

To that end, regulators require firms to have the ability to reconstruct trading conversations that are faithful to their original chronology across all appropriate communications media and channels, including mobile. These actions have encouraged more trust from clients, enhancing retention and investment. Trust is the ‘holy grail’ for every financial organization with their sights set on growth. 

This ability to seamlessly reconstruct trading conversations and guarantee the kind of accountability that clients demand has been made feasible through technology partnerships that enable global coverage, seamless user experience and easy access to recorded files. 

1GLOBAL & you 

1GLOBAL is the market-leading recording technology partner, enabling FCA and MiFID II compliance and trusted by ten out of twelve of the world's largest banks. We use proprietary Call Forking technology, and our unique mobile in-network Voice, SMS and Instant Messaging recording solution covers all the world's major business hubs, delivering an unrivaled user experience. With us, your organization can comply with regulations without compromise. You can speak with our experts today to find out more.