Cloud technology has conquered the corporate world. According to IDG, “92% of organization’s IT environment is at least somewhat in the cloud today, as only 8% say their total IT environment is all on-premises.”[i] Concurrently, an increasing number of financial services firms are turning to cloud technology to boost their efficiency, enhance their agility, and reduce their costs.
Financial organizations can now securely move their compliance recording to the cloud. But what are the key advantages of cloud compliance recording? Read on to discover five ways you can benefit from moving your compliance recording operations to the cloud.
1. Cost-effectiveness
One of the most often-quoted benefits of cloud technology is its cost-effectiveness. Cloud compliance recording scales down the investment in hardware, maintenance, support and training your IT team. Moving your interaction recording system to the cloud saves you the hassle of supporting a complex infrastructure, so you can free up valuable resources for other tasks.
2. Rapid deployment
Whether you’re setting up a new compliance recording infrastructure or you’re in the process of moving your existing system to the cloud, deployment has never been faster or easier. While deploying an on-premises solution can take months, installing a cloud interaction recording system can be completed instantly.
3. Scalability
Cloud is not a one-size-fits-all technology. Once cloud recording is implemented, depending on your service provider’s offering, you can choose from various applications, add-ons, and integrations to tailor the solution to your organization’s size and specific needs. For example, tools for data reconciliation, automating test calls and advanced reporting can help you gain additional benefit from a cloud compliance recording solution. In contrast to on-premises infrastructures, cloud systems can be easily and quickly equipped with these new features.
4. Availability of fully managed services
Most cloud service providers offer fully managed services that can help you off-load tiresome, operational IT tasks such as monitoring and resolving issues with your selected systems. This relieves your IT staff of these responsibilities, enabling them to focus on more complex assignments.
5. Gaining valuable insights
Financial services firms must manage communications across a growing number of digital channels as well as traditional voice and text communications. Some, but not all, cloud-based recording providers can collect all your captured data in a single repository, making it available in a harmonized format ready to integrate with your compliance surveillance, analytics, or AI tools. This helps make it easier for you to turn your data into actionable insights, achieve proactive compliance, minimize compliance risk, and at the same time exercise strong control and gain evidence of end-to-end recording.
Custodia together with Verint have built a global strategic alliance to provide a secure, native, easily deployable cloud recording solution for unified communication (UC) platforms such as Microsoft® Teams, Zoom, Cisco UC Cloud & Trading telephony. Compliance Cloud OneSM (CC1) has been technically developed to aid the transition from a 100% on-premises implementation to the cloud, ensuring existing investment with on-site communications systems isn’t wasted, also allowing flexibility in future communication system design.
The Verint-Custodia partnership provides your business with an outstanding array of technology, services, reporting and process for compliance needs in 2021 and beyond. Visit custodia.com and verint.com and discover more about this secure cloud recording solution teamed with both companies’ renowned expertise in financial compliance.
[i] 2020 Cloud Computing Study, IDG, 2020