December 22, 2016

Challenges to Implementing BYOD Policies are Not Insurmountable for Financial Services Firms

BYOD and the trend toward mobile aren’t passing fads but the future of business. In a tightly regulated industry like financial services, it’s crucial that firms invest in the right security and compliance technology to not only stay compliant with evolving regulations, but also stay competitive in today’s marketplace.

The increasing level of scrutiny toward the financial service industry since the sub-prime mortgage crisis of 2008 is colliding with finance firms’ need to bring mobile employees into the regulatory fold. They need to account for both a highly mobile, flexible workforce and strict security and compliance requirements that govern the industry. It presents an interesting twist on the BYOD discussion when certain calls require full audit records and even recording to satisfy these regulations.

However, creating a BYOD policy under these circumstances is not impossible. New advances in secure, cloud-based technology that’s compatible with many different devices can simplify both access to these capabilities as well as enforcement of business rules. It is now possible for a firm to be in full compliance with FINRA, CFPB and marketing privacy regulations with an agent using his or her iPhone for a real estate swap discussion with a client.

Most of the big tech companies are working to provide the secure cloud networking solution firms need because of how prevalent this mobility trend is and will be in the future.

For example, Microsoft’s Windows 8.1 update will focus heavily on BYOD capabilities and virtual networking features like better broadband tethering functionality, easier connections to virtual private networks, and a “workplace join” feature to ensure only registered devices can connect to a company’s data. Citrix recently announced an update to its XenMobile Enterprise product that makes it easier for IT professionals to manage mobile devices, apps, and data.Cisco even downsized its Asia-Pacific headquarters to supply dedicated desks to just 50% of its employees there, to emphasize the importance of mobile work for the company.

Business in the future will live on these systems and require web-based software, like Gryphon’s suite of marketing privacy and sales intelligence products, which are compatible with many different kinds of devices, cloud-based and accessible anywhere, and can let agents dial prospects directly from their existing CRM platform, even on the go.

Perhaps most importantly, it automatically keeps users compliant with marketing privacy regulations no matter where they are working or what device they are using to make calls.