Tuesday, December 27, 2022
These efforts, and their resulting next-generation solutions, will continue to drive our industry's pursuit of excellence, experts have stated. In this final episode of The Green Sheet's four-part series, payments and financial services leaders explore challenges and opportunities in 2023.
Devin Redmond, CEO and co-founder of Theta Lake, pointed out that mobile usage will spread in post-pandemic workplace environments.
"In a post pandemic world, a return to the office means a return to travel, being on the go and being in touch anywhere/anytime," he said. "As a result, chat and video support on mobile devices across unified communications (UC) platforms will be increasingly critical as organizations seek to support employee functionality regardless of geography."
Redmond went on to say that UC and compliance teams will need to implement a robust joint strategy to enable mobile apps as users will demand full feature support, such as meeting chat and file sharing. As a matter of course, he recommended including oversight of all aspects of mobile app usage in monitoring and compliance planning.
As apps mature, it is not unusual to see apps within apps, Redmond noted, using the example of Zoom embedded within Slack, which effectively meshes the two apps together.
"Using Zoom within Slack is an example of meshing in unified communications and more of these integrations will develop," he said. "This will have a profound impact on regulatory compliance, as compliance teams will be challenged to identify potential risk and policy violations as communications cross modalities (voice, video and text) and across ingrained application usage."
Firms need to prepare for a higher volume of communications, many of which will be seamlessly connected, and they must be vigilant in plugging gaps as apps continue to evolve and cross pollinate, Redmond noted.
In a world of omnichannel commerce and embedded finance, Redmond said, organizations must prioritize the management of unstructured conversation content across multiple channels, which include dynamic chat, voice, video, and text data. Growing adoption of these channels makes data management a critical necessity, he added.
"Accessing, searching, and retrieving this data will be more important than ever," he said. "Whether for forensics, financial reporting, internal investigations, or litigation, the ability to understand the contents of complex communication data, organize it, and retrieve it will need to become a core competency. Any inability to manage data could have profound regulatory and other, more serious, consequences."
Karanjot Jaswal, chief technology officer at Cinchy, agreed data management will be critical for success in 2023, especially for financial services providers. As app meshing and usage continues to proliferate, Jaswal proposed using data-centric architecture, such as Cinchy's dataware platform, instead of copying and importing data from one application to another.
"Dataware technology decouples data from applications so it can be managed independently of any application while still allowing universal access to view, edit and control that data," he said. "By eliminating the need to manage, integrate and protect data in each application, organizations can build applications in half the time and cost, reduce project delivery risks, and enable copy-less and effortless data sharing across applications." 
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