“As in many other service industries, mobile communication is ubiquitous in the financial sector,” said Goutam Nadella, Chief Product Officer at Smarsh. “Bankers and traders use mobile phones and mobile instant messaging apps, for client communications, for commercial negotiations, to get order confirmations, and to finalize transactions. Unlike email communications, there are significant gaps in how firms capture and monitor mobile communications, which means these companies cannot trace all transactions information exchanged and information delivered over mobile devices. And that means significant regulatory and reputational risk for those firms, especially for voice communications.”

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