How Mobile Technology is Bridging the Gap between Compliance and Mobile Messaging

Jan-Michael Gorecki

Founder and CEO at KyoLAB
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How Mobile Technology is Bridging the Gap between Compliance and Mobile Messaging

11.01.2017 02:07 pm

Financial IT speaks with Jan-Michael Gorecki, Founder and CEO of KyoLAB.

Financial IT: What inspired you to establish Kyolab?

Jan-Michael Gorecki: We love mobile messaging. Over the past few years, we have observed how rather poorly regulated financial services have been handling the global rise of mobile instant messaging. Stricter regulation has led to avoidance and banning of mobile devices. Instead, we encourage financial services to embrace the technology, yet in a compliant way. This is our mission.

Financial IT: Can you mention a real-life case of Kyolab in use? What value do you bring to your target audience?

Jan: Popular mobile messaging apps, such as WhatsApp and WeChat, are rapidly growing as a means for business communication. Mobile messaging is increasingly popular and can help financial services engage better with their (prospective) clients. Employees already use mobile instant messaging apps today, despite being non-compliant. The problem is the lack of compliance solutions for popular mobile instant messaging channels. This is where our mobile compliance platform comes in.

Financial IT: What issues and challenges are there on the market you serve nowadays? How does Kyolab address those challenges?

Jan: Since 2008, 20 of the largest global banks alone have been fined over $235bn for misconduct. Over the years, this has led the regulators to impose stricter rules onto financial services. Today, regulators demand that all electronic communications and transactions are monitored, retained and retrievable to “deter, detect and prevent market abuse”. MiFID II regulation is coming in January 2018, explicitly covering mobile devices communication, yet many regulated businesses are not ready yet. We help bridge the gap between compliance requirements and mobile communication.

Financial IT: What is next for Kyolab?

Jan: In the short-term, our focus will be on the monitoring aspect, the capture and simple retention of relevant mobile instant messaging data for audit trail and dispute resolution. We will continuously improve on our platform through frequent interaction with our clients.
Later, we will add more advanced analytics (AI Filtering / Contextual Learning), including the automated analysis of text, image, voice, and video. Further, compliant cloud storage, blockchain technology, and several other security and convenience aspects are on our minds.

 

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