VoxSmart is an award-winning mobile software provider, addressing the global financial services compliance challenges of enabling integrated mobility and social technology within heavily regulated industries. Under UK FCA regulation, specifically COBS 11.8, all authorised and regulated capital markets firms must record and retain client calls for at least 6 months, including those conducted on mobiles.
The Company’s proprietary cloud-based, patented mobile technology VSmart™ has been developed to capture, record, store, transcribe and analyse all your mobile calls, messages and voicemail using one platform with no geographic dependencies. VSmart™ is currently available for BlackBerry, Android and iOS, and is capable of recording all voice, voicemail, SMS and instant messaging communication (including WhatsApp) conducted on mobile devices.
The platform can be used with any handset, operating system and network operator: without network dependencies or device limitations it can also be scaled rapidly. The unique two-way client server architecture further allows organisations to deploy the software/platform easily and rapidly to often 1000’s of end users.
The market demand for mobile voice recording is expected to increase substantially from January 2018 as a result of the European-wide implementation of MiFID II which mandates that all financial market participants’ telephone conversations be recorded and retained for at least 5 years. In addition to the regulatory driven demand the requirement for business intelligence and analysis is also driving the search for tools to enhance employee productivity and manage risk more effectively.
The Company reports that according to Gartner/IDC, the mobile recording market is correlated to regulation and primed for significant growth;
- By 2017 there will be c.3m regulated firms within the EU
- By 2018 there will be 7m EU + US Regulated Financial services firms that will need to comply with MiFID II, MAR, FEMR, the Dodd–Frank Act.
- It is predicted that by 2020 there will be approximately 9m EU, US and APAC Regulated Financial Services
- In 2016 there were over 50,000 UK regulated financial services firms and over 125,000 authorised individuals [Source: FCA Annual Report 2015/16]
- In 2015, the average number of advisers per financial advisory business in the UK was 5 [Source: APFA, March 2016]