As the landscape of communication continues to evolve in our increasingly digital world, the financial services industry is feeling the pinch of regulatory scrutiny. In recent years, financial firms have faced nearly $2 billion in penalties from the SEC and CFTC due to unregulated “off-channel” messaging. This surge in “off-channel” communication, including usage of platforms such as WhatsApp, WeChat, SMS, LINE, and mobile calls, is largely fueled by the rise of hybrid work. Yet, regulators maintain that all business communications must be monitored, auditable, and occur only within official channels. In the words of SEC Chair Gary Gensler, “As technology changes, it’s even more important that registrants appropriately conduct their communications about business matters within only official channels. And they must maintain and preserve those communications.”
What Does it Take to Achieve Workflow Nirvana?
At Symphony, we envision workflow nirvana as a state where all menial tasks associated with trading are fully automated to free traders’ mindshare and energy to focus on high-value activities like ideation, research, and client interactions. In other words, with the support of tools like specialized bots, traders can leverage technology to fully optimize their workflows.
For instance, traders can set alerts for specific coverage areas or stocks, and receive these updates in real time to ensure that they can action any market-moving intelligence as soon as the news breaks.
For firms that aren’t already leveraging bots and automation to streamline pre-and post-trade tasks, the journey to workflow nirvana can seem daunting. This is particularly true for buy-side firms with limited resources, who are already challenged by the various platforms and processes imposed upon them by the sell side. But achieving workplace nirvana doesn’t happen overnight. In fact, the best way to get there is to start small.
For many firms, introducing automation internally is the most logical first step. The first bot you build can do something as simple as set reminders to finish tasks and return emails, or even order lunch. Once traders are accustomed to using automation internally, firms can integrate automation around other pre- and post-trade activities. Ultimately, a platform like Symphony can serve as a hub that automates tasks, enables collaboration, and streamlines communication on both the buy- and sell-sides of a trade, helping traders achieve fully optimized workflows across organizational lines.
Much like the journey to spiritual nirvana, achieving workflow nirvana takes time and intention. If efficient bots and fully optimized workflows sound like a distant dream, remember: every meaningful journey begins with the first small step.
You may also like
We live in a fast-evolving age of information, where Artificial Intelligence (AI) tools are starting to be used in many areas like financial decision-making and
Almost a decade ago, Europe led the way in shortening the settlement cycle to T+2 – a task that required wholesale re-engineering of European market-structure. Mere months from now, European securities firms will again be challenged – this time with the move to US NEXT-DAY settlement. Once more, our market participants face a complete restructuring of entire organisational workflows.