Digital communication has become an integral part of the financial industry, with businesses relying on a variety of channels to interact with their customers. However, with communication comes responsibility, and financial institutions must ensure that their communication with customers is compliant and up to date with legal statutes. Failure to do so can result in serious consequences, including regulatory fines and reputational damage. In this context, archiving messages plays a critical role in meeting regulatory requirements and ensuring compliance.

Below is a list of some of the largest software companies that specialize in providing compliant communication solutions for financial institutions and regulatory compliance, along with a brief description of their offerings and a link to their website:

1. Membit – Membit is an established provider of Compliant Communication Platform that seamlessly archives every employee-customer interaction from employee’s native applications. It provides additional services like CRM visibility and communication accelerants. (https://www.membit.io/)
2. Symphony – Symphony is a secure collaboration and messaging platform that enables global markets to communicate and exchange information in a secure and compliant way. The platform provides encryption and security features that meet the regulatory requirements of financial institutions. (https://www.symphony.com/)
3. Smarsh – Smarsh is a leading provider of archiving and compliance solutions for financial institutions. Their platform allows firms to capture, archive, and analyze electronic communications across a variety of channels, including email, social media, and mobile messaging. (https://www.smarsh.com/)
4. Actiance – Actiance provides compliance, archiving, and analytics solutions for regulated industries, including financial services. Their platform allows firms to capture and archive communication across various channels, including email, social media, and instant messaging. (https://www.actiance.com/)
5. Veritas Technologies – Veritas Technologies provides data protection and management solutions for financial institutions. Their compliance and archiving solutions enable firms to capture, archive, and analyze electronic communication data to meet regulatory requirements. (https://www.veritas.com/)
6. Proofpoint – Proofpoint provides cybersecurity and compliance solutions for financial institutions. Their platform includes archiving, e-discovery, and compliance solutions that help firms capture, retain, and analyze electronic communications data. (https://www.proofpoint.com/)
7. Global Relay – Global Relay provides secure messaging, archiving, and compliance solutions for financial institutions. Their platform enables firms to capture and archive electronic communications across various channels, including email, instant messaging, and social media. (https://www.globalrelay.com/)
8. Bloomberg Vault – Bloomberg Vault provides archiving and compliance solutions for financial institutions. Their platform enables firms to capture, archive, and analyze electronic communication data to meet regulatory requirements. (https://www.bloomberg.com/professional/product/compliance/bloomberg-vault/)
9. Actifio – Actifio provides data protection and management solutions for financial institutions. Their compliance solutions enable firms to capture, archive, and analyze electronic communication data to meet regulatory requirements. (https://www.actifio.com/)
10. Hearsay Systems – Hearsay Systems provides compliant communication and digital marketing solutions for financial institutions. Their platform enables firms to engage with clients and prospects across various channels, including social media and messaging, while remaining compliant. (https://hearsaysystems.com/)
11. Slack – Slack provides a messaging platform for teams in financial institutions to collaborate and communicate in a secure and compliant manner. The platform offers encryption and security features to meet regulatory requirements. (https://slack.com/)
12. Behavox – Behavox provides a data operating platform for financial institutions that enables them to capture, analyze and act on data in real-time, while ensuring compliance with regulatory requirements. Their platform includes communication compliance, insider threat detection, and risk management solutions. (https://www.behavox.com/)
13. Global Relay – As mentioned earlier, Global Relay provides secure messaging, archiving, and compliance solutions for financial institutions. Their platform enables firms to capture and archive electronic communications across various channels, including email, instant messaging, and social media. (https://www.globalrelay.com/)
14. Custodia – Custodia provides a secure communication and collaboration platform for financial institutions that includes features such as voice recording, message archiving, and encryption. Their platform is designed to meet regulatory requirements and enable compliance with data privacy laws. (https://www.custodia.com/)

Financial institutions have a responsibility to ensure that their communication with customers is compliant with legal statutes. Archiving messages plays a critical role in this process by enabling firms to capture and retain communication data in a secure and compliant manner. Recent regulatory fines levied against financial institutions that have failed to meet compliance requirements serve as a stark reminder of the importance of taking this responsibility seriously. By embracing technology and best practices, financial institutions can ensure that they meet their obligations and protect their business from costly penalties and reputational damage.