The move toward Big Data opened up a world of opportunities for businesses in that they now had access to information unlike ever before. Phone (News - Alert) conversations could be recorded and mined for key buying signals. Web page behaviors could be examined for reducing shopping cart abandonment and social engagement opened up a whole new world of information. As companies came more into the know, they also had to figure out how data management would play into their strategy.
For some organizations, their approach is easy as it’s dictated by governing bodies. In the healthcare field, for instance, data management is mandated by state and federal legislation to protect patients and citizens. Hospitals have specific guidelines they have to follow for data management or risk hefty fines or even lawsuits. Financial advisors have to record all phone calls and call centers often have to prove they captured an interaction to demonstrate they stayed within specific boundaries.
For others, such as consumer banks, the guidelines are not so clear, yet data management is still in demand. When JPMorgan Chase & Co. announced it was eliminating voicemail within its consumer bank division, the attempt at cutting the fat may have been a poor choice. Financial institutions throughout the world are coming under fire for improper use of data. In many economies, requirements to preserve communications data are becoming common. It hasn’t yet happened with consumer banks in the U.S., yet many feel it is just a matter of time.
A recent Corp Counsel post highlighted this scenario, looking at the true cost of keeping voicemails. The Dodd-Frank Act, for instance, compels investment banks to maintain daily trading records, pursuant to the Commodity Futures Trading Commission (CFTC). In its response, the CFTC then required firms to maintain records of all oral and written communications provided or received that concerned bids, quotes, offers, solicitations, trading, instructions and prices that lead to a transaction. If such things are communicated by voicemail, they must be maintained.
As a result, a voicemail is no longer just a voicemail, a message taking up space in your inbox or on the server. It becomes a piece of data that is subject to regulation and must be preserved and hosted. It then falls under data management and is no longer just a set cost per line to offer the feature. The captured data accumulates and must be stored and managed in the data center, raising the cost exponentially.
Still, the cost for not complying with state and federal regulations is so much higher than the investments made in data management. Sure, the voicemail now costs more than $10 per month, but it protects you from sums that could easily put you and your insurance company out of business. To that end, keep the voicemail.
Edited by Rory J. Thompson