Global Relay’s Insights Report 2024 reveals a 400% surge in generative AI data capture and a 258% rise in WhatsApp compliance monitoring among financial firms. The report highlights regional disparities and regulatory pressures and underscores the urgent need for robust strategies to manage emerging communication tools in an increasingly complex regulatory environment.
Global Relay, a leader in communication compliance and data management solutions, is set to release its second annual Insights Report 2024. The report highlights how financial institutions are adapting to increasing regulatory scrutiny and evolving technologies in communication capture and surveillance.
Based on a comprehensive global survey, the research examines responses from over 12,000 compliance, surveillance, and risk leaders across banks, broker-dealers, funds, and other regulated organisations.
Insights from the 2024 Data Insights Report
Global Relay released its second annual Data Insights Report, highlighting major trends in compliance and communication monitoring. Key findings include:
- 400% YoY increase in GenAI-related communication capture, reflecting a heightened regulatory focus on tools like ChatGPT.
- 258% YoY rise in WhatsApp data capture, despite only 4.3% of firms actively monitoring it.
The second annual Data Insights Report, revealed a 400% year-on-year (YoY) increase in AI-related communication capture. This surge is attributed to growing compliance risks linked to GenAI. The report, which surveyed 12,000 compliance and risk leaders in financial services globally, highlights how firms are adapting to regulatory scrutiny across various communication channels. WhatsApp data capture also experienced a notable 258% YoY rise, reflecting stricter regulatory enforcement.
“Despite the growth in WhatsApp data capture, only 4.3% of firms currently monitor it,” says Rob Mason, Global Relay’s Head of Regulatory Intelligence. “This is striking, given the nearly $3 billion in recordkeeping fines related to off-channel communications. Prohibiting WhatsApp has proven ineffective, as employees continue to use it for business purposes. Our focus is on enabling compliant use of WhatsApp and other channels by providing secure, business-friendly solutions that support safe and compliant communication.”
The report highlights the compliance risks associated with GenAI tools like ChatGPT. Firms are striving to maintain audit trails and prepare for potential future AI-focused regulations. Social media communication capture is also on the rise, particularly in the U.S., where 38% of firms now monitor these platforms, compared to just 9% in the U.K. Newer platforms such as Instagram and YouTube are gaining popularity, while traditional tools like Microsoft Teams and email remain essential, with Microsoft Teams adoption seeing a 13% YoY increase in 2024.
“One standout is the significant growth in social media channel capture, particularly LinkedIn,” Mason adds. “LinkedIn has become the go-to platform for financial services professionals, but it presents unique risks. For instance, users can connect with individuals without needing an email address, share information informally, or shift from social to business conversations without being monitored. A casual exchange like ‘What time is our golf tee-off?’ could easily segue into a business discussion such as ‘I’m long on dollar-yen—let me know if you find a buyer.’ This dual-use nature makes LinkedIn a rising compliance concern, similar to WhatsApp.”
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