The Voice. Everyone is talking about it, and yes, voice activated technology is dominating our home lives and is likely to start creeping into our professional lives as time goes on. But are we considering how important a voice to voice, human to human, conversation actually is? With MiFID II clearly stating that ALL communications associated with a trade must be recorded (and easily retrieved) are some traders now considering not picking up the phone, in order to ensure they are compliant?
In short! the answer is No. The Voice - this long established, and still preferred, form of communication is not making a comeback, nor is it just breaking through - it's on the scene and doesn’t need Tom Jones or will.i.am to turn their chair in order to survive.
Whatever anyone says, people still buy from people. Human to human, hi-touch communication is still essential, enabling traders to work more effectively with their clients and counterparties and to derive as much value as possible from every transaction they discuss. As digitisation and automation increases, don’t be fooled into thinking that the days of the telephone conversation are on the way out, they’re not. As simpler trades move to electronic execution, traders now have capacity to focus on the more complex, higher yielding trades which are still conducted over the telephone, supported by a range of other mediums including chat, mobile and email. Therefore, it’s inconceivable for the banks to be even thinking about banning telephone communication.
Across every industry, productivity is the watch word of the hour, and increasingly as we become at one with our technology, MiFID II, and any other regulations coming down the line, should not hinder our ability to trade. Instead organisations should be looking for more innovative tools which empower their teams as a result of streamlined, improved workflows and processes to execute more profitable business transactions.
There is a lot of 'chat' in the industry about the demise of voice, whether that be because of MiFID II or just because of people learning to coexist with technology, is this really possible? Even by embracing everything which is at our fingertips, voice will still always play a very important part. Traders are people, and whatever anyone says, communicating by telephone is still the preferred method of communication, especially when executing high value business transactions. Those who don’t continue to embrace voice are the ones who are going to get left behind - not vice versa.
There is no need for four judges on the panel for this one, The Voice won the battle years ago and is destined for a sustainable and prosperous career for a long time to come.