What’s high on the financial service’s collaboration agenda?
Less than a third of financial services institutions believe that they’re successfully leveraging collaboration to drive competitive advantage and 20% say that collaboration hasn’t improved mobile working. That’s according to Dimension Data’s 2016 Connected Enterprise Report.
The Report surveyed 900 participants who have a significant influence in recommending, purchasing, and/or deploying unified communications and collaboration technologies at their respective organisations.
While the Report highlights several areas for potential improvement, it also indicates that financial services institutions are comparatively advanced in their use of collaboration technology to drive operational and financial efficiencies.
Specifically, financial institutions are:
- looking to collaboration technology to reduce costs across the organisation
- adopting cloud services mainly as a way of driving down the costs of implementing collaboration and communications technology
- turning to collaboration to connect with customers via consumer-grade applications
I’d like to share my thoughts on these findings in more detail…
In a climate of lingering economic uncertainty, it’s not surprising that more financial institutions have made reducing expenses a top goal of their collaboration strategy compared with companies in other industries. 10% of organisations across all industries identified reduced expenses as the chief goal of their collaboration strategy, with fewer media, manufacturing, and energy firms doing so. By contrast, 15% of financial institutions have made reducing expenses their topmost goal – making it equally important as productivity and faster decision making.
Cloud is emerging as an important element of this discussion: When asked about their motivation for migrating collaboration to the cloud, 28% of financial services organisations pointed to the potential for cost saving as the primary motivator behind their adoption of cloud-based collaboration services.
While many financial institutions are advanced in their migration of collaboration software to the cloud, those that have not started should investigate the prospect further. Whether they’re using their own private data centres or adopting hosted services, cloud is essential to making collaboration technology widely available and cost-effective.
The technology trend that factors most highly for financial services institutions is the consumerisation of IT. One in five identified this as the topmost trend affecting their collaboration strategy, compared with 9% across other industries. This makes complete sense. Retail banks and insurance firms are under considerable pressure to embrace the same consumer technologies- particularly mobile application- as their customers.
I believe that financial services organisations should give due consideration to extending their collaboration capabilities to customers when it’s appropriate. Rich communications can enhance a company’s ability to enhance the customer service experience that they deliver. This is especially the case for financial institutions for whom being able to interact with new and existing customers over a range of consumer technologies is vital to their competitive positioning.
Click here to download the Financial Services report, or get the infographic, here