As Facebook users tip over the billion mark, social collaboration tools are no longer something that organisations can ignore. Social collaboration is rapidly becoming one of the most important forms of engagement, second only to face-to-face contact. To meet the challenges that banks are facing globally, they need to invest in social collaboration tools, to help transform 'top-down' hierarchies, to more engaged workplaces that will help achieve the goals of increased agility, faster and more open dialogue, improved customer focus, greater risk awareness and more efficient operations.
2008's financial crisis seriously compromised the stability of many global banks, and sparked the collapse of others. An industry previously characterised by tradition and convention now needs to transform at an unprecedented rate in order to survive. In the post-crisis world, banks must work harder to remain competitive. The social bank is customer-centric, more agile and better placed to compete.