Skip to main content Skip to Footer

Social media collaboration at work

Why financial services organisations need social collaboration tools NOW to be successful.

Overview

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.

Background
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.

Analysis

The CEO and COO are using social media to communicate with customers, but what about staff? Collaboration tools sit within the organisation's boundaries - and while they may look like LinkedIn, Twitter and Facebook, what they're doing is harnessing the power of social media, and using it within an organisation to foster greater engagement. Collaboration technologies including Instant Messaging, Discussion Forums, Micro-blogs and Idea Hubs are adding to the collective corporate knowledge base with every click.

Recommendations
Banks must transform their capabilities, and flex with the times. - Social tools drive productivity and reduce costs. - Faultless risk management is the target for all banks - social tools can help make that a reality. - Banks need to reconnect with their staff - they expect a level of engagement that only social tools can deliver.

Organisational cultures and structures need to open up and become more collaborative, hierarchies need to flatten and employees at all levels must be empowered to become drivers of the evolution.