Collaboration solutions and tools in the finance sector

Technology

Developing a framework of collaboration that encourages and improves the generation and distribution of knowledge is crucial in reinforcing internal innovation and collaboration. Thus, we should align teams with the central aim and values of the company in order to create a more inclusive, productive and enjoyable working environment; and in turn, to reach set business objectives more efficiently.

Organisations with more interconnected employees obtain 10% more client care assessments than those where fewer links exist (Gallup, Engagement at work). This also translates more tangibly; an organisation with more than 10,000 employees can save themselves up to 4M€ a year by improving its collaboration tools, according to según Nielsen.

We can activate this collaboration framework by promoting it through the social collaboration software within the company: web applications meant to connect relevant people to the organisation in the most effective way.

In the financial sector, where such different departments exist within one organisation, communication and established bonds between peers is even more important.

In order to contribute to this improvement we found three types of collaborative applications that facilitate the flow of communication; this list includes communication tools which are synchronous, asynchronous and for purposes of project management.

 

Methodology

There’s no point in using these tools without first establishing an appropriate culture. For this reason, we must build a methodology which allows us to optimise our use of these applications. To do this, we will have to focus on achieving 360º communication, in which:

  • Users can resolve their questions or consider new issues rather than just downloadable data.
  • Answers are linked to the issues and may contain different points of view, sources and content.
  • Information is tied to its authors, who do not share it only with their superiors but with their whole community.
  • Collaboration generates shared knowledge, which can be easily accessed by everyone.

360º communication transforms interactions into work methodologies with optional access and varied uses; decisions, voluntary and non-imposed workflows, no hierarchies and no predetermined type of content (liquid communication).

 

Best practices in the financial sector

How are banks, insurers and financial institutions applying these tools?

 

Yoma Bank

Yoma Bank is one of Myanmar’s largest private banks, with 2,800 employees and over 60 branches nationwide.

  • Why are they a good example of best practice?

“With less than 20% of the company connected online, they had to reach employees through printed newsletters. Now, for the first time, employees are connected online. Idea-sharing has increased across the entire company, while travel costs have reduced.” – Facebook Workplace

“They use groups to share updates of new branch construction projects. The Learning and Training Center shares fun programmes for branch staff to learn about the bank’s products.”

 

Yes Bank

Yes Bank has quickly grown to become the fifth largest private sector bank in India with over 17,000 employees.

  • Why are they a good example of best practice?

“By holding discussions, expressing their views, and using groups to share feedback, they are helping the company to align. This has made employees aware of new products and services. Communication has improved across business units, ensuring best practices are not kept in silos.” – Facebook Workplace

“Executive announcements create an opportunity for conversation and feedback in group posts, very different from one-way email announcements.”

 

American Express

In 2017, Fortune ranked them as the 17th most admired company worldwide.

  • Why are they a good example of best practice?

“The platform facilitates communication and excitement around solving customer pain points. The reps now have complete views of customers before they walk into meetings, and their Mobile App also connects to Chatter for real-time collaboration among colleagues.” – Salesforce Chatter

“Communicate, react in real time, and solve customer problems. It helps coworkers do their job smarter — and have more fun.”

 

Global Blue

Global Blue is a tourism shopping tax refund company. Headquartered in Nyon, Switzerland, they currently operate in 130 countries.

  • Why are they a good example of best practice?

“- Improved team communication and work collaboration effectiveness by 20%- 40%

– Improved connections among each other and with managers by 40%-60%.

– Increased employees’ awareness of how they contribute to the business by 20%- 40%.” – Socialcast.

“Encourage more employee interaction among team members and with managers, creating a sense of community and improving morale.”

 

Standard Bank of South Africa Limited

It is one of South Africa’s largest financial services groups, operating in 20 countries across Africa and other key markets around the world.

  • Why are they a good example of best practice?

“Unification of a geographically dispersed workforce: people using the bank’s network feel plugged into the heart of the organisation. A platform for listening: the platform is the place where employee concerns and insights are shared—including insights into ways to leverage the network.” – Yammer

“A forum for collaboration. Their groups facilitate discussion, planning, and file sharing so people can crowdsource ideas and team up for success.”

 

DNB ASA

It is Norway’s largest financial services group.

  • Why are they a good example of best practice?

“74% of respondents to an employee survey say that the collaboration tool has made it easier to share knowledge and keep tabs on what’s going on inside DNB

In addition, it is the preferred internal communication tool for over 90% of employees, with over half of them using it on their phones.” – Facebook Workplace

“The chat is replacing email as the place to make quick decisions. The company feels smaller and flatter, supporting a culture of speed.”

 

Caixa Bank

It is the second largest bank in Brazil, employing some 20,000 people across the country and owned by the federal government.

  • Why is it a best practice?

“The portal have proved their worth in improving Caixa employee collaboration and communication. They see constant use and have become indispensible client management tools. They have also provided critical security protection.” – Exo

“The platform functions as a collaborative learning environment for Caixa employees, with the focus mostly on IT professionals. In addition, it serves for build several extranets for its retail clients.”

 

Standard Chartered

It is a leading international bank, with roughly 86,000 employees and a 150-year history in some of the world’s most dynamic markets.

  • Why are they a good example of best practice?

“Greater sharing of ideas and knowledge, fast enterprise-wide search: much easier to find colleagues, experts and information. Big efficiency improvements: “There’s been so much duplication eliminated.” Improved cross-company collaboration, helping them to better leverage a key competitive strength.” – Jive

“A hub for rapid, global communication and collaboration, that have opened up some fascinating debates and discussions around the company.”

 

Humanis

It is a key player in the world of social security and now occupies a prominent position in the sectors of supplementary pensions, welfare benefits, health insurance and savings.

  • Why is it a best practice?

“The portal, set up in late 2013, has become a genuine driver of the digital transformation for the consolidation of the Group. With 8K users and 1,7M visits per year, it has several dozen community leaders and many contributors. Its visitor rate is constantly increasing.” – Liferay

“Corporate information can be circulated through communication spaces. Collaborative spaces were also created to facilitate working together using document sharing.”

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