14 Oct Financial Industry & Digital Collaboration
With the growing integration of technology in our society, digital collaboration is becoming more prominent. Digital collaboration can be defined as the process of finding and sharing information on a digital platform. The idea is to pool in all the resources together so that information can be easily shared and ideas can be easily synthesized. Why not use to this type of technology to your advantage?
The rate of digital innovation is extraordinary and yet the banking industry seems to move very slowly with digital changes. Why is this?
There are many reasons why banks may find it difficult to adopt. This can be separated into internal and external factors. Many CIOs are focused on running a bank as opposed to changing the bank. Apart from security concerns, which are paramount, regulations and compliance issues also discourage innovation.
Collaborative behavior is needed to complement enabling technologies. Financial institutions shouldn’t ignore the potential of digital collaboration inside their organizations or across the industry. The focus should be on overcoming the challenges, and implementing new technology while participating effectively in collaboration initiatives. This will allow the institution to gain a competitive advantage in the industry and increase profits. At the same time, the deeper knowledge specialization required in a highly advanced and competitive business environment means that professionals must work with others to achieve outcomes.
The current forefront of change in business technology is around collaboration. The demand is not only to change how work is done inside organizations, but also how collaboration takes place outside the company. For financial institutions, the rise of collaborative technologies poses both opportunities and challenges. The promise is one of bringing together the expertise found in large, distributed organizations. The idea is to help organizations create highly efficient yet differentiated outcomes and processes. By creating high-value collaborative environments and outcomes, the potential to effectively lock-in clients increases. Furthermore, companies can integrate these outcomes into client processes and create superior value over their competitors. It also allows upper management to assess and manage more effectively, helping them optimize capital allocation across the firm.
To garner these rewards banks needs to implement a platform that allows collaboration in a way that helps declutter unnecessary conversation and ensures that all the work is getting done on time with minimal supervision.
If banks decided to start implementing a new software tomorrow, it is highly unlikely that they would design their technology infrastructure from scratch to replace their current one. The cost of this procedure would be uneconomical and would also disrupt the day to day continuous provision of the banking services. To address digital collaboration deficiencies is an enormous and demanding task to say the least, but that’s not to say that change isn’t required, especially one in the financial industry.
Heads of IT departments in the financial industry are confronted today with the options of build or buy. Looking at each option individually, build is the expensive option and it is highly unlikely for business sponsors to give IT an ‘open cheque book’ ; buy therefore becomes a more suitable option because it is both time and cost saving. Plus, the longer the issue of digital collaboration is left unaddressed, the task becomes more difficult and expensive with times changing at a rapid rate.
Today’s collaboration initiatives are usually focused on improving the modes of collaboration. This happens when a software injects itself directly into the center of high value workplace departments such as sales, marketing, and operations by connecting collaboration platforms into the existing IT systems that run the company. A recent solution in the market is Triyo, an intranet platform which makes collaboration easy without disrupting the processes in place, and makes collaboration intuitive.
To learn more about Triyo, connect with us at Readyportal.