Social Computing Software for Financial Services Industry
Common Challenges in the Financial Services Industry
The financial services industry today faces many challenges as it transitions to online products and services in an atmosphere of higher expectations from customers. Among the challenges:
Widely Distributed Workforces – difficult to facilitate communication among employees that span different locations, time zones, mobile devices and operating systems.
Expansion and Higher Expectations of Client Choices and Services – capabilities not keeping up with rapid changes in online services and products.
Information Overload and Lack of Collaboration Tools – employees spend too much time looking for information they need to do their jobs.
Tightened Regulations – a need for more accountability and transparency in the wake of increasing government regulatory demands.
The Benefits of Social Computing
NewsGator’s social business software - Social Sites® - helps you overcome business challenges by providing an integrated, behind-the-firewall, social computing platform that supports business collaboration, facilitates communication, and improves worker knowledge. These solutions have helped our financial services customer to realize the following types of business benefits:
• Higher revenues and assets
• Reduced risks of non-compliance with industry regulations
• Reduced fraud incidents and related expenses
• Lower IT investment and support costs
• Improved productivity
• Increased innovation
• Better customer service/satisfaction
Sample Social Computing Use Cases for Financial Services Companies
A wide range of collaboration and E2.0 solutions are possible with NewsGator’s social computing and collaboration products. A few examples of the types of use cases we have implemented for the financial services industry include:
Fraud Alerts – using pop-up notifiers and RSS alerts, tellers/branch employees can be instantly notified of potential fraud, which lowers the number of fraud incidents and decreases financial losses.
Rates Application – using Social Sites RSS feeds, management can subscribe employees to feeds that deliver real-time updates each time loan or deposit rates change, enabling organizations to react more quickly to market changes.
Customer Service Management System – customer complaints are recorded and tagged so management has a real-time view of customer concerns – enabling them to deploy the right resources to solve problems more quickly.
Wiki-Based Policy and Procedure Documents – policy and procedure documents built with wikis and RSS feeds allow employees to always be notified of new content and ensure employees have up-to-date information without using email – leading to a more informed workforce and lowering the risks of non-compliance with regulatory and corporate policies.