Financial Services

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.