Collaboration Technology to Power Better Banking and Productivity

Banking CIO Outlook | Wednesday, June 26, 2019

In addition to sparking creativity and innovation, effective communication and collaboration can also boost productivity.

FREMONT, CA: The ecosystem of banking is in a state of transformation. New fintech entrants are frequently entering the marketplace, while traditional suppliers are attempting to adapt to digitalization realities, sophisticated technology, and growing customer requirements. Traditional financial organizations and fintech companies now know from a competitive view that cooperation can be the best route to long-term development.

Using collaboration technology like video conferencing is becoming more and more common across a multitude of sectors and for an excellent reason. Bandwidth speeds readily accommodate video without the problems of latency, employers have more incentives to provide a flexible working atmosphere for attracting and retaining top employees, and more businesses are deploying geographically dispersed workforce, creating extra barriers to management and culture building.

Collaboration technology improves productivity when adequately placed and accepted by staff. Distributed contemporary collaboration technology, although definitely no cure-all for the cultural problems facing banking, is a crucial move in a sector with such a widespread workforce. So how can banks transform workplace efficiency using collaborative tools?

In reality, some companies require staff to use video during conferences as the visual element improves the commitment of each person to the session. On camera, focusing on another job during the conference is more difficult for an individual. It is essential to combine technology with policy adminstration to guarantee that the fresh solution gives an institution, maximum value.

Community banks and credit unions may adopt comparable gamification methods to encourage staff, for instance, to use video conferencing technology or to move away from email to instant messaging alternatives. Collaboration is evident to many sectors as a key to achievement, and financial services are no exception. There is no reason for banks and credit unions to disregard the authority of collaborative tools.

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