When it comes to social
networking and financial services, the focus is increasingly on
enterprises having their own social networks, rather than using
consumer social networking sites, according to James Fabricant, CEO
and Founder of IdeaPlane, an enterprise social network.
Fabricant said one
challenge becoming increasingly apparent is that, beyond security
and compliance, the culture in financial services is one of
‘selective’ rather than open collaboration.
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“Another perceived
barrier for entry we have come across for some life insurers and
private bankers, is the pressure to cut costs and boost efficiency
in the current financial environment,” said Fabricant.
Fabricant explained:
“Implementing an internal social network in an organisation does
not need to be a huge investment, and even in the short term can
generate savings through more efficient communication and revenue
generation through the potential business opportunities that cross
company collaboration can facilitate.”
He added that over the
next year he expects experimental use of enterprise social networks
to continue to grow in financial services.
“Following that, we
should see a massive shift as broad adoption of enterprise social
networks takes hold across financial services, including insurance
and private banking,” said Fabricant.
