New Survey Highlights How Unreliable Technology Is Damaging Productivity In Financial Services

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76% of financial services employees report major technical issues during conference calls   

Unreliable communication platforms are undermining productivity and collaboration in the financial services sector with an overwhelming majority (76 per cent) of staff claiming their ability to share their screen or content during a call could be significantly improved.   

This is according to a recent survey from StarLeaf, conducted by Vanson Bourne, which highlights that although improving productivity is one of the key drivers for implementing video conferencing solutions, cited by 63 per cent of respondents, there is clearly a greater need for reliable collaboration tools across the sector.  

Commenting on the findings William MacDonald, Chief Technology Officer at StarLeaf, says, 

“Traditionally, the financial sector has been known for its long working hours, requiring staff to be physically present in the office to perform their roles. However, the ‘always-on economy’ has dramatically transformed work patterns with more staff working remotely to be efficient with their time and manage family schedules and other lifestyle commitments. Indeed, research from HSBC reveals that 89 per cent of UK employees believe flexible working is a key driver of productivity, which underlines the importance of financial services organisations instilling the right processes, so staff can work together effectively, wherever their colleagues are based.   

“This is where reliable and secure video conferencing and collaboration solutions play a critical role in supporting productivity. However, our survey shows that employees in the financial services sector struggle with their existing video conferencing solutions and often find them difficult to use and unreliable. Consequently, these disruptions stop them from collaborating productively with their colleagues.”   

The findings from StarLeaf’s survey revealed that some of the biggest barriers employees encounter to effective video conferencing and collaboration include downloading the relevant software, cited by 40 per cent of respondents, and a further 29 per cent reporting it is not obvious how they can share content. This builds a picture of an industry struggling to empower employees to work with tools effectively, which leaves staff frustrated and unproductive.   

“The workforce is transforming radically with flexible working becoming a key part of how organisations operate. Nevertheless, we have seen from our survey that too many employees within financial services are struggling to communicate and collaborate effectively with their colleagues working remotely,” adds MacDonald.   

“Fast decision-making is critical in the financial services sector to stay ahead of the competition and driver higher returns. Employees need to collaborate effectively regardless of where they are working. Integrated video conferencing and meeting room systems can help staff to communicate reliably and securely, enabling faster decision-making, which will increase productivity and also support flexible working,” MacDonald concluded.

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