“The answer is to create social intranets, people portals where people can communicate, employees can be trained, customers can create communities, and like-minded individuals can form groups and turn their ideas into action,” he said. “In Jive you can mark discussion threads as decision threads. You can also measure the impact of collaboration in the system – you can see who read it, who responded, did they add a comment. You can see exactly the impact that the interaction had. It’s all about measurable results.”
This system is used by UBS, where it has helped the firm cut down on the volume of email traffic, as well as the travel and communication costs. According to Peter Barnes, global head of web communication and collaboration IT at UBS, the firm has realised a 20-25% decrease in staff operational costs, together with a 20-30% increase in access to expertise and a 35% increase in collaboration.
Social media may be a dirty word to most banks’ CFOs. But when 28 hours of a 40-hour week are lost to emails and searching for information, there has to be a better way, according to Tony Zingale, chief executive at Jive Software, which has just launched in Europe.