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BLOG: Financial Services, Social Media and Innovation

Andrew Milroy | May 20, 2011
Financial services organizations are exploring ways in which technology can engender innovation, such as the manner in which they engage with their customers and the types of products and services that they offer.

Ultimately, employees must be measured on their performance. No link has been demonstrated between improved employee performance and restrictions on social media. It is doubtful that the two are even related.

Engendering innovation

Financial services institutions must focus on real issues that impact them when social media is used. They need to concern themselves with engendering innovation and allowing individual employees to work in the ways that make them productive, while addressing the security issues around these activities.

Social media will be a key tool for financial services as they innovate, enhance customer experience, and make themselves more competitive.

Indeed, blocking and restricting access to social media, based on unproven productivity concerns may well make financial services firms less competitive, less efficient and less productive.

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Andrew Milroy, who has recently re-located to Singapore, is vice president for ICT research at Frost & Sullivan, Asia Pacific, and is responsible for the firm's research and advisory services across the region.

 

 

 

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