MindLink, the leading provider of secure Chat Enabled Collaboration (CEC) tools for global businesses, has announced the results of an independent study it commissioned regarding the use of chat & collaboration technology within the financial services sector.

The qualitative evaluation found that Chat and Collaboration applications are used by virtually every firm yet a lack of clear ownership of these tools and associated compliance risks are major concerns.

Designed to gather objective feedback as to senior executives’ views on collaboration technologies, user adoption, ownership, priorities for 2016/17 and internal communication challenges, the report highlights several key findings:

• Chat tools are being used in virtually every firm. Nearly all respondents stated that ‘they couldn’t live without it’
• Chat has no defined owner. The complexity and implications of owning chat enabled collaboration systems and data/conversations within, makes it potentially one of the most accountable roles within financial services
• Co-existence of legacy and innovative new systems is the biggest challenge
• Encryption is the most crucial requirement for CEC platforms
• Compliance teams are the gate keepers in terms of overall purchasing decisions

 “The advantages of real-time enterprise chat platforms are undeniable, especially within Financial Services where high velocity data exchange is a must. Adoption is soaring, yet the research report has shown several surprising findings. One is certainly the potential need for a Chief Collaboration Officer. Someone who does not only own but also drives collaboration initiative within financial firms and beyond”, says Andrew Delaney, Chief Content Offices at the A-Team Group.

For the report, senior business executives of tier 1 financial companies including buy-side and sell-side firms, investment banks and inter dealer brokers in the UK and US were interviewed, to find answers to the most common questions regarding  ‘Chat Enabled Collaboration’ (CEC) technology within the space.

“We work with many financial firms, half the Global Systemically Important Banks (GSIBs) for that matter, and whilst chat & messaging are engrained in this sector as a real-time collaboration tool, to share research or execute trades, similar questions, needs and challenges persist,” says Annekathrin Hase, CMO at MindLink. “We commissioned a market research report to get first-hand, objective views as to what collaboration technology financial firms require and want”.

According to the study, chat is fast becoming the life blood of financial organisations making them more competitive and more agile and without which they would be unable to operate efficiently.