The Risks and Benefits of Slack in Financial Services

Slack surpassed the 12 million user mark in 2020, with new accounts surging as more companies embrace remote work. The platform is one of the top business communication apps for industries across the board, including the heavily-regulated financial sector. This guide will explore the benefits and challenges of Slack as a tool for digital collaboration in banking and financial services.

There are a lot of benefits to implementing a team collaboration tool like Workplace by Facebook. As I’ve written before, an enterprise social network can improve communication, streamline collaboration, and even improve and strengthen the culture of your organization.

As I’ve written before, team collaboration tools—also called enterprise collaboration software or enterprise social networking—offer incredible benefits. For evidence of this, you need only look at a recent Forrester study that found Workplace by Facebook to offer an ROI of 400%. According to the study, an investment of $2.6 million could provide quantified benefits over three years of $13.1 million. And companies could start seeing this substantial return on investment in as little as three months. 

Communication is key to business. For evidence of this, just consider the fact that we send 125 billion business emails every day. It’s also the reason why enterprise social networks and work collaboration tools have become so popular. These tools streamline communication, which has a direct impact on productivity. A study of Workplace by Facebook conducted by Forrester Consulting has shown that the platform can increase task efficiency, decision-making, innovation, and onboarding enough to offer an ROI of 400%.

Enterprise collaboration platforms—sometimes also called enterprise social networks—are changing the way companies operate, including your own. Even if you’re not familiar with the term “enterprise collaboration software”, you’re undoubtedly familiar with the team collaboration tools this term refers to: Workplace by Facebook, Slack, and Microsoft Teams.