As Banks Go Hybrid, Workstream Collaboration Becomes Key

After a period of mass transition, new ways of working have become the norm for banks. Deutsche Bank is in the process of implementing a hybrid work model to improve productivity, reduce complexity, and increase agility. In the spring of 2021, HSBC executives agreed most roles within the bank could be done in a hybrid way. That fall, CEO Noel Quinn stated “it would be a waste if we didn’t learn anything over the last 18 months.” In February 2022, Citigroup announced that its employees would be required to come to the office but only two days a week.

Employees are more than fine with this kind of arrangement. In fact, Avaya’s study found that 68% of employees prefer a hybrid work model and believe it is better for their wellbeing, happiness, and productivity.

Unfortunately, the numbers aren’t so positive when it comes to the tools needed for effective hybrid work. Only 33% of employees said their employer gives them the necessary tools to do their job from anywhere, and 60% get frustrated when their employer doesn’t use technology that would help make them more productive.

Banks Pivoting Towards a Hybrid Work Model Must Consider the Benefits of Workstream Collaboration.

Workstream collaboration (WSDC) represents the next evolution of Unified Communications (UC). The cloud-based platform converges siloed UC and contact center applications into one tool with one application — creating more organic collaboration across all users, unbounded by time or geography. Communications become more natural and intuitive, teams can respond better to shifting priorities, and experts within the organization become more reachable to accelerate problem solving. McKinsey predicts the global banking industry can generate new value of $30 billion with a WSC-driven approach.

Teams can quickly initiate video and content-sharing meetings anytime, anywhere. Notes can be uploaded before, during, and after meetings, which remain viewable in a persistent virtual workspace to ensure work continues to progress across time and location. Employees can communicate how they want in the way that works best for them (call, meet, message). All of this happens in one single, cloud-based app with full security and compliance. Companies can also reduce expenses by eliminating licenses from redundant collaboration apps.

Disruptive technology should not require business disruption. With workstream collaboration, everything happens right where employees are meeting and where the work is happening — wherever that happens to be. No redundant or siloed apps. No creative friction. Just contextual communications and in-the-moment sharing as if employees were gathered in-person.  

You can Develop an Expert-Centric Approach to Business and Customer Problem Solving.

The combination of UC and contact center ensures the right subject matter experts can flow in to and out of teams and customer interactions as required. Workstream collaboration treats contact center agents no differently than any other employee, allowing them to communicate quickly and easily with contextual, in-the-moment sharing. For example, an agent working from home can IM their supervisor about a customer who is upset about a fee. The agent can share information about the situation in real-time for the supervisor to act accordingly. Or the call can be directly transferred to the supervisor versus putting the customer, who is already upset, on hold.

Workstream Collaboration provides real-time intelligence for supervisors to effectively manage, monitor, and train agents wherever they’re working. Industry experts Avaya surveyed noted that leadership and management skills will evolve as the need for a high-performance culture is greater than ever. Leaders, managers, and employees will undeniably need more training and support to adapt to the new working culture. A workstream collaboration platform has this covered.

You can Create Unique Solutions that Fit Specific Needs.

Banks can extend the functionality of their workstream collaboration app to include things like AI, chatbots, and IoT. For example, conversational AI can be used to help banks comply with internal and external rules and regulations using supervisor-initiated or automated business rules. AI can also be used for sentiment analysis, creating sentiment triggers that draw the supervisor’s attention to critical moments in calls to act quickly as needed.  

Hybrid work calls for a new technology approach, enabled by workstream collaboration. Learn more about the key elements banks should consider to digitally evolve with Avaya’s research. View the full report, Five Recent Trends Shaping the Banking Industry.