Celebrating 10 Years of Symphony: Leading the Way in Fintech
Symphony turns 10! Discover how we’re transforming the financial industry through trust, passion, and cutting-edge technology.
The rise of enterprise messaging has been sudden, disruptive and profound. IDC estimates that the global market for enterprise collaboration tools will reach $3.2 billion by 2021. And according to Gartner, by 2022, 70% of teams will rely on collaboration tools as the primary means of communicating, coordinating, and sharing information.
With all this rapid change, we at Symphony wanted to take a step back and understand how both users and IT executives were looking at the implementation, usage and adoption of these tools. To better understand the attitudes of each group, we conducted a survey with 150 executives who are responsible for adopting and deploying team collaboration applications for their companies, and 150 “in the trenches” workers who use collaboration tools frequently at their jobs.
What we found, overwhelmingly, is that the results point to continued success, innovation and adoption within this space. For instance:
Users and executives alike agree that team collaboration apps have made them or their teams more productive and efficient:
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Users report that collaboration tools have reduced their use of email and accelerate their response time:
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Of note, the security of these platforms was one of the main points of disagreement between the executives and end-users we surveyed. As the market continues to grow and collaboration tools become more prevalent, we expect to see CIOs, CSOs and IT executives more critically evaluate which collaboration tool to adopt.
Employees’ attitudes toward security are wildly inconsistent with IT executives’ views on security:
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We’re also excited to see how users and IT teams will work together to introduce more integrations and automation into collaboration platforms as the space matures.
Executives want to see more capabilities in their collaboration tools like chatbots and workflow integrations, and plan to invest in these:
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Ultimately, the enterprise messaging and collaboration is still young, still growing and still changing. As our CXO, Jonathan Christensen wrote earlier in this blog:
“The team collaboration market is booming and will undoubtedly be one of this years’ most exciting to watch. As more companies realize the value of deploying team collaboration software, a surge of new startups will be inspired and major market events (for instance, Slack’s recent IPO announcement) will become increasingly common. New ground will be broken, with collaboration tools providing greater efficiencies and organization to users, but new threats will emerge, too.”
Symphony turns 10! Discover how we’re transforming the financial industry through trust, passion, and cutting-edge technology.
FDC3 aims to simplify communication between different financial applications. Traditionally, traders juggle multiple displays, manually transferring data. FDC3 enables automatic context sharing between these applications, saving time and reducing errors. Common uses span from pre-trade to post-trade activities.
Symphony, a member of the open-source foundation FINOS, is deeply involved in developing FDC3 and promoting its use in global capital markets. Our focus is standardizing integration APIs, giving customers flexibility in choosing their Desktop Integration Platform provider while supporting FDC3.
The 2020s are an unprecedented decade of disruption and every market participant is either the disruptor…or the disrupted. Today, we stand at the precipice of artificial general intelligence and every well-run organization should be actively seeking to disrupt themselves right now. Symphony has been able to remain almost a decade ahead of disruption by understanding one simple truth—thriving through disruption. This demands three things from your technology: resiliency, stability and flexibility.