Improving Banking Partnership Collaboration

Overview

European Securities Network LLP (ESN), a multi-regional bank partnership, needed a way for its members to connect with cross-company parties and access current information on projects, without sacrificing functionality and compliance.

The solution that Symphony offered was a flexible collaboration platform that centralizes and streamlines communications shared across multiple channels within a secure and compliant environment.

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Challenge

ESN comprises several leading European banks and brokerage firms with 50 analysts and 90 equity salespeople and traders, providing coverage of over 370 listed companies based on a standardized model. Meeting the investment needs of a client involves working with specialists in different countries. When the client of one partner wishes to invest in shares of a company located in another country, the partner starts by contacting the partner bank in the region for local expertise.

For these transactions, it is essential for a partner to have an accurate view into what the other partner is doing. This can be challenging when information is being shared on various channels between multiple parties concerning different projects.

Communication between partners, clients, the listed company, and other counterparties is conventionally done through phone and email, and files are often shared by email. With email, there is the risk of including the wrong party, which can lead to the disclosure of sensitive information. Messages can become lost or buried over time (especially in an email environment), and manually entering data from various devices into a CRM can lead to errors.

Another possible scenario is having partners in separate geographical locations involved in a transaction and working off discrepant or old information from their respective CRMs because information is not being pulled from a single source.