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R U on IM? Securities Industry Responses to the 2006 TowerGroup Instant Messaging Survey

Published by: TowerGroup

Published: Dec. 11, 2006 - 16 Pages


Table of Contents



TowerGroup Take-Aways

Report Coverage

Survey Objectives

Survey Methodology and Segmentation

Exhibit 1 Respondents to the 2006 TowerGroup Instant Messaging Survey by Type of Firm and Region (2006)

Exhibit 2 Definition of Segments of Financial Firms Responding to the 2006 TowerGroup Instant Messaging Survey

Exhibit 3 Respondents to the 2006 TowerGroup Instant Messaging Survey by Age and Gender

Survey Highlights

IM is used primarily to communicate within an institution on business-related topics

IM is used primarily to communicate within an institution on business-related topics

The average IM user sends and receives a small number of messages on an average day

The top benefit of IM is improved internal productivity, but respondents' ranking of the importance of IM to firm's success were inconsistent

Enterprise instant messaging applications represent a plurality of the software used by survey respondents

>Instant messaging has room for expansion in the securities industry

Operational risk is the main reason that respondents' firms prohibit IM

Survey respondents whose firms do not allow IM do not expect to employ instant messaging technology anytime soon

2006 TowerGroup Instant Messaging Survey Results

Instant Messaging Usage

Exhibit 4 Adoption of Instant Messaging by Respondents to the 2006 TowerGroup Instant Messaging Survey

Exhibit 5 Adoption of Instant Messaging by Colleagues of Survey Respondents (2006)

Exhibit 6 Length of Time Survey Respondents Have Been Using Instant Messaging (2006)

Type and Number of Instant Messages

Exhibit 7 Survey Respondents' Use of Instant Messaging for Business and Nonbusiness Purposes (2006)

Exhibit 8 Survey Respondents' Volume of Instant Messages Exchanged by Type (2006)

Top Reasons for Using IM

Exhibit 9 Survey Respondents' Top Reasons for Using Instant Messaging (2006)

Instant Messaging's Importance to the Securities Industry

Exhibit 10 Importance of Instant Messaging to Survey Respondents' Firm (2006)

Instant Messaging Technology

Exhibit 11 Survey Respondents' Primary Instant Messaging Software Application (2006)

Reasons for Not Using IM

Exhibit 12 Primary Reasons Firms Prohibit Instant Messaging (2006)

Future Use of IM

Exhibit 13 Future Use of Instant Messaging at Firms That Do Not Allow It at Present (2006)

Better risk management through technology

Changing business processes

Demographics

Summary

Abstract

Real-time, peer-to-peer text messaging over a network began as a consumer phenomenon, but the securities industry has accepted the technology, particularly in trading functions that rely on fast and concise messages to gain a competitive advantage. In 2006, TowerGroup conducted a survey on the global use of instant messaging (IM) by broker-dealers, investment management firms, and custodian banks. This TowerGroup Research Note details the results of that survey and offers TowerGroup's insight into the implications on the future of IM in the securities industry.

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