Teams in financial services companies often face collaboration challenges due to geographic dispersion. This can impact routine processes, such as loan origination and investment management, which often require coordination among global stakeholders. Collaboration platforms, specifically designed for financial services companies, can help mitigate these challenges.
Collaboration software helps simplify these complex processes by providing task management, workflow automation, and document-sharing capabilities. It enables teams to collaborate efficiently, track progress, and ensure seamless coordination between every team member.
To help you make the right decision, this article highlights, in alphabetical order, the five top-rated collaboration software for financial services based on user reviews. For each product, we include overall user ratings along with the highest-rated parameter, review excerpts from industry professionals, and product pricing. Read more.
1. Asana
To present the most up-to-date information, the product information below shows the latest real-time ratings, which may differ from the ratings values at the time this report's analysis was conducted, since new reviews may have been left in the meantime.
Trial/Free Version
- Free Trial
- Free Version
Highest-rated parameter
Commonly used by
Starting price
Device compatibility
Here are some review excerpts from financial services professionals who have used Asana:
"The reporting and portfolio features were very impactful as it helped me track and report effectively on my project. The portfolio feature gave post-project insights as it made it easy for our teams during our retrospective meetings."
"Our overall experience with Asana has been very positive and would surely recommend it to other people looking for a project and task management solution. Mobile apps can be an area of improvement for Asana, but other than that the product is really well built and is really easy to setup and use."
"The feature we like the most about Asana is the automation part, which allows us to automate repetitive tasks and workflows. Also, there's support for Agile project management which helps us a lot. Also, we like the support for numerous integrations that Asana provides allowing us to integrate other products into our workflow.”
2. ClickUp
To present the most up-to-date information, the product information below shows the latest real-time ratings, which may differ from the ratings values at the time this report's analysis was conducted, since new reviews may have been left in the meantime.
Trial/Free Version
- Free Trial
- Free Version
Highest-rated parameter
Commonly used by
Starting price
Device compatibility
Here are some review excerpts from financial services professionals who have used ClickUp:
"It helps in having all the documents and collaterals in one single space. WFH has made it difficult to keep track of progress but with Clickup, it's super easy to make tasks, change progress of the tasks and collaborate with other teams. Another thing I love is the integration with Slack which makes it very easy to create tasks right from a thread."
"My overall experience with ClickUp has been exceptional. It has transformed the way I manage tasks and projects, providing a seamless and efficient workflow. The customizable interface, collaboration features, and project management capabilities have greatly enhanced my productivity. ClickUp has become an indispensable tool in my daily work."
"Great for planning and task management. Love the ease of setting up SOPs and making each task reoccur automatically."
Read more ClickUp reviews here.
3. Dropbox Business
To present the most up-to-date information, the product information below shows the latest real-time ratings, which may differ from the ratings values at the time this report's analysis was conducted, since new reviews may have been left in the meantime.
Trial/Free Version
- Free Trial
- Free Version
Highest-rated parameter
Commonly used by
Starting price
Device compatibility
Here are some review excerpts from financial services professionals who have used Dropbox Business:
"Dropbox Business is one of my favorite internet tools since it makes hosting online meetings a snap. This program's medium simplifies file storage, sophisticated document sharing, and viewing. In my experience, this tool fosters team collaboration while preserving a secure environment. Dropbox Business is used to provide many levels of security for user files, and the application's security procedures are set to high standards to ensure that user data is kept safe."
"Overall, Dropbox when compared to other similar software it's doing pretty well. Maybe the best platform, because of the storage availability, the price, and the fact that all of the people in your company can use Dropbox at the same time!"
"Dropbox Business has been an invaluable asset to our organization. It provides us with a secure, reliable, and comprehensive cloud solution. We can easily store, back up, and share our data with our team, and Dropbox has been incredibly reliable in doing so. It's also incredibly user friendly, and the interface is intuitive and straightforward."
Read more Dropbox Business reviews here.
4. Google Workspace
To present the most up-to-date information, the product information below shows the latest real-time ratings, which may differ from the ratings values at the time this report's analysis was conducted, since new reviews may have been left in the meantime.
Trial/Free Version
- Free Trial
- Free Version
Highest-rated parameter
Commonly used by
Starting price
Device compatibility
Here are some review excerpts from financial services professionals who have used Google Workspace:
"Google Workspace is easy to setup, highly reliable, user friendly, has an excellent UI, integrates with a ton of software, has reliable SSO, and is a great way to store and protect all your documents!"
"Google Workspace makes our remote work feel as if we were in the office. Google Workspace offers many solutions for communication, document storage, document creation, document sharing, and so much more. It is truly the core of our business and a major attribute to our success."
"I use Google Workspace for all my tasks, be it managing files, conferencing, video meetings, chatting, communicating with my teammates, and whatnot. The collaboration tool is a one-stop solution for all my needs."
Read more Google Workspace reviews here.
5. Microsoft 365
To present the most up-to-date information, the product information below shows the latest real-time ratings, which may differ from the ratings values at the time this report's analysis was conducted, since new reviews may have been left in the meantime.
Trial/Free Version
- Free Trial
- Free Version
Highest-rated parameter
Commonly used by
Starting price
Device compatibility
Here are some review excerpts from financial services professionals who have used Microsoft 365:
"It is an excellent tool for taking notes and comes with a variety of templates for various purposes. It is helpful for project and team collaboration and project tracking. I like the sharing option because it allows me to show my team the work and my progress."
"First of all, the user interface is very friendly not only to the navigation itself, but also to the eyes, as it's minimalist and not distracting such other tools I have used. I really like how it doesn't feel over complex to use if you want to make simple documentation, and eventually in the need of more complex features it's easy to find tutorials. And there is always a useful template to help."
"What I love from this program is that it has an impressive capability to manage several categories, documents and almost everything you want to create and store, it´s even great for your ideas that later may become a project."
Read all Microsoft 365 reviews here.
What features do collaboration tools offer?
Collaboration tools offer core features such as:
Communication management: | Record and track all relevant internal and external communications between finance team members and clients. |
File sharing: | Digitally share a wide variety of media types with internal finance teams and cross-organization team members. |
All products listed in this report include the features mentioned above. Besides these core features, collaboration tools also commonly tend to offer:
Brainstorming
Calendar management
Contact management
Content management
Document management
Mobile access
Real-time editing
Task management
How to choose the right collaboration software for financial services?
Check for cost management and budgeting features. Finance teams often collaborate on creating team and project budgets and a collaboration tool that provides a shareable dashboard to create and maintain budgets and set up cost management monitoring can help make the process more efficient for finance teams.
Assess the audit and compliance tracking functionality. Look for software that provides detailed logs of user activities, document access, and document changes for auditing purposes. Ensure the software generates compliance reports for regulatory audits and internal compliance reviews.
Ensure that the software offers data analysis and visualization capabilities. Such functionality can help financial teams analyze financial data, create audit reports, and identify trends and patterns in financial data over time, aiding in anticipating market shifts and mitigating financial risks.
Common questions to ask collaboration software vendors before purchase
What collaboration features does your software offer for financial services?
Document version control, audit trails, activity logs to track document changes, and stakeholders' approval and review workflows are some of the most crucial features a collaboration system should have for financial teams to help facilitate secure and compliant collaboration.
Does the software offer data encryption and other security measures to protect sensitive financial information during collaboration?
Data encryption and secure server infrastructures are must-haves in a collaboration solution due to the sensitive nature of data dealt with in the financial industry. Additionally, the software should provide role-based access and authentication protocols to protect sensitive financial information.
How does your collaboration software handle data synchronization and updates?
Real-time data synchronization and file versioning are crucial for financial teams to work on the latest and most appropriate financial information. The collaboration software should also provide real-time notifications on updates, and the changes should immediately reflect across the platform.