Any financial institution, no matter its size can benefit from implementing intranet software within the organization. While a well-designed intranet can assist any organization in improving communication between employees as well as between business units and divisions, financial organizations, in particular, can benefit from introducing a business intranet. Here are the top four ways in which a business intranet can benefit your financial organization:
Why are intranets even more beneficial to financial organizations than to other types of businesses? One of the primary reasons is the importance of distributing time sensitive information to all employees who need access to it. Interest rates, the value of financial securities and commodities, as well as many other variables that financial institutions deal with regularly may all change on a minute by minute or even second by second basis. In addition, the resources used to access this type of information may be scattered over a variety of places. Intranet software is a simple and effective way for this information to be communicated across the business in real-time.
An Intranet allows for access to these resources to be organized in a single location, along with any prudent information that employees may need to be aware of when accessing it. For example, while helping a client, a financial advisor may need to look up a wide variety of information quickly in order to provide that customer with the best service possible. This procedure can be made relatively simple through the creation of an intranet page or site where information and links to many different types of resources are consolidated in a single place.
In addition to making it easy for employees to find the information they are looking for in a timely manner, intranets also make it easy for financial institutions to distribute up to date information to its employees. For example, many years ago I worked in the information services department of a large, well-established insurance company. One aspect of my job was to work closely with a few of the most senior sales managers to develop a variety of Microsoft Excel based sales tools that would assist sales staff in selling particular insurance products to customers by providing a clear visual representation of the effects of those products based on an individual customer’s specific information. On a regular basis, some of these sales tools would be retired and replaced by ones highlighting new products. Even more often, the sales tools currently in use at any particular time would be updated with new information. It was important that with each one of these changes all the relevant sales staff were informed and had copies of the latest files.
At the time, intranets were not commonplace in the industry and each time a change was made to a sales tool, an email with the relevant information and the attached sales tool was sent to each member of the sales team. It was up to each sales person to download and maintain copies of the latest tools as well as to ensure they were removing and ceasing to use any that had been retired.
With an intranet, complex and potentially error-prone processes such as this one could be dramatically simplified through the creation of a sales tool page where access to the latest sales tools are provided along with any important information about the latest changes. Sales staff could simply pull up this intranet page when talking to a client and download the relevant sales tool, ensuring they are always using the correct version and that they are never relying on out of date information.
A well-configured intranet allows employees of any financial institution to share and access information relevant to their job with little fuss. For example, many financial institutions require that certain services they provide for customers be approved by one or more levels of management before the service can be delivered to the client. Mortgages and insurance work this way, as do many other types of financial services. Sometimes the approval process for these types of services can be complex. Institutions with a well-designed intranet in place can dramatically simplify such a procedure by developing forms and applying workflow that allows the proper information to be collected and the approval process required by the business to be captured.
Financial organizations rely on large amounts of paperwork to facilitate both the needs of the business as well as to meet the regulatory requirements put in place by different levels of government. Intranets can assist in moving much of this paperwork into an electronic format where the workflow can be managed by the system rather than by individuals. Documents, forms, and other materials can be stored online and viewed using a browser, which is far more cost effective than storing physical documents. The amount of printing and photocopying that is necessary can also be dramatically reduced by storing documents in a central location and allowing users to access them electronically.
Timely communication of important information, keeping employees informed, the ability to capture complex form-based approval workflow and the cost-effectiveness of storing documents online are just a few of the reasons intranets are an invaluable resource for any business. For financial institutions, they are a critical system that provides a clear advantage in the level of service that can be provided to customers.
At Intranet Connections, we’ve worked with over 260 Financial organizations to deliver an intranet platform that meets the specific needs of your business. Discover applications and resources specifically designed for Financial Organizations by requesting a FREE 21-day intranet trial today.
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