4 Ways Intranet Software Can Benefit a Financial Institution
Financial institutions can benefit from implementing intranet software within their digital workplace, regardless of the size of the organisation. Here are four top ways in which a company intranet could be of great benefit to your financial business.
Quick access to time-sensitive information and data
One of the main reasons that intranets are so beneficial to financial organisations is that the distribution of time-sensitive information to all employees quickly is key. The value of commodities and financial securities, interest rates and many other variables can change by the minute or even on a second by second basis. Employees who need this information may be located over a number of different locations within the company and an intranet is a very effective and simple way to communicate this information across the organisation in real time.
A well-designed intranet allows all this vital data to be organised in one location, together with any other information that employees might need to be aware of when accessing it. For example, a financial advisor might to need to look up a broad range of rates in order to provide their client with the best possible investment advice at a given time. This procedure can be accommodated simply through the creation of an intranet page or a location on the company website that links to different resources.
Keeping employees informed
In addition to providing a convenient access point for information, your intranet is great for distributing information to employees. Once people become accustomed to using the intranet as a reference point, department-specific information and announcements can be delivered via the platform, saving the hassle of multiple emails or paper announcements. This facility is particularly useful in financial institutions where spreadsheets are often utilised for keeping accounts.
Each time a new version of the accounts is produced, it can be put on the intranet, replacing the old version. The intranet can be set so that it alerts users to the fact that an updated version of the accounts has been uploaded, meaning that everyone who needs to know has been kept in the loop. This ability to upload and highlight revisions to important documents negates the error-prone process that normally takes place, where staff members might inadvertently use outdated documents, simply because they had not seen the email notifying them that an updated version had been released.
Client confidence will also be improved, as they can be sure that the financial staff members they are dealing with are referring to the very latest version of accounts/product information.
Intranets provide form-based workflow
When an intranet is well-configured, it allows employees of a financial organisation to share and access information that is relevant to their role with minimal fuss. For example, many financial institutions insist that certain customer services are approved by at least one level of management, before staff members can deliver the service to the client. In particular, insurance policies, pensions, mortgages, and some investment products work in this way. In many cases the final underwriting and approval process for these types of product can be very complicated and time-consuming. Financial institutions that have a well-designed company intranet in place can make this daisy-chain of procedures much slicker by developing forms and devising a workflow that will allow the appropriate information to be gathered and the multi-tiered approval process to be captured.
The ability to carry out this process online can save many hours of time-consuming meetings and email communications between the financial advisor, sales executives, underwriters, and ultimately the senior manager who signs off the deal.
Intranets are cost-effective
By their very nature, financial institutions rely on swathes of complex paperwork to meet the needs of their clients and also to meet the various regulations put in place by the government. Large amounts of paperwork require physical storage, meaning that some financial institutions may need to relocate to bigger premises as they grow. There’s also the risk that important documents could be mislaid or accidentally destroyed.
An intranet can allow such documentation to be recorded, stored, accessed, and viewed electronically and to be managed by the system, rather than relying on manual filing systems that are prone to human error. The amount of photocopying and printing that is necessary can also be dramatically cut, saving organisations a considerable amount of money.
Intranets give financial institutions a competitive advantage
In financial institutions, timely communication of important information, ensuring that employees are kept up-to-date with company policies and developments, the ability to devise and implement a complicated form-based workflow, and the cost-effectiveness and practical benefits of storing documentation online are just a few good reasons why intranets are invaluable for all businesses.
In the case of financial organisations, a well-designed company intranet provides a critical system that gives the business a clear advantage in the level of service that it can provide to its customers, which is essential when trying to stay ahead of the competition in a crowded marketplace.