It’s well established that large corporations such as banks are chained down by their reliance on legacy software. A mixture of decades-old software and newer apps has caused a toxic potion of unreliable and glitchy systems and increased the requirement of an intranet for banks.
Considering there are an estimated 2.1 million employees working in finance in the UK alone, it’s astounding that this has become the norm.
It’s reported that banks spend around 75% of their IT budget on maintaining their outdated and unreliable systems, leaving very little for improving their infrastructure with new technology; so for stability and financial reasons alone, the finance sector really needs to assess if their time and money is being spent in the best place.
With software dating back to the 1970’s still being used, you have to wonder how it manages to be relevant in today’s modern working practises; chances are, it isn’t, and it’s holding banking staff back from benefiting from modern technology that allows them to work efficiently and productively.
Productivity and process enhancing tools needn’t be complicated, and perhaps a good step forward would be to consider digital workplace software as a contender for improving internal workflows.
A digital workplace is a full suite of integrated platforms and apps, including intranet software and learning management tools, meaning that multiple and disconnected software is a thing of the past. The possibilities of improvement are endless, but here are 5 stand-out ways that the digital workplace can improve how banking staff work:
Documents are stored centrally
Still using personal hard disc space to store those vital documents? What happens when multiple colleagues need to view or amend a file; do you reach for the “New Email” icon? Everyone knows, but are reluctant to admit, that internal emails are still draining productivity levels.
Emailing documents to and from various colleagues is time consuming, and opens up a vast array of vulnerabilities such as asynchronous versions, sending it to the wrong person, and ultimately getting lost in the inbox jungle.
A much better way forward to is use a central and audited Document Management System (DMS), which is intrinsic to intranet software. Those company critical documents can be securely stored in the DMS, with especially confidential files restricted to only the most senior staff.
Full version control also comes as standard, meaning you can track which changes have been made and by who; and any mistakes can simply be rolled back to the previous version. Documents can also be organised into an intuitive folder structure, and with full searching capabilities, finding that vital document is a moment away.
Forms without the paperwork
A digital workplace will include a Business Process Management solution (BPM) that’s solely dedicated to one thing; reducing paperwork! A BPM platform turns paper forms into online workflows, and allows you to create unlimited forms that are tailored to your existing processes. A financial world without paperwork may seem impossible, but with the right software, fantasy can start to become reality.
Forms such as mortgage applications, purchase orders, and invoices can be created online, saving you from having to store stacks of paper in filing cabinets.
With the form data stored electronically, critical reporting is much easier, where custom reports can be created for individual forms to fulfil mandatory auditing processes. Forms can be automated too, where the workflow can be designed to automatically assign to certain members of staff, or automatically close after a pre-defined length of time, making processes quicker and less vulnerable to risk.
Work in finance? Try our free digital workplace demos to see how they could help.
Communication is concise and collaborative
How do you improve internal communication and reduce emails in one fell swoop? With corporate social networking, of course! Digital workplace software contains multiple tools for increasing productive communication and decreasing time-consuming emails, such as intranet forums, company news apps, and important announcement tools.
The most popular platform, perhaps, is corporate social networking, which allows you to collaborate and communicate messages, files, and documents company-wide in a matter of seconds, without an email in sight!
Internal expenses are covered
Working in the field and away from the office has always been a big part of life in the financial sector, especially for travelling accountants who regularly visit their customers or clients. Travel and accommodation expenses therefore need to be managed efficiently, so that employees are reimbursed quickly to ensure they are not out of pocket for long periods of time.
Expenses can be easily managed online within a digital workplace, where simple workflows replace bureaucratic forms, and at-a-glance status updates replace back-and-forth emails to the admin team. All expenses are submitted directly to the pre-defined team members, with receipts, communication, and reports all stored in one central place for easy expense management.
A culture of learning is encouraged
Corporate training has had a tarnished reputation for quite some time. Cheesy and outdated training videos, hidden out of sight in the dusty supply cupboard and seeing the light of day only when absolutely necessary, are a common occurrence in large companies, causing a collective groan whenever the words “corporate training day” are mentioned.
A digital workplace that includes a Learning Management System will challenge these expectations completely, and never again will you have to sit through several hours of uninspiring and tired corporate drivel.
With a Learning Management System (LMS), all resources, training materials, exams, and records are managed centrally online, enabling a culture of learning that is proactive, modern, and easy to update. Employees can learn in their own time, at their own pace, and in any location, avoiding the need to herd all staff into a single training room and keeping them from carrying out potentially urgent tasks.