How Credit Unions, Banks, and Financial Services Benefit from SharePoint Intranet

With the initial digitization of the banking industry, no one had expected its drastic evolution that we witness today.

Did we?

On the contrary, this evolution has provided scope for innovating and modernizing the myriad of products and services any financial institution, bank, or credit union promise to offer.

With changing times, the banking sector has also entered a new era of next-gen technologies like banking intranet portals, mobile apps, internet banking, and more.

The banking services have moved way beyond simply granting loans and accepting deposits. Asset management, wealth management, forex management, loan processing, case management, credit rating, and another broad spectrum of services have today become an essential part of modern-day banking service portfolios.

Considering the rigid nature of the banking industry, the credit unions, financial institutions are compelled to practice age-old colossal intranet systems and legacy software solutions.

This makes banks suffer by failing to follow industry trends, encourage a progressive way of working, and easily share and access data, documents, and crucial information. The pressure to stick to regulatory governance and ensure data security for confidential customer data put banks in a tight situation.

And it’s big-time that we bring a difference.

Also, we cannot deny that the banks, credit unions, and financial institutions face a plethora of challenges while their staff is trying hard to deliver at most customer satisfaction.

Every customer who walks into a bank is trying to catch a train and is not ready to wait. So having a centralized documentation library is a must. This way an employee can find the necessary document with a single click.

Also, the bank’s staff is subjected to constant juggling, whereas customers change much less frequently, therefore employee training and learning management system must be in place so that every employee can be equally efficient while attending to any customer.

A simple and user-friendly employee intranet for banks becomes a dire necessity as many times inter-departmental communication is required to resolve an issue. With a well-rounded collaborating platform, communication becomes swift.

Another matter of concern is tedious bank procedures and paperwork. Don’t you also feel so?

Undoubtedly, bank procedures involve a lot of paperwork and document formalities which delay customer requests and files. A system that manages and maintains documents in real-time can speed up the process for your staff.

Though the bank staff incessantly works to develop and deliver these customer-centric products and services with utmost accuracy the banking industry intricacies further include proactive compliance management, delivering gratifying customer service and grievance resolution.

To offer world-class services and beat the competition, you have to simplify workflows, automate business processes, and establish a well-integrated and collaborated workforce.

Do all these tasks seem daunting? Deploy the SharePoint intranet for financial institutions, and customize the platform following your needs.

Still wondering how a banking intranet on SharePoint benefits banks, financial institutions, and credit unions?

Let us highlight the benefits this impeccable platform has to offer.

• 1. Smart Search Capabilities:

  Forget the times when you hover over multiple search results to find a single document. With the advanced search feature, get exactly what you are scanning. SharePoint intranet tool remembers your previous searches and its smart functionality restricts the range of searches to authorized locations.It indexes all sorts of documents, posts, news, or content files saved in distinct locations of the Microsoft environment.Moreover, your employees can tag, pin, categorize, or mark the documents for easy discovery. It eliminates the need for huge research staff for searching for information.

• 2. Custom workflow solutions/sites for distinct service domains:

  As a banking institution you offer multiple services to your clients like Loan Processing, Asset Management, Wealth Management, Credit rating, etc.The distinct departments need distinct portals for productive working, on-time service delivery, and meet compliance rightly. The bank intranet software enables the creation of separate sites and solutions for meeting the needs of different service departments.SharePoint intranet portal enables the creation of separate sites and solutions for meeting the needs of different service departments. It allows the teams to concentrate on their specific tasks, display department-related news, announcement, and policy updates.

  It further eases project management, issue tracking, work prioritization, and task management using dashboards.

• 3. Secures financial information and provides smart tools for data backup:

  As a financial institution, you have to manage crucial and confidential information, customer records, policies, and contracts.
  So, data security becomes your prime concern. Isn’t it?The Microsoft 365 intranet incorporating Microsoft’s security and backup features provide for advance data encryption, security, and real-time backups.

• 4. Smooth fulfillment of compliance and regulatory norms:

  You can alter the compliance management system of the banking intranet portal and revamp it according to the compliances governing your institution. Set alerts for regulatory updates, prepare document checklists and trigger messages for timely completion of regulatory requirements.

  With SharePoint, effortlessly record, maintain, and track compliance of national and international norms.

• 5. Keeps an eye on your documents and information:

  You can simply boost the document and knowledge management within the organization. The intranet software for credit unions and financial institutions is loaded with key features like central repository system, co-authoring, document versioning, access authorization, etc.Besides these features, it provides document libraries for sorting, storing, and filtering financial documents.And most importantly, SharePoint offers cloud-based functionalities, so you can work with the documents anytime and anywhere.

• 6. Automates and streamlines banking processes:

  Is the day of your employee full of manual and redundant tasks like form filling and submission, filing reports, seeking approvals, etc.?

  Why not deploy a banking intranet and undertake complete business automation?

  SharePoint smoothly automates the processes without hampering present working.

  Why is it necessary?

  The employees can create digital forms (be it for KYCs, timesheets, expense reimbursements, or others) and workflows, create process cycles and simplify process approvals and completion, report generation, timely regulatory compliance, and much more.

• 7. Role-based access permissions:

  Banking workflow mostly involves a lot of requests and permissions. It is always important to regulate who sees what information?A lot of data in the banks needs to be segregated on the basis on important, unnecessary, and redundant pieces of information. The administration has to manage what to hide, what to delete and when to delete.The banking intranet portal offers multi-level, granular permission and access control to you.

  Its authorization capabilities and built-in permission system make sure who can access what, the degree of access, and who modifies the data.

  You can even restrict certain areas of the intranet from common access. Special permission for access can be given to different teams, departments, and even diversely located branches.

In such highly competitive scenarios, the introduction of significant changes like deploying SharePoint intranet can result in huge time and resource-saving, upswing business efficacy, and give you an edge over the competitors.

The bank intranet software offers personal, departmental, as well as organizational privileges. Both the staff and employees enjoy the enhanced working scenario and improved customer satisfaction levels. Such a user-interactive platform not only boosts efficiency and productivity but also enables staff to offer prompt customer service and integration in the long run.

Don’t believe us?

Book a demo now and experience the difference yourself.