Twenty years ago, having an intranet software within a bank, credit union, financial service, or insurance company was a new concept. Today, it is becoming more commonplace for financial institutions to invest in this type of software. Leaders realize the importance of providing employees with a centralized repository for materials needed to perform their jobs and share critical information.
Furthermore, a forward-thinking organization wants its staff to become more involved with internal affairs, have a clear view of its mission statement, and its plan for achieving future success. Helping employees gain greater job satisfaction is more important than ever. Companies seek to retain their top talent, and supporting an internal communications strategy is a proven way to keep staff engaged.
Can an intranet software deliver business value? You bet it can!
No matter its size, a financial institution can benefit from implementing intranet software within the organization. While a well-designed intranet can help any organization improve communication between employees and between departments, financial organizations, in particular, can benefit from introducing a strong business intranet.
Here are five ways in which an intranet software can benefit your organization:
- Communicating time-sensitive information to staff
- Providing employees with up-to-date documents
- Creating form-based workflows to assist with approval requirements
- Facilitating the electronic storage of material in the most cost-effective manner
- Supporting employee engagement and growth efforts, such as online training
1. When time is of the essence
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, especially in today’s environment. With the COVID-19 pandemic, staff members need to be aware of company policies. They also need to know any changes in hours of operations, closings, and updated regulations surrounding PPP SBA loans, etc.
Beyond the pandemic, employees need other timely information. Rates on loans or deposit accounts change regularly, and your team needs access to correct information. They also need to know where to find this at any given time. An intranet organizes your resources in a single location (page or site).
2. Share the correct information with your employees
In addition to allowing your employees to find the information quickly, intranets make it easy to distribute up-to-date info. In my early career, co-workers and I were dependent on printed rate sheets, policies/guidelines, employee directories, product descriptions, etc. Occasionally, different versions of these paper copies floated around the various departments and branches, causing confusion. Until a manager provided updated material, the staff was sometimes unaware of important changes. Not having easy access to current information certainly made the job more challenging.
With an intranet, you can simplify processes dramatically, improve accuracy, create efficiencies, and increase overall productivity. Effective information sharing is critical for a company to succeed. Team members need to know exactly where to quickly and easily find the correct information at all times.
3. Intranet software provides form-based workflows
A well-designed intranet software allows employees of any financial institution to share and access forms of all types. Some of these forms may be extremely simple (i.e., selecting a t-shirt for a marketing event) or more complex. For example, many financial institutions request their employees to seek reimbursement by submitting a document for expenses (travel, lodging, food, etc.). These may need to pass through a supervisor or manager approval process before submitting to the Accounting department for payment.
Institutions with a well-configured intranet can dramatically simplify procedures by developing forms and applying workflow. These forms and workflows allow organizations to collect the correct information and approve the process.
4. Who doesn’t like to save money?
Traditionally, financial organizations have relied on large amounts of paperwork to facilitate both the business’s needs and meet the regulatory requirements put in place by different levels of government. Intranets move most paperwork to an electronic format where the workflows 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. You can dramatically reduce printing and photocopying time by storing information in a centralized location and allowing users to access these docs electronically. This enables employees to work more efficiently, which is also a cost-saving in labor for the organization.
5. Keep employees engaged with intranet software
I don’t believe it is an exaggeration to say that employees are often a company’s greatest asset, and management wants to recruit and retain those individuals who are most highly qualified and productive. Turnover is costly both in replacing skilled staff and the unfortunate side effects of knowledge loss and decreased morale.
Intranet software can help keep employees motivated by providing a means for active internal communication, strengthening collaboration, recognizing outstanding performance, and ultimately boosting overall job satisfaction. In addition to valuable training opportunities, an intranet can help you promote a financial institution’s rich culture. Employees help create this culture, and when they feel the role they play is an important one, they will remain committed to the organization.
How an intranet gives financial institutions a competitive advantage
Intranet software is a valuable resource for any business. It provides timely and accurate information and creates approval workflows. It can help you reduce the cost of storing documents online, increase employee engagement, and retain top talent. For financial institutions, which offer vital services, an intranet is a critical system that provides a clear advantage in the service level provided to customers.
At IC, we’ve worked with hundreds of financial organizations for more than 20 years to deliver an intranet platform that meets your business needs. Discover applications and resources specifically designed for financial organizations by requesting a free demo today! Not quite ready for a full demo? Discover more about how we serve financial institutions here.
*Ryan Hall contributed to this blog. He is the senior full-stack developer at IC.