Previously, we discussed some of an intranet’s more “emotional” benefits, including culture, communication, and employee experience. Of course, alongside that, an intranet provides significant technical advantages — including streamlining workflows, creating efficiencies, enhancing compliance, and providing a better experience to customers or members at your financial institution. While there are many financial intranet benefits, let’s take a closer look at those highlighted.
A financial intranet creates efficiencies
One of the most important financial intranet benefits is creating more efficient processes. This can mean many different things to many people, but to our IC experts, it simply means that staff has one ultimate source of truth. No more sifting through emails or shared drives to find an important document or policy, no more having to ask managers to manually approve a form you filled out–an intranet can simplify all of that and save hours and hours of your employees’ time. Don’t believe it? Check out how Hickam FCU saved up to 95 hours per year in employee time by using our software!
Almost every other point mentioned in this blog comes down to creating a more efficient working environment for your employees.
A financial intranet benefits your workflows
A financial intranet can significantly streamline workflows in a financial institution by providing a centralized platform for employees to communicate, collaborate, and access information. This can eliminate the need for employees to switch between multiple applications or rely on email to communicate and share files, saving time and reducing the risk of errors.
A purpose-built financial intranet can also automate many routine tasks, such as ensuring managers are alerted to forms awaiting their approval. This can further improve efficiency and reduce the risk of errors. By providing reliable access to policies and procedures, a financial intranet can also help employees make more informed decisions, leading to better, more compliant outcomes for the institution and its clients. Overall, a financial intranet can be a powerful tool for improving workflows and increasing efficiency in a financial institution.
Enhancing compliance: the benefit that can save you millions of dollars
We’re big fans of compliance at IC; our platform is built with it in mind, after all! Ensuring compliance from your workforce should be a key priority in your financial institution. From keeping records of your communications to comply with the Sarbanes-Oxley Act to being audit-ready on all fronts, an intranet can help ensure your staff is aware of all the regulations they must adhere to.
Having a single source of truth for your credit union not only increases efficiency but also increases compliance. When you use your intranet as a place where employees can rely on finding the most up-to-date policies and procedures, you can rest assured that your employees will always refer to the most up-to-date documents and won’t be viewing old information. For further reading, learn how intranets can increase compliance in financial organizations.
Providing a better customer or member experience: the ultimate financial intranet benefit
Of course, all of this boils down to providing a better external benefit to your customers and members. When you use your intranet to create internal efficiencies, you are increasing the speed of member requests for loans and lien approvals, credit and debit card approvals, and creating new accounts! This can help address one of the main challenges financial organizations face today: competing with instantaneous online banking and fintech offerings.
Not only does a financial intranet benefit your employees, but happier, more compliant, and more efficient employees directly benefits for your customers and community–and who doesn’t love that?
I want these financial intranet benefits!
Want these technical and emotional advantages provided by a financial intranet for yourself? Stay tuned for the final part of this blog, where we discuss how to shop for an intranet. If you want access to all the advantages of a financial intranet for your organization, don’t forget to download the free eBook this blog series was based on!