2 Ways to Improve Collaboration In Your Bank

Banks, like the companies in any other industry, rely on a high level of internal collaboration for their success.  Think about it: for a real estate loan, a bank’s senior management, credit, and residential lending departments must all work together to get the job done.  If you’re having trouble getting everyone on the same page, you should consider incorporating these two solutions into your daily operations

1. Microsoft SharePoint – Microsoft SharePoint is collaboration software from Microsoft that helps simplify business intelligence, content management, search, and the sharing of information in a company. SharePoint is a fantastic collaboration tool for your bank, and with SharePoint, you can create workflows to automate business process (ie. vacation requests, performance evaluations, expense reports submission and review, credit review and approval) or create internal websites, “team sites”, or “intranets” to help teams collaborate on a project, facilitate communication between departments, and eliminate hundreds of emails between the members of the teams involved.

As an example, let’s look at how your Residential Lending and Credit divisions could use SharePoint.  After a potential client asks for a loan, teams will collaborate in SharePoint and the entire credit process will be automated through workflows.  Analysts review client information and post recommendations to the relevant SharePoint intranet site, which can then be used by managers for decision-making.  Finally, your Residential Lending officer receives an automated notification regarding loan approval that he can offer to the potential client.

2. Microsoft CRM – Customer Relationship Management (CRM) tools are designed to help banks and other companies manage their customer base.  However, they can also help improve communication within your bank.  For instance, many banks assign a team of relationship managers (RMs) to a large number of clients.  Thanks to the helpful client information Microsoft CRM provides (if the team properly leverages the CRM), RMs can confidently take a client’s phone call since the information related to previous customers’ interactions is recorded in the CRM.  CRM tools eliminate the need to ask others for relevant client background. On the other hand, CRM allows sales and management teams to forecast sales based on pipeline information according to the probability of closing related to each opportunity, among other sales and marketing benefits

At Onsearch Interactive, our goal is to use advanced technology to make your business run more efficiently.  If communication problems are slowing your bank down, contact us today.  If your company has a communication issue we didn’t cover, be sure to mention it in the comment section.

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