3 Things Financial Services Organizations Need in a Knowledge Sharing Solution

Dana Youngren Written by Dana Youngren

Here’s a riddle for everyone in the financial services industry.

Q: How many contact center representatives does it take to keep customers happy yet still operate efficiently?

A: As few as possible – if you have an effective system for knowledge sharing.

Banks, credit unions and others who provide financial services today have a tough challenge on their hands: how to deliver the best possible quality of service – but also achieve the highest possible operational efficiency.

Of course, that’s a challenge in almost any industry. However, it’s particularly thorny in financial services. That’s where you’re most likely to see organizations constantly expanding services portfolios through M&A, as well as adding more and more kinds of loans and other services to product lines to stay competitive.

The result is intense pressure on customer-facing employees to keep up with a growing number of often-complex, always-changing offerings. After all, when a customer or potential customer comes looking for guidance on opening an account or applying for a loan, the rep who answers needs to be able to quickly provide current, accurate information. To further complicate things, that rep is likely to be working from any one of a number of branch locations, far from the main office.

So what’s it going to take for that rep to address customer questions and concerns quickly and accurately enough to both keep the customer happy and keep the organization running efficiently? A centralized, well-designed knowledgebase will do these three things:

1. Quickly provide the latest reliable information.

With offerings growing and changing all the time, and without a centralized source of information, chances are a financial services organization will have product information in lots of different places. You might find information on the same new type of business loan in the loan department and the marketing department, for example, or at several different branches – and that information might or might not be the same, especially if it was created by different people at different times. And no one can afford to waste time sorting through what’s correct and current when a customer is waiting for an answer and many other customers are waiting for service. A good knowledge sharing solution eliminates these problems by providing one centralized, streamlined source for the most current information on products and services.

2. Make it easy to find information fast.

Quickly finding information to share with customers can be tough if the information is in several places or if it’s in a knowledgebase that’s not particularly well organized. A knowledge sharing solution for financial services organizations needs to be designed specifically to accommodate large amounts of changing information and to maximize the accessibility of that information. That’s why easy-to-use tools for organizing information and intuitive navigation for looking it up are both important. For example, reps should be able to easily look up answers to customers’ specific questions about how a particular product or service is going to help them, or to find data demonstrating how other customers have benefited from that product or service.

3. Enable people to securely share information anywhere.

In a business that typically has employees in multiple locations around the community – or even across the state or the country – it’s vital to ensure that employees can share and access information equally effectively. Employees also need to feel confident that the information they share is secure, since it may include customer information that’s protected by various regulations mandating the data privacy. A centralized solution for knowledge sharing plays this role by providing a single, secure source of information about the latest products or services. It can also go beyond that by including capabilities for internal employee communication, social learning and other activities that keep people working together closely and productively no matter where they are.

Finding the right information fast: In financial services, that’s the key to providing superior service efficiently. That’s why it’s important to find a knowledge sharing solution that makes it possible to do both.

Harness The Power Of Knowledge Sharing With Digital Transformation

Companies that grasp what the digital workplace is really all about are willing to change the ways people and applications connect across their organizations. By fostering a digitally driven culture of collaboration, they break down silos, share knowledge more effectively, and compete more successfully.

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