How SharePoint Streamlines the Workflow of BFSI Organizations?

SharePoint is such a platform that can be used by any organization, irrespective of its size and nature for multiple business challenges. However, the foremost thing that comes to our mind while brainstorming about SharePoint is document management. Amidst this, most of the customers do not explore the capabilities of SharePoint such as Portal, Applications, Workflow, Business Intelligence, etc. On the other hand, it serves as the perfect presentation layer for compiling content, processes and people. It is also helpful in maintaining collaboration amongst the employees of an organization that ultimately increases the organizational efficiency.

Role of SharePoint Development in BFSI Industry:-

While talking about BFSI (banking, financial services and insurance) industry, meeting with compliance requirements and maintaining security control is quite necessary. Apart from this, the management and retrieval of information, operational efficiency, cost reduction and staying ahead in the competitive global market are some of the biggest challenges that every company in the BFSI industry needs to face.

There SharePoint comes into action and acts as the game-changer for such organizations, as it comes with unparalleled features like analytics, workflows, reporting, data storage, content management and analysis. SharePoint provides the financial industry with the best solutions to deliver compelling customer experiences across channels and generate significant business value.

Challenges faced by BFSI Companies:-

Banking and financial institutions comprise of multiple internal departments that are typically characterized d by huge volumes of data, multiple stakeholders as well as hierarchies. In the same manner, the insurance sector is associated with numerous specific activities that generate a large amount of information at different levels. Handling such cases and providing the right information to the right people at the right time has become major challenges for these organizations.

A few more challenges are as follows:

• To manage and establish a single source to store information like handling policies, financial guidelines, document trails and more.
• Interactions and communication has to be collaborative amongst the employees located in different regions.
• Information security and adherence to regulations.
• Claims servicing that regularly involves the multiple data collection, document management and collaborated workflow.

Benefits of SharePoint to BFSI: -

Customer Analytics:-

SharePoint offers a 360-degree view of customers, their demands and tracks their data to allow banks and financial companies to deliver personalized services. Furthermore, leveraging this platform, BFSI companies can improve customer loyalty, decrease customer acquisition and retention costs and increase higher ROI.

Operation Management:-

Financial organizations can automate and streamline their business processes with the help of custom SharePoint mobile applications, workflows, and forms. In this manner, you can have a more appealing approach to content dissemination and information sharing for rapid decision-making.

Security and Governance:-

SharePoint allows you to manage external sharing of content and restrict access based on the network location. Moreover, SharePoint support and maintenance online offers multiple permission levels � full control, edit, read, restricted read, view only, etc. and using the features like encryption of data, virus detection and custom script restriction, the security of data can be strengthened.

Cost-effective:-

By consolidating and centralizing all your information management activities in a single infrastructure, SharePoint significantly reduces IT costs. Other than this, development costs can be also brought down by leveraging built-in tools for integration with Customer Relationship Management, Enterprise Planning Systems and other components.

With the help of SharePoint, BFSI organizations can easily and effectively manage their information and can deliver the right information to the right people at the right time as well. This platform also reduces the complexities associated with the BFSI industry along with reducing the turnaround time for customers.

Therefore, if you�re looking forward to getting a SharePoint solution for your organization, contact us now!