The banking, financial services and insurance (BFSI) industry operates amidst strict compliance and control. The management and retrieval of information, achieving cost reduction and operational efficiency, and staying ahead in a competitive global market in the rigid regulatory environment are the biggest challenges for the BFSI organizations.
With unparalleled features such as analytics, workflows, content management and reporting, data storage and analysis, SharePoint provides the financial industry with the best solutions to deliver compelling customer experiences across channels and generate significant business value.
Below are some of the advantages that the organizations operating in the financial sector can obtain using SharePoint:
1. Customer Analytics
SharePoint provides a 360-degree view of customers and tracks their data to enable banks and insurance companies to deliver personalized services. Moreover, leveraging this platform, the BFSI organizations can increase customer loyalty, decrease customer acquisition and retention costs, and gain higher ROI.
2. Process Management
With custom SharePoint mobile applications, workflows, and forms, financial organizations can automate and streamline their business processes. You can have a more collaborative approach to content dissemination and information sharing for quick decision-making.
3. Security and Governance
SharePoint lets you manage external sharing of content and restrict access based on the network location. SharePoint Online provides various permission levels – Full Control, Edit, Read, Restricted Read, View Only, etc. Further, the security of data can be strengthened using other features of SharePoint such as encryption of data, virus detection, and custom script restriction.
4. Cost Reduction
SharePoint considerably reduces IT costs by consolidating and centralizing all your information management activities into a single infrastructure. Moreover, you can bring down development costs by leveraging built-in tools for integration with Customer Relationship Management, Enterprise Resource Planning Systems and other out-of-the-box components.
SharePoint helps the BFSI organizations manage their information better and deliver the right information at the right time to the right people. In addition, this platform reduces intricacies associated with the BFSI industry and the turnaround time for customers.
Looking forward to getting a SharePoint solution developed for your organization and transforming it into a more collaborative workplace? Touch base with a dedicated SharePoint development company.