Knowledge Management Solutions

Engageware has definitely helped save a lot of time on the front end. Staff no longer have to research multiple platforms, nor call various departments to get the answers they need. This also improves our member experience. The faster the frontline is able to access a resource that will help them assist the member, the faster and smoother than transaction will be for the member.

Jefferson Financial Federal Credit Union

Real customers. Real results.

Knowledge Management Solutions for Banking

If you work for a bank or credit union, you understand that there are a lot of challenges that are handled daily. One of these problems relates to employee knowledge. How easily can your frontline staff answer one of the thousands of questions they may be asked by your customers. This issue compounds when you think of how quickly you can onboard new employees starting at your bank or credit unions. It is important to think about the knowledge management process and how internal knowledge management tools might help bank employees be able to quickly find the answers to complex policies and procedures.

There are a wide variety of challenges that financial institutions face in the digital age. For example, compliance is one of the biggest issues. It is important for companies to do everything they can to remain in compliance with all the rules and regulations to avoid potential fines and sanctions. Unfortunately, it can be a difficult task to keep up with changing rules and regulations in the modern environment. How do you ensure that your employees are following the latest policy or procedures in an ever-changing environment? How do you ensure that when the auditors come knocking, you can easily show the policy or procedures for a specific date and time and feel confident that your employees were following it on that given day?

That is why it is important to focus on knowledge management as priority for your financial institution. It is important to think about the application of knowledge management and how your financial institution they might use these tools to ensure your employees have the information they need when they need. With a strong solution in place, you can ensure a a unified delivery of policies and procedures to every employee This ensures that your ever-changing policies and procedures are up-to-date and easily accessible, placing your company in the best possible position for success. One of the premier providers in the industry is Engageware, which can help banks and credit unions address a wide variety of these issues. Learn more below.

Knowledge Management Systems in Banking

There are numerous knowledge management systems available for banking today, and you might be looking at various types of knowledge management, wondering how you select the best option to meet your needs. Knowledge management can assist with a wide variety of issues in the financial sector. Examples include usability (easy to find, easy to follow, and easy to manage), version control, and compliance. A lot of these important issues tend to get lost in medium and large organizations, particularly if they do not have a unified system in place to keep tabs of all your policies and procedures.

If companies are looking for a way to address this issue, it may be a good idea to look closer at a comprehensive knowledge management system. That way, employees across the entire institution do not have to worry about delivering incorrect information to your customers. With consistent experiences, customers are more likely to not only come back for future needs, but they’re also more willing to recommend a friend. A strong knowledge management system can minimize problems and ensure a consistent experience with few errors and exceptions. Errors can be avoided, and customers will have a consistent experience. This also ensures a better employee experience, reducing turnover while allowing you to onboard new employees more easily.

Knowledge Management Examples

We are frequently asked “what are knowledge management software or what “what are knowledge management systems?” It is important to look closer at knowledge management technologies and how a knowledge management system might help a company stay one step ahead of its competitors. So, let’s dig into a few employee knowledge management examples.

Customer A might reach out to a call center to rectify an issue with a credit card. If that customer service representative does not have access to the right information, they might end up making a promise to the customer that they cannot keep. Or they might give the customer the runaround, talking in circles confusing the customer This can lead to a disappointed customer who is more likely to look at other banks or credit unions for their credit card needs.

Customer B might prefer to bank in person at a branch. They rely on the bank teller to provide the right answer. Bank tellers are responsible for all types of customer needs. They need to make sure they remain in compliance with all rules and regulations, and not giving the customer the wrong information.  This one mistake can lead to errors and costly exceptions that can create not only more work for your team, but it can result in costly mistakes.

It is also important to think about your remote workforce. It can be a difficult challenge to align personnel on the same page across multiple locations, cities, and states. It can also be challenging when they can’t quickly ask their coworker basic questions. Therefore, it is more important than ever to focus on having a strong knowledge management system that is accessible remotely and ensures that the right answer is one quick search away.

Even though some companies may think they can do this on their own, the main challenge with knowledge management is not the technology – it is the ability to properly manage your knowledge. That is why 350+ financial institutions rely on Engageware and our knowledge team that manages over 1,000,000 pieces of unique knowledge each year.

Knowledge Management Systems (KMS)

Lots of people are wondering how they can use the right knowledge management systems (KMS) to help them meet their needs. There are a lot of moving parts when it comes to knowledge management, and it might be helpful to look at a list of knowledge management tools examples. That way, organizations know what they are dealing with. Even though it might be tempting to use free knowledge management software, free solutions rarely have the knowledge management best practices to ensure your employees are getting the right answer at the right time.

The most important thing to remember is that knowledge must be properly managed to ensure both accuracy and consistency. This means dedicated subject matter experts to review the knowledge and a team that properly loads, structures, and optimizes the knowledge to be easily found and followed. Then, an audit should be regularly scheduled to identify where the gaps exist, and how they might be filled. Companies also need to work with a professional organization that can help them to define their goals and objectives and ensure they are consistently achieving them. That way, they can build a comprehensive business case that will use the right resources for implementation.

All organizations also must think about communication. How are your employees being notified of changes in policies and procedures and how do you ensure that translates into customer experiences? Without this proper oversight leads to problem that lead to growth and efficiency challenges. It starts from the top, and systems must be in place to ensure the right resources are being applied to the right situations.

Knowledge Management Tools

There are numerous knowledge management solutions, and it is important to use the right knowledge management tools. While many companies may start with free knowledge management tools, this is something that requires an investment. Businesses that are willing to invest in knowledge management will get the most out of this process. There are plenty of examples of companies that use knowledge management, and it is incumbent on organizations to make sure they invest in the right tools.

For example, does your knowledge management solution allow for easy to find answers, easy to follow step-by-step guides that are easy to follow in the moment, and does your knowledge management solution allow for easy-to-use management tools allowing your staff the ability to quickly make changes that are tracked?

Knowledge Management Applications

It is critical for credit unions and banks to use knowledge management applications and knowledge management system tools to solve problems for their employees and customers. Call center employees can possibly memorize thousands of complicated policies or procedures. Bank tellers must be confident that the policy or procedure they are referencing is accurate and the most recent version. Personal bankers must be confident that the forms they are giving customers are the latest.

That is why it is important to look at knowledge management system software that provides critical knowledge management systems and processes. This is important because it allows financial organizations to align all employees across multiple locations. With access to a reliable intranet and controlled assets, teams will have an easier time finding everything they need. That way, financial organizations can significantly improve their performance. It is critical to work with a professional who can help banks and credit unions institute best practices.

Best Knowledge Management Systems

Ultimately, the biggest problem with a lack of knowledge management software is that financial organizations can lose a significant amount of money on the back of a bad customer experience. That is why it is critical to look at the types of knowledge management systems and employ the best knowledge management tools and techniques. This starts by using the software offered by Engageware.

Engageware provides software that makes it possible to ensure universal control. This software helps employees help their customers, creates a single source of truth, and boosts employee productivity by 30%. Even though it may be helpful to look at various knowledge management system examples, Engageware offers one of the best knowledge management systems in the market today. Compliance is a huge issue in this sector, and one wrong document can lead to significant problems down the road because the issue can snowball. You can avoid this issue and boost productivity with the Employee Knowledge Management software from Engageware.