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July 5, 2022

Effective knowledge management in the financial services sector is a necessity.

The financial services industry and its interactions with its customers are endlessly changing and evolving, for example:

  • Industry regulations updates, everything from ethical conduct to sustainability.
  • Advances in technology, ultimately benefiting customers.
  • Security of data remains imperative. Safe systems are necessary to ensure customer trust.
  • Social implications, e.g. rising customer expectations and the ascendency of digital natives.

Knowledge management in the financial services sector is a necessity. Organizations that want to rise above the competition and meet customers’ expectations must consider how to effectively integrate knowledge management systems [KMS] and strategies within their company. With the right solution in place, financial services organizations can meet the needs of their customers now and well into the future.

Below are a few challenging areas for financial services companies, where an effective KMS can make a real difference.

Meeting customer expectations

When customer service agents aren’t able to find the information they need, they not only frustrate the customer currently on the line, but they also create longer wait times for others in the call queue. A central knowledge management system supported by intelligent search ensures that all employees have access to the same information [for example; product features, benefits, and comparisons], so they can then provide consistent answers to customers.

Customers are increasingly expecting an omnichannel experience from financial services companies. Organizations need to create a consistent brand experience, on whatever channel the customer wants to interact on e.g. in person, online assistant, text message or social media. Gartner says by 2023, more than 60% of all customer service engagements will be delivered via digital and web self-serve channels, up from 23% in 2019. With a comprehensive knowledge management system like Knowledge IQ, you can ensure that you offer an omnichannel experience, no matter how a customer interacts with you.

Security and protection

Gone are the days emailing a shared document as an attachment. Now sharing is done by secure links to files and allowing access via permissions. Financial companies want to be confident that their information is secure and protected from cyber threats. Enterprise KMS platforms like Knowledge IQ allow for robust group and permission capabilities; the ability to categorize content, articles and even singular elements within a given article can be restricted to certain user groups. This allows for multiple users (agents, customers, employees etc.) to access the same article but only view the content they have the permissions to see. This capability is enabled by Single Sign-On (SSO) and other authentication technology that allows organizations to serve the right content to the right people.  

Manage regulatory compliance

Most financial services industries are impacted by regular regulatory data updates and therefore team members must be able to communicate and distribute this information. These regulations are forever changing. If staff aren’t aware of regulatory changes, they may distribute incorrect information and end up putting the company at risk.

With a knowledge management system like Knowledge IQ, you can ensure that a single version of the truth’ is stored centrally and customers receive updates about regulatory changes, understand the reasons and potential impact.

Knowledge stored in the cloud

More and more businesses are turning to the cloud as a way to compete and stay relevant and futureproof. Cloud computing is moving to the forefront as a focus for the CIO, C-suite executives, and board members.

Your KMS will probably be a large-scale application, embodying the features and functions necessary for delivering the right response at the right time through the right channel. The only reasonable method that can operate at such a scale is the cloud, where barriers which previously hindered customer interactions by channel are removed. Cloud computing is the key to delivering the agility and efficiency required to maintain contact with the customer.

As the financial industry undergoes continuous change changes institutions need to be agile and competitive to ensure they continue to meet the needs of their customers; provide consistent and precise answers, build unified information delivery, and manage real-time update of regulatory data.

By implementing a comprehensive knowledge management system, financial organizations can improve customer relationships and ultimately gain a competitive advantage.

KnowledgeIQ supports financial businesses, to achieve growth and profitability through innovative tools that connect people and customers to consistent and secure content.

Want to find out more on how KnowledgeIQ can help you bring together and retain your organizations knowledge. Request a discussion with of our experienced team members today or download or brochure for more information.

Article written by Toby Milner

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