Most banks have plans for the Internet. Even though few derive a quantifiable profit from investing in an Internet program, inertia in this electronic era may equal eventual extinction. The Internet is one of the most ballyhooed innovations of the past couple of decades, and has spawned hundreds of new technologies for the banking industry. One of these is a practical tool that few banks have seized onto: an intranet.
Paper-based documents lie at the root of the problem. From them, stems inefficient, duplicitous work processes. These documents can multiply like weeds and impede the growth of productivity in a bank. Even if a bank wants to clear its garden, reengineering work processes can perplex the most methodical individuals. The challenge is to think differently, and avoid simply turning an inefficient process into an inefficient electronic process. For some institutions, an intranet will help untangle the jungle of document management activities carried out by their staffs.
Mike Parry, Director of Web Development at Brintech, a bank technology firm, provides an example. "Say a bank wants to redefine the way that loan documents are transferred between the branch and main office, and right now they're delivered by courier or mail. The bank could decide to electronically scan the loan application and e-mail it back and forth between offices, but that really just mirrors the same old process. Or, they could store the information in one place and have the necessary parties view and signoff on it." An intranet provides a mechanism to streamline this process.
The popularity of intranets in U.S. industry is growing steadily. An intranet is roughly a microcosm of the Internet. It functions on a browser-based platform that manages many of internal functions and work processes of an organization. The difference is access-the owner holds the key. Generally, access is limited to employees within an organization, but can be extended to vendors, clients, or anyone else authorized by the intranet's administrator. Controlling access and ensuring security become important issues, particularly for a financial institution.
An intranet precisely built can thoroughly simplify work processes and provide a repository of all internal, electronic data. It empowers employees and reduces the waste that paper-based documents create. The decision to implement an intranet requires that people in each bank department progressively rethink the way that they do business. Everyone should thoroughly review workflow processes and the trail that each document travels in the bank.
Paper-based documents lie at the root of the problem. From them, stems inefficient, duplicitous work processes. These documents can multiply like weeds and impede the growth of productivity in a bank. Even if a bank wants to clear its garden, reengineering work processes can perplex the most methodical individuals. The challenge is to think differently, and avoid simply turning an inefficient process into an inefficient electronic process. For some institutions, an intranet will help untangle the jungle of document management activities carried out by their staffs.
Mike Parry, Director of Web Development at Brintech, a bank technology firm, provides an example. "Say a bank wants to redefine the way that loan documents are transferred between the branch and main office, and right now they're delivered by courier or mail. The bank could decide to electronically scan the loan application and e-mail it back and forth between offices, but that really just mirrors the same old process. Or, they could store the information in one place and have the necessary parties view and signoff on it." An intranet provides a mechanism to streamline this process.
The popularity of intranets in U.S. industry is growing steadily. An intranet is roughly a microcosm of the Internet. It functions on a browser-based platform that manages many of internal functions and work processes of an organization. The difference is access-the owner holds the key. Generally, access is limited to employees within an organization, but can be extended to vendors, clients, or anyone else authorized by the intranet's administrator. Controlling access and ensuring security become important issues, particularly for a financial institution.
An intranet precisely built can thoroughly simplify work processes and provide a repository of all internal, electronic data. It empowers employees and reduces the waste that paper-based documents create. The decision to implement an intranet requires that people in each bank department progressively rethink the way that they do business. Everyone should thoroughly review workflow processes and the trail that each document travels in the bank.
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