FI Connect intranet solution increases automation and collaboration
Lincoln Savings Bank
CASE STUDY |
Lincoln Savings Bank (LSB) is a full-service institution with 16 banking locations in Iowa, as well as multiple mortgage, insurance and real estate locations. Founded in 1902, LSB has experienced sustained growth, currently totaling $630 million in assets.
LSB operated with an older intranet solution, with differing levels of adoption across departments, with some choosing to use local or shared network drives. The platform was very complex and difficult to navigate to necessary content. With increased compliance demands, the institution required appropriate document management and accountability for users and employees to ensure they read and understood new policies.
The bank also had a need for increased vendor management and onboarding capabilities. Implementing uniform processes for individuals to submit new vendors, and managing due diligence requirements was important for continued growth. LSB desired a comprehensive central repository with version control and vendor management capabilities to maintain its key policy and process documents.
RSM was chosen to implement the FI Connect® intranet solution for LSB, based on a successful existing relationship with the bank and the platform’s proven track record in streamlining processes at other institutions. The RSM team met with LSB leadership and internal stakeholders to understand their unique needs and requirements.
Based on those discussions, a design document was developed. A requirements document was also built after evaluating the bank’s existing intranet solution and current paper forms, and conducting interviews about business processes and work flows. From those two documents, the elements of the solution were determined. Bank personnel validated that requirements were accurate, and RSM began building specific components of the site.
The team used the FI Connect template as a launch pad, customizing the solution for LSB’s specific needs. After detailed discussions with bank personnel, LSB’s platform focused on enterprise content management for operations, lending, deposits, trusts, human resources, marketing, IT, compliance and internal audit.
"The FI Connect platform has dramatically increased our capabilities to manage and share information within our bank." -Erik Skovgard, President, LSB Financial
RSM worked with LSB leadership to develop a vision and a process to automate key work flows. For example, the employee review process is now automated, with employees submitting goals and managers viewing and tracking milestones as the year progresses. FI Connect enabled many paper-based processes, in almost every facet of bank operations, to be streamlined with automated work flows through SharePoint.
The team worked with internal audit and compliance personnel to develop new, defined vendor management processes. Sophisticated vendor onboarding work flows were designed and implemented with multiple levels of approvals and documentation. Prior to the FI Connect implementation, keeping track of the bank’s volume of contracts was difficult, as opportunities and deadlines were sometimes missed. Now, the system alerts the bank when issues occur or renewal proceedings should begin. New work flows help ensure that LSB can qualify its vendors appropriately as well as manage the risk assessment process, ongoing documentation and due diligence requirements.
The banking-specific FI Connect platform has enabled effective collaboration throughout LSB’s organization, allowing for document management, version control and increased user access to current policies. The comprehensive solution has eased regulatory compliance concerns, as with fluid demands, all bank personnel must have access to up-to-date documentation.
FI Connect has engaged bank employees from the top down, a critical success factor for LSB. Rather than employing a variety of document management solutions within specific departments, users are now utilizing one platform, allowing for consistent processes and documentation, and more control over information.
Other benefits of RSM’s FI Connect implementation included:
- Increased work flow automation, establishing defined processes, assigning tasks and managing deadlines
- Intuitive content management, organizing information in an easy-to-find manner by department and functional area
- Improved vendor management capabilities, including defined onboarding processes and requirements and the ability to manage contract statuses
- Business plan management capabilities, sending reminders to departments to update policies when necessary
- Version control processes to ensure the most recent documents are available and identifiable, with a historical record of updates
They said it
“The FI Connect platform has dramatically increased our capabilities to manage and share information within our bank. RSM customized the solution to fit our specific needs, automating several processes that were problematic in the past and strengthening our compliance processes.”
Erik Skovgard, President, LSB Financial