A solution to address information management challenges
The proliferation of regulations and other issues facing financial institutions today has led to another challenge – how to effectively and efficiently handle the explosion of information that financial institutions must deal with.
Consider the wealth of documents financial institutions must deal with. The right personnel must be appropriately educated about new regulatory demands. That means educational and training materials have to be developed, updated and disseminated. Institutions must have a record that the right people have confirmed they have read and understand that information. Policies and procedures constantly evolved and those changes have to be documented and communicated.
Information comes from outside too
The challenge doesn't end at the financial institution's walls. Expanding regulatory and risk concerns place increased emphasis on vendor management and onboarding, which adds complexity just as growth demands are increasing the number and variety of vendors that many financial institutions do business with.
A combination of enhanced risks, heightened regulation and significant strategic challenges have financial institutions' boards demanding more timely, more accurate and just more information as they exercise their fiduciary responsibilities.
Many financial institutions are finding that their current systems and practices are not adequate to address these mounting information management demands. McGladrey has helped a number of financial institutions implement FI Connect® as a solution to these challenges.
FI Connect is an Intranet solution that allows financial institutions to better manage, control and communicate information throughout the organization and with vendors, board members and other appropriate parties. It enables consistency across the branches and allows for improved collaboration and adherence to the controls necessary to maintain regulatory compliance.
Two case studies offer powerful insights into how this tool can help financial institutions.
Bank addresses a wealth of regulatory and vendor management issues
Founded in 1902 and with $630 in assets, Lincoln Savings Bank (LSB) is a full-service Iowa-based institution with 16 banking locations, multiple mortgage, real estate, insurance and other locations. LSB was using an older intranet solution that was difficult to navigate, leading to uneven implementation across the organization, with some locations or departments choosing to use local shared drives instead. Increasing regulatory demands left the bank needing a better solution to ensure the communication and compliance with emerging policies and procedures. And growth demands meant dealing with expanding vendor management concerns.
McGladrey worked with bank leadership, technology, internal audit, and others throughout the organization to tailor an FI Connect implementation that addressed the bank's current needs and positioned it for future growth. You can learn more here.
Bank uses FI Connect to improve board communications
Founded in 1882, First Newton Bank in Newton, Iowa, has seen steady growth due to its emphasis on customer service and its innovative use of new technologies. Preparing information for board meetings was a mounting challenge. Voluminous information had to be collected from various functions throughout the bank, compiled into meaningful packets and mailed to board members in time for meetings, which took considerable time and expense. It also meant board members had to deal with huge packets. In addition, having so much of the bank's sensitive information contained in paper documents created security concerns.
McGladrey worked with Newton to design an FI Connect-based board portal, which allows Newton to collect, compile and communicate board packets electronically to board members' tablets. Not only does this process save time and money, because the information is electronic and searchable, it makes the board packets easier for board members to digest. With all information on a tablet, it is also more portable for board members, who can use the tablet both outside the bank and at board meetings. The portal allows for special ad hoc communications with specific board members or functions on key issues. Also, strong security eases concerns about board information leaking outside of the bank. Learn more about Newton's FI Connect board portal here.
FI Connect offers a flexible, powerful tool for financial institutions looking to better manage their information and operations across a wide variety of issues. If your institution is struggling with any of these issues, FI Connect is worth investigating. Please contact Julie Starnes at 319.896.5421 or Julie.starnes@McGladreyus.com for more information.