SilverCloud Compass
Making Your Policies and Procedures Work for You, Not Against You

Policies and procedures — they are a vital part of every bank and credit union.

Unfortunately, these documents are often hundreds of pages long and not written in a way that is quickly and easily digestible by the people who need to reference them most: front-line customer service staff. The result is thousands of lost hours of productivity and potential revenue.

However, when policies and procedures are done right, they can have a profound and long-lasting effect on a bank or credit union, helping you to provide five-star customer service, empower employees and grow revenue.

Benefits of Better Policies and Procedures
  • Improve Productivity

    In surveys with hundreds of subject matter experts (SMEs) and managers at banks and credit unions, 63% reported that they spend at least one-third of their day answering repetitive questions from front-line employees that are otherwise answered in the policies and procedures manual. Paying a high salary for a top-level manager to answer basic customer questions is not a good allocation of capital, and it’s highly inefficient. With no effective process in place for customer service staff to get fast answers to customer questions, they default to the SME or manager. Thus, productivity suffers.

    When you employ SilverCloud Compass, however, employees no longer need to rely on SMEs to answer customer questions. Instead, they can rely on SilverCloud Compass — the number one employee tool for quickly locating the accurate and up-to-date policy and procedure information they are looking for.

  • Boost Employee Confidence

    Employee turnover at banks and credit unions is exceptionally high, with an average yearly turnover of 32%. When it comes to the bottom line, high employee turnover means higher training and onboarding costs.

    One of the reasons for this high turnover is frustrated employees who can’t find the information they need to service customers, which is what they were hired to do. When front-line staff must constantly consult with managers or SMEs to get answers they should be able to locate on their own, their sense of autonomy and purpose comes into question, severely hampering their confidence, morale and drive. Exit interviews with front-line staffers revealed that their top reasons for leaving were:

    • They don’t feel like a financial expert.
    • They don’t believe they are making an impact.

    With SilverCloud Compass, employees are able to locate the policy and procedure information via the intranet, autonomously, without having to rely on SMEs. Compass empowers employees, allowing them to not just better service customers but to upsell customers as well.

  • Provide a Five-Star Customer Experience

    Finally, one of the most profound impacts of poorly delivered bank policies and procedures is the impact on the end consumer. When customers inquire about certain products either by calling the call center or walking into a branch, it is quite common that the customer service staff member lacks confidence in answering the customer’s question.

    For example, a customer is interested in opening an IRA, but the customer service member can’t find the correct procedure in the manual. So they put the customer on hold — which is on average 15 minutes — so they can ask an SME or a manager. Not only do these scenarios paint the bank in a bad light with customer service staff exuding no confidence in the products they sell, but it further frustrates customers who then have to wait on hold for 15 minutes or more.

    With SilverCloud Compass, employees are able to quickly access the information they need by simply typing their query into search. The customer does not get put on hold and the employee is able to confidently explain the product and application process, which in turn builds trust and increases the chances of a sale.

  • How Does SilverCloud Compass Work to Improve Policies and Procedures?

    When you buy SilverCloud Compass, you don’t just get a piece of software. You also get a team of banking content specialists who will work with you for the life of your contract.

    With SilverCloud, you get the best of both worlds—software that can automate, streamline, and perform regular audits, combined with a team of experts to ensure nothing gets missed. SilverCloud Compass uses the following tools to ensure policy and procedure information stays up-to-date, accurate, and accessible.

    • Banking-specific search
    • Content publishing and audit tools
    • Content feedback tools
    • Content approval workflows (so subject matter experts can work together and with compliance to get content approved and published)
    • A tight integration with the intranet and core (so employees can access what they need from one centralized location)

    Here is how it works. Each step listed below is performed during the implementation process and then on a regular basis for the length of the contract, to ensure that as changes occur, content stays up-to-date.

    Did You Know?
    One third of policies and procedures change every year —

    and that’s assuming your institution doesn’t undergo a core change. That’s why it’s so important to ensure you have an effective process for guaranteeing content stays up-to-date and consistent across channels.

    1. Inventory Content

    If your bank or CU is like the majority of banks and credit unions operating today, you have content (policy, procedure and product information) scattered across shared drives, the intranet, emails, binders, on sticky notes and on people’s hard drives. The first step in making your policies and procedures work with you, not against you, is to collect and inventory all of your documentation. When you hire SilverCloud, we deploy our team of content specialists to work with you to inventory every piece of content. This allows us to identify redundancies and eliminate outdated materials.

    2. Perform a GAP Analysis

    It is important to understand what information you have and what you need. In this step, we analyze your information for gaps to determine what critical policy and procedure information is missing.

    3. Break down content into a discreet set of bite-sized answers

    When banks and credit unions write policies and procedures, they are usually long and dense documents. And there is certainly a purpose for that. But these often arduous and complex documents do not solve employee’s needs for quick and easy to understand information. 

    When you hire SilverCloud we break this content down into bite-sized components and create an intelligent mapping system around the information. For example, you can link answers to other relevant questions that are likely to come up in a customer service discussion around a particular topic. One question should lead to another. If someone is asking about opening an IRA, an intelligent content system would show the 10 steps for opening an IRA along with other related pieces of information such as deadlines, key required documents and related promotions. 

    Similarly, content is broken down into a discreet set of answers. For example, one policy may be broken out into two, such as new account opening procedures being broken down into opening a primary account and opening a checking account. At most institutions, these procedures are often combined. But for a customer service member to quickly find the precise information they need to answer a customer query, these procedures need to be searchable as unique entities.

    4. Ensure all policy and procedure titles are accurate

    In order for “search” to be most effective, each policy and procedure needs to be accurately titled. Since search relies heavily on titles and headers, it is important that these elements clearly reflect the content that a front-line staffer may be searching for.

    5. Perform a GAP Analysis

    Consistency is key, both in information and formatting. During audits, we a ensure that all formatting elements — such as headlines, dates, fonts and overall structure — is uniform across all content. And we analyze user data that can help us further improve content for employees.

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