Our State of the Intranet and Future of Employee Technology report uncovers insights to guide intranet purchasing and optimization decisions for program leaders in the financial services sector. Discover current trends in AI integration, user experience, security and more to enhance employee engagement, boost productivity, and drive organizational success in an increasingly digital and regulated world.
We’ll cover why financial institutions are rapidly adopting new solutions, the surprising lag in AI integration despite its perceived value, and why user experience and security remain paramount. And we’ll provide recommendations to assist you in developing your roadmap to best-in-class intranet technology.
The race to modernize: Financial services playing catch-up
Our research shows that financial services organizations are significantly less likely than other industries to have a stable intranet. Only 37% of financial services organizations report having a stable intranet solution, compared to 42% across all industries. The sector is, however, demonstrating a strong commitment to change. During the past 12 months, 30% of financial services organizations have implemented new intranet solutions, compared to just 20% across all other industries — indicating a concerted effort to improve the employee technology experience.
This trend suggests that financial institutions are recognizing the critical role of effective intranets in enhancing operational efficiency, compliance management and employee engagement.
For those still relying on legacy systems, such as custom-built intranets that often fail to keep pace with changes in technological innovation, there’s never been a better time to embrace new technology.
Implementing a comprehensive employee experience platform that includes a robust intranet, employee communications, employee listening, enterprise search and other industry-leading capabilities can provide a competitive edge in attracting talent, streamlining operations, and fostering a more connected workforce.
Recommendation: Conduct a thorough assessment of your current intranet capabilities. If you’re among the 63% without a stable solution, prioritize the implementation of an EXM platform tailored to the unique needs of financial services.
The AI paradox: Recognized value, slow adoption
While 82% of financial services companies recognize the value of AI, comparable to the 83% across respondents surveyed in all industries, we see a notable lag in actual incorporation into their tech stacks. Only 40% of financial services organizations have incorporated AI into their intranets, compared to 46% across all industries. To put this difference in perspective, 15% more companies outside of financial services are leveraging AI. This paradox presents both a challenge and an opportunity for the sector.
The slow adoption of AI in financial services intranets might be due to concerns about data security, regulatory compliance, or the complexity of integration. However, AI has the potential to revolutionize many aspects of financial services operations — from personalized employee experiences to enhanced data analytics and risk management.
Recommendation: For existing intranet platforms without AI integration, start small. Begin by implementing AI-powered search functions or virtual assistants to improve information accessibility. As comfort with the technology grows, explore more advanced applications like predictive analytics for market trends or AI-assisted compliance monitoring.
If you’re looking to upgrade your technology, look for an EX platform with Gen AI purpose-built across the platform to deliver personalized employee experiences at scale.
User experience: A non-negotiable factor
Despite lagging in AI adoption, financial services organizations recognize that user experience is critical. Our research shows that having an outdated user experience is a major predictor of negative intranet ratings across all industries, and this holds especially true in the financial sector.
In fact, 67% of financial services organizations report that ease of use is a critical factor in their intranet’s success, compared to 70% across all industries.
Conversely, respondents with average or below-average intranets report difficulties that hinder the employee experience: 2.5x more likely to have outdated user experiences, more than 3x less likely to incorporate additional employee experience functions like employee surveys and/or recognition, and 2.6x less likely to incorporate AI functionality.
This finding underscores the critical importance of user experience in the financial services sector. A difficult-to-use intranet steals time from productivity while hampering employee satisfaction. The reverse also holds true: in the competition for top talent, offering an intuitive digital workplace can be a key differentiator.
Recommendation: Prioritize user experience in your intranet design and implementation. Conduct regular user feedback sessions and usability testing. Ensure your intranet is mobile-friendly to accommodate the increasing trend of remote and flexible work in the financial sector. Given the strong correlation between poor user experience and negative intranet ratings, investing in a user-friendly interface should be a top priority for any financial services organization looking to improve its digital workplace.
The importance of data security and compliance
The hesitation to upgrade employee technology in the financial services industry (33% plan to evaluate or build new intranet technology vs. 38% all industries) often is rooted in the fact that the industry operates under strict regulatory requirements. However, the path forward can be well defined — any digital transformation initiative must prioritize a platform with a proven track record of data security and compliance.
Our research shows that 91% of financial services organizations consider intranet security extremely important — the highest agreement rate of all the industries we studied, putting the strongest emphasis on security across all sectors, including healthcare.
A best-in-class intranet for financial services should include robust security features such as multifactor authentication, end-to-end encryption, and granular access controls. It should also facilitate compliance management by providing easy access to up-to-date regulatory information, automating compliance-related workflows, and maintaining comprehensive audit trails.
Moreover, as remote and hybrid work models become more prevalent in the financial sector, intranets must ensure secure access to sensitive information from various locations. They can help maintain the delicate balance between accessibility and security crucial in today’s distributed work environment.
Recommendation: Don’t compromise. Select an EX platform that prioritizes industry-leading security and compliance. Regularly audit your intranet’s security measures and ensure they align with the latest regulatory requirements in the financial services industry.
Get our free intranet security review checklist
The tech path forward for financial services
The financial services industry is at a critical juncture in its digital transformation journey. While the sector has been slower in adopting the most up-to-date intranet solutions, there’s a clear trend toward rapid modernization. The challenge now lies in not just implementing new technology but doing so in a way that prioritizes user experience, strategically incorporates AI, and maintains the highest standards of security and compliance.
By focusing on these key areas — modernizing intranet infrastructure, integrating purpose-built AI, prioritizing user experience, and ensuring robust security and compliance measures — financial services organizations can create digital workplaces that enhance productivity, engage employees, and ultimately drive better business outcomes.
As the industry continues to evolve, those who successfully leverage these technologies will be best positioned to thrive in an increasingly competitive, complex and regulated marketplace.
How Simpplr can help
A trusted partner to more than 1,000 leading brands, Simpplr drives employee engagement and productivity through our comprehensive employee experience platform. Leveraging AI, Simpplr delivers personalized, frictionless digital experiences, empowering employees to perform their best work from anywhere.
Request a demo today to learn more.
