The Myth of 'We Already Have SharePoint': Why Financial Institutions Still Struggle
By SimplifyIT | Published
"We already have SharePoint."
It's the most common answer banks and credit unions give when intranets come up. And it's true - most already have it. But here's the problem: SharePoint on its own is like buying a toolbox without a blueprint. You can build with it, but without structure, ownership, and financial-institution fit, it becomes just another messy, out-of-control file dump.
The Illusion of "Covered"
IT assumes the intranet problem is solved. Licenses are already in place. Why not use SharePoint? But staff experience tells a different story:
- Procedures scattered across different sites with no clear navigation
- Multiple versions of the "right" document floating around
- Permissions that grow out of control
- Search results clogged with outdated files
Instead of a single source of truth, SharePoint often becomes a graveyard of good intentions.
Why Financial Institutions Struggle With SharePoint
SharePoint isn't weak - it just isn't purpose-built for the compliance and governance needs of financial institutions. Banks and credit unions need:
- Compliance Tools: acknowledgments, version control, audit trails
- Individual Relevance: show the right staff the right content
- Governance: assign ownership so nothing slips through the cracks
- Everyday Usability: frontline staff don't have time to click around
Real-World Example
A teller looks up a procedure in SharePoint. They see three versions in three different libraries. Which one is right?
Rather than risk it, they call a coworker or rely on a sticky note. Compliance risk grows quietly - not because the teller didn't care, but because the system wasn't reliable.
Adoption isn't about features. It's about trust.
What a Purpose-Built Intranet Does Differently
A financial-institution intranet doesn't replace SharePoint - it fixes what SharePoint leaves undone. SimplifyIT includes:
- Version Control: only the latest document is visible
- Audit Trails: exam-ready records of changes and authors
- Acknowledgments: proof staff saw critical updates
- Role-Based Access: each branch sees what matters to them
- Instant Search: answers in seconds, not minutes