In this globalized digital environment, Digital transformation is crucial for the financial services industry. The financial space is constantly hindered by regulatory concerns, demand for personalized user journeys, on-demand services, competitive FinTech companies, and so on. To survive in this digitally empowered business environment, ServiceNow can be key for financial institutions to streamline their workflows and drive efficiencies.
Here are the ways ServiceNow solves the digitalization challenges of the financial services industry.
Most financial services companies believe a myth that deploying a CRM ends all customer service problems. CRM tools are good for recording and tracking customer communication and makes sure customer data is easily available across the enterprise. But customer interests are more dynamic than that and CRM tools don't ensure real-time connectivity or engagement, which is the key to generating better customer experiences.
No two customers or their requests are the same. In the era of consumerizing service delivery processes, service-as-a-economy is driving the modern IT revolution. ServiceNow CSM analyzes customer and financial service trends and can aid in locating common issues that should be automated.
As small as a 5% increase in customer retention can lead to an increase in profits between 25-95%”.
The ServiceNow’s capability to automate service requests and integrate with various channels like chatbot, mobile app, voice assistant, portal and so on, provides a greater scope for customers to reach out through their channel of choice.
If a customer requests demands policy or claim related information that requires extracting information from various departments, the ServiceNow CSM conducts a cross-company investigation by coordinating with respective departments, traces the root cause of the problem, and derives the solution. The customer doesn't need to worry about the routing process, ServiceNow CSM quickly routes the issue to the appropriate expert and finds the solution.
This way ServiceNow streamlines and personalizes the service management process of finance organizations, while delivering tailored service experiences. This further increases the business capacities to offer more consumerization in the service delivery process.
45 percent of respondents reported one or more data breaches in the last two years the average cost of a data breach globally is $3.86 Million.”
- Ponemon Survey, 2018
Financial services find cyberattacks as the biggest roadblock in their digital transformation journey. Hackers are outperforming security teams and launching cyber attacks and data breaches using advanced AI and ML algorithms. If the hacker leaks customer credit card data or any insurance policy-related information, the public uproar would be immense. In these cases, financial services companies face intense federal agency scrutiny, as consumer financial data is conceded. This is purely due to a lack of a culture of security and risk management within the organization.
ServiceNow comes with full a proof security stack and strong encryption that help financial service companies detect and patch vulnerabilities in the system so they will stay hack proof. Powered by an AI module known as Agent intelligence, the risk occurrence is found early the vulnerabilities are quickly fixed. This helps the organizations counter and manage risks in advance.
Data is key to to all businesses included financial institutions but it is estimated that financial companies use only 0.5 percent of data to extract intelligence out of huge data chunks. This is due to a lack of structured mechanisms to store data in a more organized way, which is key to generate data analytics. This was confirmed by the Big Decisions survey conducted by PwC: "Internal data and analytics will drive their next big decision”.
The ServiceNow enterprise system measures data proximity to integrate all data sources to ensure data agility and receptiveness. This predictive intelligence capability enables the Now platform to study user interactions and develop a behavioral map of users and cater content that interests them.
The ServiceNow performance analytics (PA) module decentralizes data silos and makes the data easily accessible to authorized team members. Thus resulting in transforming the data strategy to be completely agile. This eases the process of identifying and positioning key data components that must be evaluated across all projects. Performance analytics dashboards provide flexibility in choosing which data points to monitor.
ServiceNow PA brings the true power of real-time data and analytics to stakeholders to provide actionable insights for improved real-time decisions that align with the business goals. Also, the extensive analytics of PA allows business leaders to plan, measure, evaluate, and restructure KPIs. Based on this data, business leaders gain better visibility of overall commitments. Accordingly, management can re-strategize their efforts to meet their goals.
GRC is a multiple and inter-reliant application that is aimed to strategically manage the regulatory requirements across the enterprise to ensure better scaling of business processes to drive business efficiencies. It helps to assess the right assets, manage policies, identify risks, create controls, and conduct audits. The enterprise GRC working model is a group of silos working and thinking and are structurally independent.
Often the regulatory and compliance policies vary for each country. So, financial institutions find it difficult to keep up while ensuring their efforts are aligned with business goals.
“ServiceNow GRC enables not only compliance experts to be more effective and well-organized, but it is playing a significant role in helping business leaders speed up and make improved strategic decisions with instant detailed views on risk and compliance activities.”
ServiceNow GRC module is a robust framework that automates the process among intra and inter-business groups, by keeping dependencies in mind and creating better management of workflows vs time. It enables financial institutions to modernize their legacy methods of managing corporate governance, risk, and compliance. The significance of ServiceNow GRC is it brings all the governance, risk, and compliance management activities together in one place through a dashboard, thereby providing enterprises true visibility in GRC management.