The financial services sector must undergo a digital transformation to be competitive in today’s digitally interconnected world. Constant obstacles such as regulatory issues, consumer demand for individualized experiences, on-demand service availability, competitive FinTech firms, and so on are slowing down progress in the financial sector. ServiceNow can be crucial for financial institutions to improve their workflows and achieve efficiencies in today’s digitally enabled business environment.
Here are some ways ServiceNow addresses the digital transformation issues in the financial sector.
Improving the Customer Experience to Grow Your Business
It is a common misconception in the financial services industry that implementing a customer relationship management system can solve all issues related to customer service. CRM software helps businesses keep track of interactions with customers and makes client information readily accessible across the organization. Real-time connectivity and engagement are key to creating superior customer experiences, but CRM technologies don’t guarantee either.
Different clients have varying needs. The current IT revolution can be traced back to the advent of the service-as-a-economy, which enables the consumerization of service delivery operations. The Customer Service Management (CSM) in ServiceNow examines patterns in customer and financial service to help identify repeatable problems that can be automated.
Customers have more options for contacting the company because of ServiceNow’s ability to automate support requests and interface with other channels, including chatbots, mobile apps, voice assistants, portals, and so on.
When a customer makes a request for policy or claim information that necessitates gathering data from many divisions, the ServiceNow CSM coordinates with those divisions to determine what went wrong, how it happened, and how to fix it. When a client reports an issue, ServiceNow CSM immediately notifies the best person to help and sends them on their way to a resolution.
ServiceNow simplifies and individualizes the service management process of finance businesses, allowing them to provide specialized support to their customers. This improves the company’s capabilities so that they can provide a more individualized service experience for their customers.
Create a Security Culture
When it comes to digital transformation, cyberattacks are the biggest obstacle for the financial services industry. To conduct cyber-attacks and data breaches, hackers are deploying increasingly sophisticated AI and ML algorithms to outsmart security professionals.
There will be a huge public outcry if the hackers disclose sensitive information such as customers’ credit card numbers or details about their insurance policies. Federal agencies scrutinize financial services firms more closely when customers disclose sensitive financial information. This is owing to the fact that there is no established norm or approach to managing risks and keeping data secure.
ServiceNow’s built-in, bulletproof security stack and high-grade encryption make it easy for financial services to locate and fix system vulnerabilities and keep their systems secure from hackers. Agent intelligence, a subsystem of artificial intelligence, helps detect risks early and patch vulnerabilities rapidly. This allows businesses to anticipate and prepare for potential threats.
Data Management Improvements
Financial institutions, like any other organization, rely heavily on data; however, it is believed that only 0.5% of data is really used to derive insights from massive data sets. This is because there aren’t enough well-defined means for storing data in a more ordered fashion, which is necessary for data analytics. Internal data and analytics will drive their next significant choice, as validated by PwC’s Big Decisions survey.
The corporate system ServiceNow uses data proximity measurements to integrate all data sources, guaranteeing data agility and receptiveness. Because of its predictive intelligence features, the ServiceNow platform can analyze user activity by building a behavioral map.
With ServiceNow’s performance analytics (PA) module, information formerly locked in silos is made available to authorized team members in a streamlined fashion. This has resulted in a truly agile data approach. This makes it much simpler to locate the critical data elements that need to be compared across projects and find their optimal placement. Dashboards for performance analytics allow users to pick and choose what metrics to track.
With ServiceNow PA, stakeholders can tap into the full potential of real-time data and analytics to gain insights that enable them to make better, more timely decisions in line with the company’s objectives. In addition, PA’s rich analytic capabilities help company executives with KPI planning, measurement, evaluation, and restructuring.
This information provides company executives with a clearer picture of their commitments as a whole. In light of this new information, management might adjust their approach to achieve their objectives.
Strong GRC (GRC)
Governance, risk, compliance (GRC) is an integrated suite of applications with the overarching goal of proactively managing the enterprise’s regulatory needs for increased business efficiency through optimized process scalability. The correct assets can be evaluated, policies managed, risks identified, controls established, and audits performed. The enterprise GRC operating model consists of a collection of functional and conceptual silos.
There is often a discrepancy between the regulations of one country and another when it comes to regulatory and compliance standards. Financial institutions have a hard time keeping up and making sure their work is in line with their overall objectives.
By taking into account dependencies and facilitating improved workflow and time management, the ServiceNow GRC module automates the process between internal and external business units. It helps banks and other financial institutions update their antiquated approaches to corporate governance, risk management, and compliance.
The value of ServiceNow GRC is that it provides companies with complete visibility into their GRC management by centralizing all governance, risk, and compliance management processes in a single dashboard.