Digital transformation for Finance Industry – Preparing for the future

Digital transformation has created an overwhelming buzz since the coronavirus (COVID-19) outbreak. In today’s competitive world, digital transformation in the finance sector is critical. Fintech has emerged as the most effective financing channel in this scenario, revolutionising traditional banking and the end-to-end customer journey.

Fintech, or financial technology, has opened up a slew of possibilities for tapping into a vast database of customers, allowing for a solid digital foundation. By digitising company activities, businesses can improve production capacity, resource management, and worker efficiency. It also improves the consumer experience by gaining more detailed behavioural data and introducing a new degree of transparency. For any company, including the financial sector, sticking to outdated analogue systems and manual practices is no longer an option. As a result, digitization must be adopted in order to boost efficiency and competitive attractiveness. Financial services firms are naturally concerned about the risks of information security breaches and the possibility for financial data confidentiality, integrity, and availability to be jeopardised. Financial Services firms are under increasing demand from authorities and customers to provide secure, available, and scalable services in today’s connected digital environment. To maintain a competitive edge, all of this must be accomplished at a low cost, which has resulted in a tremendous increase in cloud adoption to assist the supply of core services.

ServiceNow in Finance Industry

The ServiceNow Platform for Financial Services is a highly flexible, scalable, and dependable cloud-based solution that can be used to deliver services to big groups of people across multiple locations and operating platforms. The system’s core elements are security and reliability. It also has a Financial Services section, which aligns the company’s risk, security, and compliance approach with the industry’s. ServiceNow goes to great lengths to guarantee that the service meets the rigorous security standards demanded by clients. The Security and Legal teams collaborate to ensure that we have the necessary certifications and attestations in place to comply with strict requirements around the world.

ServiceNow for Financial Services offers a single, unified platform that is dependable and capable of supporting millions of users around the world. It manages all cloud infrastructure outside of physical data centers and adheres to the highest operating standards, as seen by our numerous certifications and attestations.

Why should Financial Services Company choose ServiceNow?

  • Advanced High Availability – ServiceNow’s cloud-based solution is based on a worldwide network of data center sites that can support significant demand centers. It has no single point of failure and is designed for great reliability and scalability. Each data center in the same region is partnered with another, with each able to fully handle the workload of the other if necessary. This, together with the multi-instance architecture, has demonstrated to provide industry-leading availability.
  • Multi-instance Architecture – The Multi-Instance Architecture of ServiceNow means that services are run on shared physical infrastructures such as routers and servers, but with logically isolated software ‘instances’ that include an application node and a database server. Each customer’s instance is assigned to them alone for their use. In order to ensure high availability, instances are configured in redundant pairs, with each node located in its own DC. Data is continuously replicated between instance pairs, which operate in an active/standby mode. When required, such as for maintenance and upgrades, or in the event of a breakdown, any node can be turned active in a seamless manner. Because the switching procedure is quick and totally automated, there is no downtime.
    • Business Continuity Planning – The internal corporate environment and the separate, separated customer cloud service are both covered by ServiceNow Business Continuity and Disaster Recovery planning. The service provision of Customer instances from the cloud DCs would not be affected if the corporate network went down. Customer reports are available, and plans are completely recorded and tested annually as required for compliance.
    • Transparency in Performance and Reliability – ServiceNow for Financial Services offers industry-leading Service Level Agreements and unambiguous service availability metrics. These qualities are combined with a dedication to Customer Success and exceptional Customer Support—ServiceNow takes any technical issues that clients may encounter seriously and attempts to handle them as fast and effectively as possible.
    • Universal Access – People require the ability to work from any location, not just an office desk. The Now platform includes native iOS and Android mobile apps, allowing users to securely access services from nearly any device. This helps to avoid bottlenecks and delays and is especially beneficial for stakeholders who need to monitor service operations, manage issues, and submit approvals. Mobile users are subject to the same access constraints as regular users in ServiceNow’s mobile apps, which include strong authentication. It protects all data in transit, and no customer data is retained on the mobile device by default.
    • Customer Flexibility – Customers retain ownership of any data they save on the Now Platform and can access it at any time for archival or secondary storage if necessary.

With appropriate rules, controls, and processes in place, the Now Platform is designed and run with security and resilience as a top concern. ServiceNow has a number of certifications and attestations, and the Now Platform has plenty of controls and features to meet customer security needs.

ServiceNow and DxSherpa’s commitment to Financial Services is reflected in the unique products and solutions available on a single enterprise platform. Financial Services Operations reduces the complexity and cost of offering excellent differentiated services by removing legacy system fragmentation that causes friction in customer interactions.ServiceNow has a long history of serving financial services customers, who benefit from the platform’s strength and flexibility, as well as the assurance of working with dependable and scalable service.

Author,
Ishita Kumar