How ServiceNow Makes the Financial Services Industry More Efficient
Digital transformation is critical for the financial services business in today’s worldwide digital economy. The financial sector is continuously hampered by regulatory concerns, consumer desire for individualized user journeys, on-demand services, competing FinTech firms, and so on. To thrive in this digitally enabled business climate, financial institutions can rely on ServiceNow to streamline procedures and generate efficiency.
How ServiceNow Makes the Financial Services Industry More Efficient
ServiceNow solves the digitalization challenges of the financial services industry in the following ways:
Better Customer Experiences, Better Business Value:
Most financial services firms accept the fallacy that using a CRM solves all customer service issues. CRM systems are useful for collecting and tracking customer communications, as well as ensuring that client data is easily accessible throughout the company. Customer interests, however, are more dynamic, and CRM technologies do not assure real-time connectivity or interaction, which is essential for creating superior customer experiences. There are no two consumers or their requirements alike. The present IT revolution is being driven by the service-as-a-economy in an era of consumerizing service delivery procedures. ServiceNow CSM (https://www.dxsherpa.com/servicenow-customer-service-management-csm/) examines customer and financial service patterns and can help identify typical problems that should be automated.
A 5% increase in customer retention can lead to an 25% increase in profits
The flexibility of ServiceNow to automate service requests and interact with numerous channels like chatbots, mobile apps, voice assistants, portals, and so on expands the options for consumers to reach out through their preferred channel.
If a customer requests policy or claim-related information that necessitates information extraction from multiple departments, the ServiceNow CSM conducts a cross-company investigation by coordinating with the appropriate departments, tracing the root cause of the problem, and determining a solution. The client does not have to be concerned about the routing procedure since ServiceNow CSM immediately routes the issue to the relevant expert and provides a solution.
ServiceNow simplifies and personalizes the service management process of financial firms in this way, giving personalized service experiences. This boosts the company’s ability to offer greater consumerization in the service delivery process.
The Culture of Security
A 45% increase in data breaches in the last 2 years
The average cost of a data breach globally is $3.86 Million. Cyber-attacks are the most significant impediment to financial services’ digital transformation path. Hackers are beating security professionals and employing powerful AI and ML algorithms to execute cyber assaults and data breaches. The public outcry would be enormous if the hacker leaked consumer credit card details or any insurance policy-related information. As customer financial data is admitted in these cases, financial services corporations face significant federal government scrutiny. This is entirely attributable to the organization’s absence of a security and risk management culture.
ServiceNow SecOps includes a full-proof security stack and robust encryption to assist financial service firms in detecting and patching weaknesses in the system, allowing them to remain hack-proof. The risk occurrence is detected early and the weaknesses are promptly rectified, thanks to an AI module called Agent intelligence. This enables firms to anticipate and control hazards.
Improved Data Management
Data is critical to all organizations, including financial institutions, yet financial firms are projected to employ barely 0.5 percent of data to extract knowledge from massive data volumes. This is due to a lack of standardized systems for storing data in a more organized manner, which is essential for producing data analytics. According to PwC’s Big Decisions report, “internal data and analytics will drive their next big decision.” The ServiceNow enterprise system evaluates data proximity to connect all data sources to maintain data agility and receptiveness, allowing the Now platform to research user interactions, construct a behavioral map of users, and customize information that interests them.
The ServiceNow performance analytics (PA) or IT Service Reporting module decentralizes data silos and makes data available to authorized team members. As a result, the data strategy has been transformed into a truly agile one. This makes it easier to identify and arrange critical data components that must be assessed across all projects. Dashboards for performance analytics provide you the freedom to choose which data points to monitor. ServiceNow empowers stakeholders with the actual power of authentic data and analytics, providing actionable insights for better real-time choices that correspond with business goals. Furthermore, PA’s broad analytics enable corporate executives to plan, assess, review, and modify KPIs. Business executives acquire a better understanding of total commitments as a result of this data. As a result, management might re-strategize their efforts to fulfill their objectives.
Governance, Risk, and Compliance (GRC)
GRC is a multi-faceted and interconnected program designed to proactively manage regulatory obligations across the firm in order to enable better scalability of business operations and achieve business efficiency. It aids in the selection of appropriate assets, the management of policies, the identification of risks, the development of controls, and the performance of audits. The enterprise GRC working paradigm is a collection of structurally distinct silos that operate and think together.
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.
The ServiceNow GRC module is a strong framework that automates processes across intra- and inter-business groups while keeping dependencies in mind and generating improved workflow management vs. time. It helps financial organizations to upgrade their historical corporate governance, risk, and compliance management systems. The relevance of ServiceNow GRC is that it centralizes all governance, risk, and compliance management processes in one location via a dashboard, giving organizations real insight into GRC management.