1. High Number of Manual Processes – Financial Industry is largely dependent on manual process. So many manual processes slow down the process, increasing execution time and inefficiencies.
2. Regulatory and Compliance Rules – Being most impactful industry for any economy, Financial Industry is strictly regulated and must be compliant to many rules. Failing to which can lead to many issues.
3. Back Office Inefficiencies – Banking System has worked on paper and manual processes for a very long time which has held back to its growth. Huge customer Information is collected on paper forms which needs to be entered in systems increasing manual work.
4. Multiple Outdated legacy systems – The early adoption of technology in Banks and financial institutions has now left them with legacy systems which do not integrate with new systems. ServiceNow can integrate systems irrespective of their compatibility enabling information accessible between systems.