The financial industry faces an uphill battle with evolving market landscapes, stricter regulations, and shifting expectations from customers. Additionally, smaller, agile Fintech startups have begun catering to the needs of previously ignored sections of consumers. In light of these challenges, digital transformation has become an absolute must, and a ServiceNow MSP can help achieve that.
A Managed Services Provider (MSP) for ServiceNow provides end-to-end IT infrastructure management and support services for companies using ServiceNow’s platform. In other words, these are third-party companies that can help financial services companies embrace digital transformation.
The ServiceNow MSP Differentiator
The growing digital economy has pressurized conventional financial services companies to provide tailored customer experiences. This demands innovation, streamlining of operations, and a keen awareness of market conditions, not to mention forecasting future needs. This is where ServiceNow’s platform can provide the edge that financial services need for responding to evolving situations. Let’s explore how an MSP ServiceNow specialist can help companies respond to current demands:
Optimized Data Management
Customer and operational data is the lifeblood of the financial services industry. The most successful ones are those that can process the wealth of data effectively. Insightful data-driven decisions impact everything from customer service to the quality of financial products. However, the larger an organization gets, the greater the volume of data it must handle. Additionally, the diverse array of services offered eventually leads to data silos, which not only impedes operational productivity, but also decision-making. As a result, many financial services companies end up using only a fraction of the data they have.
ServiceNow’s platform provides the performance analytics or IT service reporting module which helps to streamline access to existing data. This module simplifies the process of managing information and makes it easy to identify and choose the right data points. This directly results in better utilization of data in terms of analytics.
Analyzing data efficiently provides actionable insights, which in turn leads to better business results. In addition to helping to achieve business KPIs, operational data also enables companies to optimize workflows continuously for maximum productivity. The results include tailored customer experiences, improved performance, and better resource utilization.
Improved Cybersecurity
According to a report, the financial industry ranks second in terms of damages sustained due to cyberattacks. Losses incurred per cyber-incident are nearly as much as $6 million. The financial services industry handles confidential data about credit cards, bank accounts, loans, and so on. Needless to point out, this information makes it a highly coveted target for cybercriminals.
Banks and other financial institutions lose heavily in paying ransoms or restoring IT infrastructure compromised in cyberattacks. In addition to this, the loss in reputation can reduce customers’ trust in the company, resulting in untold long-term damages to credibility.
A ServiceNow MSP can implement and integrate the ServiceNow SecOps module for cutting-edge digital security. It includes a robust security stack and state-of-the-art encryption to help in detecting vulnerabilities. An AI-powered module called Agent Intelligence helps in the timely diagnosis of the entire IT infrastructure, which empowers IT teams to take the necessary measures.
Ensuring cybersecurity is a continuous battle between security measures and hackers who continue to grow increasingly cunning. A ServiceNow MSP can empower financial services providers with the coveted edge to stay one step ahead of hackers and protect their digital assets.
Enhanced Compliance Management
Financial services organizations would need to scale their operations as their clientele grows. This brings greater administrative overhead, increased need for resources, and expansion of existing operations. All of this must be carried out in compliance with regulations. Being involved in one of the most heavily regulated industries, financial services companies must manage compliance and risk as they grow.
A ServiceNow MSP can directly help financial services organizations manage compliance across all stages of growth. This is made possible by the ServiceNow GRC module. GRC stands for Governance, Risk, and Compliance. It consolidates all governance, risk, and compliance management activities in one interactive dashboard. This offers a comprehensive view of all potential risks and enables executives to scale operations in a responsible way.
ServiceNow for MSP solutions provides a robust framework to guide organizational growth that does not violate government regulations. This goes a long way in helping to ensure good corporate governance and customer protection and empowers organizations to create value for stakeholders.
Personalized Customer Experiences
Building relationships and trust with customers is the backbone of financial services companies. For people to trust someone else with their money requires trust. That can only be developed over a period of time. While a Customer Relationship Management (CRM) solution can amalgamate client data from various sources, customizing engagement remains elusive for CRM platforms.
But a ServiceNow MSP can supercharge customer engagement for the financial services industry. The ServiceNow CSM (Customer Service Management) platform can identify key areas in customer relationship operations to be automated. This provides increased flexibility for companies to respond to service requests, and for customers to reach out through multiple channels. Moreover, the platform also makes it easy for employees to collate customer information from across the organization to reply to customer requests quickly.
The ability to respond to customer service requests coming from chatbots, websites, social media handles, and other channels quickly builds trust. Trust is perhaps the biggest currency that the finance industry operates on. This is the value created by ServiceNow’s platform, delivered to companies by a seasoned ServiceNow MSP.
Conclusion: ServiceNow For MSP Helps Create Value For Stakeholders
Financial services companies taking the route of a ServiceNow MSP would not only be upgrading their technology but would also be embracing a strategic partner. Integrating the platform addresses some of the core challenges plaguing the financial services sector. Additionally, outsourcing the process eliminates the need for investing in in-house capabilities. The result is a high return on investment (ROI) that keeps growing, proving a win-win for all stakeholders involved.
Transform Your Financial Services With the Right ServiceNow MSP
Embark on a journey to innovation and efficiency with the expertise of a ServiceNow MSP. Discover how our solutions can revolutionize your business processes, enhance customer experiences, and secure your digital future. So if you’re the CIO of a financial services company, partner with FlatworldEdge to elevate your operations and usher in the next generation of customer service.
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