The novel coronavirus pandemic is reshaping our lives. Whether it is about shopping or banking, there is a thrust towards everything online. The future of banking will focus heavily on bringing a digital transformation.
Many consumers will desire autonomous banking processes that will help them save time. Similarly, there will be a segment of consumers that would want personal services through a high level of involvement. What it means is it is more important than ever for banks to remain highly adaptive to meet the changing needs of customers.
This is the story of a traditional bank that partnered with FlatworldEDGE for their digital transformation needs. They are a retail and commercial bank that is a part of a private banking group. The growing competition from the FinTech companies meant that opting for digital transformation was not an option but a necessity for them.
Their IT infrastructure was a combination of on-premises software, cloud systems, and managed services. So they wanted to build a system that would collate information from disparate systems to handle customer queries with ease. In case of any issues, the system should also flag them and propose remedial measures.
They were also wary of the compliances and regulatory requirements that are such a vital aspect of banking services. Ensuring top-notch service without compromising on the safety aspect of data was their aim. Keeping this in mind, we helped them adopt ServiceNow cloud services for bringing the digital transformation.
| A Swiss insurance provider could replace 20+ systems by simply using the ServiceNow platform. |
How ServiceNow Helped The Bank Solve Their Existing Problems?
The bank tied up with FlatworldEDGE to use ServiceNow as the primary service platform. The ServiceNow platform uses machine learning algorithms to streamline workflows and processes. All of this happens while adhering to the ITIL (Information Technology Infrastructure Library) guidelines.
Their team could take care of incident and problem management right from the ServiceNow platform. They did not have to rely on emails or spreadsheets to resolve issues. The data centers of ServiceNow meant they could expand their service offerings to meet the growing customer requirements without worrying about compliances and regulations.
The platform offers tools to manage customer requests and incidents through comprehensive workflows. Users working on these requests can collaborate and resolve them by working on a unified cloud platform.
Also Read: Six Benefits of ServiceNow You Need To Know To Skyrocket Your Business
They chose the technology partner for ServiceNow connected operations based on our demonstrated experience of bringing digital transformations at other similar institutions. Our wide-ranging expertise with ServiceNow finance operations management positioned them well to meet their specific requirements. One of their primary requirements was to improve and speed up service delivery through cloud-based IT enhancements.
The pace at which a financial institution today delivers its services has become vital. They realized that the best way forward is to automate traditional processes that can keep them behind. The specific benefits of automation were for their customer-facing and back-office teams.
We began with the deployment of the ServiceNow platform to connect it to their supplier ecosystems. The ecosystem collates information from various sources to help us make informed and data-driven decisions. It ultimately helped them in providing seamless services to their customers.
In order to speed up implementation, we leveraged special configurations. These configurations sped up the process by almost half across various customer situations. We have many such configurations that have stood the test of time by performing well in different industries.
| A Dutch bank simplified its IT system and opted for automation by investing €200m for two years. They expected a savings of €270m per year from the third year. |
How We Helped the Bank Transform Their Operations?
The implementation of ServiceNow in their banking operations has enabled them to get a stable cloud-based platform that works 24×7 for their customers. It has helped them create a perception in the minds of their customers that they are always available for them. The improved capacity is also helping them in boosting their productivity.
Their employees today can handle a large volume of transactions. The new platform is a result of automating hundreds of workflows and processes. Related processes in the new system are helping them make informed decisions and plan their future course of action better. Even during the current Covid-19 crisis, they can service their customers without any disruptions.
They have managed to automate several processes that often take weeks to complete. Automation is helping their teams execute tasks faster and allowing them to spend their time wisely on other essential duties. The integration of ServiceNow is also allowing their team to understand the business impact of issues that can crop up at any time. An integrated system is also allowing for a faster resolution of customer queries.
As they move forward, they will continue working with us to leverage the power of automation. They are looking to automate several processes related to asset management, risk and compliance, and operational resilience. With security as one of the vital aspects of the integration, they are confident that the ServiceNow platform will offer options to overcome breaches and vulnerabilities.
For a financial institution like a bank, operational resilience remains a problematic area. Risks related to data security, cyber threats, and other third-party issues are of grave concern. To tackle this problem, they are also looking to leverage the power of Robotic Process Automation (RPA). The tool can automate processes to improve their efficiency, prevent errors, and detect potential frauds.
With ServiceNow Banking at the center of their operations now, they feel they are well placed to enjoy the benefits of digital transformation. The operational infrastructure is more resilient than ever to manage issues as and when they happen.
Other Sectors Where ServiceNow Can Be Used to Transform Operations
ServiceNow industry solutions can be applied across diverse industries cutting across domains. These include:
- Education: ServiceNow connects departments in institutions with students and enhances communication and collaboration between them. It enhances experiences and boosts productivity levels.
- Energy and utilities: Technicians are better prepared to deliver quick and accurate results and resolutions with ServiceNow. Through connected operations, the value of the grid improves too. It enhances the experiences of both customers and employees.
- Government: Operations across departments are streamlined, citizens are engaged and empowered. ServiceNow simplifies processes and increases efficiency without compromising on security.
- Healthcare: ServiceNow ensures that everyone gets adequate access to healthcare. By integrating systems and enhancing communication, life sciences are improved. Outcomes are improved with innovative solutions, thus saving plenty of lives. Not only does this boost staff productivity, but data is also secured, and IT is modernized.
- Logistics: Logistics involves cumbersome processes such as making phone calls giving customers real-time insights and transparency regarding their shipments. With ServiceNow, businesses in the logistics industry can improve customer service by keeping them updated about delays or any other issues in real-time. Teamwork becomes more effective when customer queries are segregated and forwarded to relevant channels.
- Retail: The retail industry is highly volatile. It is also prone to disruptions in logistics that cannot foresee. ServiceNow finance operations management assists retail businesses in connecting information effectively. It helps in solving these issues while streamlining operations, thus, providing customers with a personalized and pleasant shopping experience.
- Service providers: ServiceNow is dedicated to providing simple solutions to businesses to assist their customers effortlessly. ServiceNow provides asset management facilities that protect software investments and reduce risks by providing high security.
- Telecommunications: Through ServiceNow digital transformation, businesses have evolved. ServiceNow provides businesses with frictionless services to keep the processes running smoothly. By reducing costs and elevating the service level in operations, loyalty increases, and the customer experience improves.
Who We Are and What Makes Us a Preferred ServiceNow Partner?
FlatworldEDGE is a leading ServiceNow partner that strives to help you promote innovation and improve productivity of your employees. We make this possible by leveraging the ServiceNow platform to refined processes and improved workflows. If you are into the financial sector, we will help you leverage the financial services solution of ServiceNow and blend it with our expertise to accelerate the process of digitization at your financial institution.
Interested in knowing more details about ServiceNow from our experts? Contact us today, and we will be happy to assist you.
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