Operational excellence in financial services

How digital workflows help boost productivity, reduce costs, and build customer loyalty

Combining technical flexibility, operational resilience, and regulatory compliance is tough in the financial sector. It’s been made even harder by the COVID-19 crisis, which has spurred companies to prioritise employee safety and the bottom line.

Given all these challenges, it’s vital that financial services firms automate operations and enhance customer experiences through digital transformation. ServiceNow works hand-in-hand with financial services organisations to make that transformation happen now.

That’s why I’m delighted that we’ve launched a new suite of products, designed specifically for the financial services sector. Built on the Now Platform, the Financial Services Operations product suite extends our established customer service capabilities in a way that’s specific to financial institutions.

[Read also: Why banks need stronger digital foundations]

These new capabilities showcase the power of the Now Platform to address the host of challenges facing financial services organisations.

Purpose-built solutions for real-world challenges

Financial Services Operations will help companies maximise employee productivity, significantly reduce operating and compliance costs, and strengthen customer loyalty.

Importantly, this is not an ‘install and forget’ product. Rather, Financial Services Operations delivers a new platform for the financial services industry, one that will support the creation of a host of new solutions and applications that meet the specific needs of financial institutions.

The new applications in the Financial Services Operations suite use digital workflows to ensure customer-driven processes are made as straightforward, simple, and streamlined as they possibly can be. The initial focus is on banking operations.

For example, the new Card Operations application is designed to streamline common customer enquiries such as credit-limit increases, while the new Payment Operations application digitises payment enquiries.

These applications target critical aspects of banking that are also common headaches. Solutions to these problems can now be quickly and easily developed by partners and customers alike.

More to come

This is just the start. The new apps are now available on early release.Full availability will come with the Paris release of the Now Platform later this year. Beyond that we will continue to develop our offering, with a quarterly cadence of solution releases within the financial services product suite.

Close collaboration with our ServiceNow partner ecosystem is an important part of our strategy to accelerate the development of further solutions. Deloitte is the strategic go-to-market partner involved in the initial rollout of these banking solutions built on the Now Platform, including a unique Complaints Management application.

We also plan to extend the capabilities of the financial services products beyond retail banking to address challenges across the financial services sector, including wealth management, investment banking, and insurance institutions.

Ultimately, this is about realizing our vision to connect the entire financial institution with one platform. We want to help organisations move decisively away from the fragmented experience of using different software tools for each part of the business and, in doing so, make their world of work, work better.