ServiceNow’s Vision: Creating a More Connected, Agile Banking World

Digital transformation is the heartbeat of business operations, and ServiceNow stands out as a key player in the banking sector, driving digital transformation forward. The company’s pivotal role gained notable recognition at the Global BankTech Awards 2023, hosted by The Digital Banker, where it won the Outstanding SME Banking Technology Solution by a Vendor – Back Office award. Through its cloud-based platform and a comprehensive range of services, ServiceNow has transformed banking operations, enhancing efficiency, transparency, and reducing operational costs.

Reflecting on this achievement, Nirav Patel, Managing Director of The Digital Banker, remarked, “ServiceNow’s exceptional capability to integrate complex systems and streamline banking operations while enhancing customer and employee experiences has set them apart. Their innovative approach in leveraging AI and ML for smarter, faster solutions undoubtedly played a pivotal role in earning them this prestigious award.”

UNIFYING ORGANISATIONS THROUGH DIGITAL INNOVATION

ServiceNow’s ethos resonates deeply within the banking industry: ServiceNow makes the world work better for everyone. Its cloud-based platform and solutions help digitize and unify organisations so that they can find smarter, faster, better ways to make work flow, so employees and customers can be more connected, more innovative, and more agile, enabling us all to create the future we imagine.

“One of ServiceNow’s strengths lies in its adaptability. Banks can seamlessly adapt to business needs and improve organisational agility with a low-code, intelligent platform.”

This philosophy is particularly evident in their Financial Services Operations for Banking offering. Launched in 2020, this product is designed to meet the unique, pressing needs of banks. It focuses on delivering exceptional customer experiences, innovating at scale with a single system of action, connecting siloed processes, managing real-time risk and compliance, and accelerating value through automation and analytics.

With ServiceNow, banks can achieve an unprecedented level of work orchestration and automation. This is not just about streamlining existing processes; it’s about fundamentally transforming how banks operate. ServiceNow enables banks to quickly unite disparate teams, processes, and technologies with a single platform, maximising the value of existing systems without the need to rip and replace.

Financial Services Operations for Banking is a testament to this capability. It includes innovative features like Disputes Management, Intelligent Servicing for Fraud, and persona-based workspaces, as well as strategic integrations with Jack Henry, Socure, and Equifax to name a few. These features not only improve operational efficiency but also enhance customer experiences, a critical factor in the competitive banking sector.

ADAPTING SEAMLESSLY TO EVOLVING BUSINESS NEEDS

One of ServiceNow’s strengths lies in its adaptability. Banks can seamlessly adapt to business needs and improve organisational agility with a low-code, intelligent platform. The product’s architechure supports a range of configurations and integrations, including connections with key technology partners like Microsoft, Adobe, and DocuSign. This flexibility ensures that banks can stay ahead in a rapidly evolving digital landscape.

The platform’s functional features, such as its powerful workflow engine and banking-specific data model, enable banks to create flexible data structures tailored to their business needs. Moreover, with real-time data extraction, banks can swiftly identify and address bottlenecks and compliance issues, enhancing regulatory adherence and operational efficiency.

The impact of ServiceNow on banks extends beyond mere operational enhancements. It profoundly influences the entire customer lifecycle, from onboarding to servicing to escalations. The platform ensures consistent, secure onboarding, streamlines account processes, and provides efficient complaint and escalation management. This comprehensive approach not only saves time and costs but also builds trust and satisfaction among clients.

For employees, ServiceNow offers a unified view of operations, facilitating efficient work distribution and management oversight. The platform’s integration capabilities, like the out-of-the-box Jack Henry integration, provide employees with real-time visibility into accounts and transactions, thereby improving resolution times and customer service quality.

LOOKING AHEAD: THE FUTURE OF SERVICENOW IN BANKING

As ServiceNow continues to evolve, it promises further enhancements in its banking solutions. The roadmap for 2024 includes additional integrations, investment in disputes management and fraud, GenAI investments for case summarisation and streamlined servicing, and enhancements in digital engagement channels.

ServiceNow’s innovations in the banking sector represent a significant leap forward in digital transformation. By offering intelligent work orchestration, customizable solutions, and a focus on both customer and employee experiences, ServiceNow is not just a service provider; it’s a transformative force, shaping the future of banking in the digital age.

“The impact of ServiceNow on banks extends beyond mere operational enhancements. It profoundly influences the entire customer lifecycle, from onboarding to servicing to escalations.”

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