The financial services industry is facing an unprecedented level of challenges in today’s globalized digital environment. The competition from FinTech companies is fierce, and regulatory complexities are adding to the already high demand for personalized user journeys and on-demand services. To stay afloat in this highly competitive space, financial institutions need to work smarter, not harder. This is where ServiceNow can make a real difference by automating workflows and driving efficiencies. By embracing digital transformation, financial services companies can stay ahead of the game and focus on meeting the evolving needs of their customers. 

How ServiceNow Streamlines the Financial Service Industry 

Here are the ways ServiceNow solves the digitalization challenges of the financial services industry. 

1. Increasing Business Value with Better Customer Experiences  

Financial services companies need to wake up to the fact that deploying a CRM is not the silver bullet to all customer service problems. While these tools are useful for recording and tracking communication with customers and making their data easily accessible, they fall short when it comes to truly engaging with customers in real time. A successful customer service strategy should be more dynamic, responsive, and able to adapt to customers’ changing interests in order to generate stronger experiences. As the service-driven economy continues to evolve, companies are using advanced analytics to analyze trends in customer and financial service inquiries, helping to identify common issues that can be automated to improve both their internal operation and their customers’ experience simultaneously. 

Introducing ServiceNow – the ultimate solution to all your customer service woes. Say goodbye to the tedium of manual service requests, and welcome automation with open arms. With ServiceNow’s cutting-edge technology, it’s never been easier for customers to reach out through their preferred channel – whether it’s chatting with a friendly chatbot, using a mobile app, speaking to a voice assistant, or accessing a portal. 

But ServiceNow is more than just convenient. It’s smart too. If you’re looking for specific policy or claim-related information that’s scattered across various departments, ServiceNow’s CSM will do the hard work for you. By conducting a concerted investigation, the CSM will trace the root cause of the problem and find an efficient solution. And with ServiceNow’s advanced routing system, the issue will be quickly passed to the right expert, leaving you free to get on with your day. Say hello to the future of customer service – say hello to ServiceNow. 

2. Develop a Culture of Security  

ServiceNow is revolutionizing the service management processes of finance organizations by offering tailored experiences to their customers. However, the digital transformation journey for financial services still faces major roadblocks such as cyberattacks. Hackers are leveraging advanced algorithms to launch cyberattacks and data breaches, making it hard for security teams to keep up. In the case of leaked customer data or insurance information, the consequences could be catastrophic, from an angry public to intense scrutiny from federal agencies. This makes it clear that cybersecurity must be a top priority for financial organizations. 

Improve the security posture of your financial service organization using ServiceNow’s cutting-edge security stack and robust encryption. By leveraging AI-powered Agent Intelligence, our platform can detect and address vulnerabilities before any damage is done. Say goodbye to reactive risk management and hello to proactive risk mitigation.  

3. Better Financial Data Management 

Data is the lifeblood of businesses. However, it’s estimated that financial institutions only use 0.5 percent of their data to extract intelligence. Why? Because there’s a lack of structured mechanisms for organizing data, which is key to generating analytics. PwC’s recent Big Decisions survey confirmed that internal data and analytics will drive the next big decisions in finance. Fortunately, ServiceNow has an enterprise system that measures data proximity and allows for easy integration of all data sources, resulting in greater data agility and receptiveness. With predictive intelligence, the platform can study user interactions and create a behavioral map to tailor content to individual interests. Imagine the potential benefits financial companies can reap by unlocking the full potential of their data. 

Enter ServiceNow performance analytics (PA) – breaking down data silos and putting the power of real-time data analysis into the hands of authorized team members. No longer will key data components be hidden away in silos – this tool provides a complete overview, meaning better insights and improved real-time decisions that align with business goals. With the flexibility to choose which data points to monitor, PA delivers better visibility and helps leaders make informed commitments, and ultimately drives success. 

4. Enhancing Employee Service Delivery in the Financial Services Industry 

The financial services industry is highly complex and demanding, requiring a specialized pool of talent who can navigate its intricacies, speak its language and comply with its regulations. As the competition among digital-first companies intensifies, attracting and retaining this highly coveted human capital has become a top priority for FSIs. To achieve sustainable growth in this competitive landscape, financial institutions must empower their employees with the tools and support they need, to deliver superior service and customer value at every touchpoint. By streamlining complex administrative processes, simplifying workflows, and fostering a culture of engagement, FSIs can maximize employee potential and deliver exceptional experiences that drive growth and loyalty. 

5. Robust Governance, Risk, and Compliance (GRC) 

Global business landscapes are rife with diverse regulatory requirements that can create a compliance nightmare for financial institutions. In these situations, ensuring your efforts are aligned with your enterprise’s business goals whilst also meeting compliance can be tricky. That’s where enterprise governance, risk, and compliance (GRC) come in – this powerful suite of applications takes a strategic approach to managing regulatory requirements and ensuring business process efficiency. 

GRC helps you to assess the right assets, manage policies, identify risks, create controls, and conduct audits. With its inter-reliant and multi-dimensional features, GRC can help streamline and optimize your compliance efforts. 

The GRC working model provides a group of silos with the necessary tools and resources to think and work independently, while ensuring they comply with diverse policies across multiple countries. By leveraging GRC’s robust suite of applications, you can transform your approach to risk management and compliance, empowering your business to succeed and thrive. 

The ServiceNow GRC module – This game-changing software provides a robust framework that streamlines the process between intra and inter-business groups. ServiceNow GRC ensures dependencies are considered and workflows are managed effectively, giving financial institutions the flexibility to modernize their outdated methods of managing corporate governance, risk, and compliance. 

So why is ServiceNow GRC so significant? It brings all the governance, risk, and compliance management activities together in one easy-to-use dashboard. No more juggling multiple systems and spreadsheets! Enterprises can now gain true visibility in GRC management, ultimately leading to better decision-making and higher levels of compliance. Say goodbye to the headache of GRC and hello to a future of effective governance with ServiceNow GRC. 

How Mergen IT Can Help Finance Services companies? 

 In the highly competitive world of financial services, companies need the edge that will set them apart and ensure long-term success. Mergen IT is one such company, redefining the future through its integrated approach that provides employees and customers with world-class experiences. At Mergen IT, we understand that every client is unique and requires a specialized approach to streamline workflows, drive productivity, and increase brand equity.  

With our team of ServiceNow experts, Mergen IT can help companies in the financial services industry reach new heights and set themselves apart from the competition. By adopting an enterprise approach, companies can stay ahead of the curve and deliver better customer experiences than ever before. If you’re looking for a partner to help guide you toward growth and innovation, look no further than Mergen IT. Contact us today to learn more about how we can help you achieve your goals.