Financial Services Operations Digital Transformation and Business Process Improvement is key to improve products and customer service experience. A recent McKinsey & Company found that, reengineering banking operations can lead to significant improvements in profitability and return more capital to shareholders. 1.
Banking, insurance and wealth management industry are embracing modernization to improve operations in the wake of finance sector challenges. Automation of key banking workflows can eliminate redundancies and streamline process, productivities and core banking service efficiency. 2
According to Forbes, redesigning and improving processes leads to more profit. That increased profit can be reinvested in growth—increasing the business’ capabilities, making strategic pivots into new markets or sectors, acquiring more companies, building new facilities and/or hiring more workers. 3.
In financial services, the key to operational excellence is found in advancing operational capabilities across business lines, through Digital Transformation and business process reengineering is key for operational excellence. 4
Digital Transformation is changing the way banks operate. ServiceNow offers a compelling solution for managing all aspects of digital transformation, including processes, people, and technology that enable digital transformation, with a flexible a service-oriented model to cross business capabilities 1.
When siloed systems cannot connect, it fragments the consumer experience. According to ServiceNow’s website, the platform enables cross-business digital transformation by providing a single system of record for an improved view that expands service capabilities 2.
Banking and Financial Industry Solutions with ServiceNow:
In this section, we will discuss the core capabilities and benefits of ServiceNow Financial Services Operations (FSO) that can enhance financial operations within an organization. ServiceNow has proven value as a three-time IDC FinTech Real Results Award winner helping accelerate digital transformation and automate business processes for Next Generation Payments, Treasury & Trade Transformation.
“Winning in both the Next Generation Payments and Treasury & Trade categories, and receiving top honors as overall winners, demonstrates that ServiceNow has proven it can revamp existing financial services environments with its work orchestration and process automation capabilities.”~Jerry Silva, vice president at IDC Financial Insights
Core Capabilities and Benefits of Field Services Operations
Firstly, ServiceNow FSO provides comprehensive financial management capabilities. This allows organizations to streamline and automate financial processes such as budgeting, forecasting, and financial reporting. It enables financial teams to gain real-time visibility into financial data and make informed decisions.
- Financial Services Card Operations: This product provides a unified platform for managing credit card inquiries.
- Financial Services Deposit Operations: This product provides an easy solution for managing treasury product onboarding processes.
- Financial Services Loan Operations: This product helps manage loan origination and servicing processes.
- Financial Services Payment Operations: This product provides a unified platform for managing payment inquiries.
- Financial Services Treasury Operations: This product provides an easy solution for managing treasury product onboarding processes.
- Intelligent Servicing for Fraud: This product helps detect and prevent fraud by providing real-time monitoring of transactions across multiple channels.
Field Services Operations: Integration and Automation
ServiceNow provides integration capabilities that allow organizations to connect their existing systems with ServiceNow Financial Services Operations. This enables seamless data exchange between systems and eliminates manual data entry. The platform also offers automation capabilities that help organizations automate repetitive tasks and workflows. This increases efficiency and reduces errors.
Overall, ServiceNow Financial Services Operations provides a comprehensive solution for managing financial processes, improving efficiency, ensuring compliance, and gaining valuable insights for informed decision-making. It helps organizations streamline financial operations and drive financial excellence across the enterprise.