Digital transformation is not essential- said no one ever! We all know how critical it is to adopt a digital-first approach to succeed in the future. But merely framing a digital transformation strategy can only get you so far.
If you are dead serious about providing a better customer experience, you need to start by improving operational efficiencies. But, how do you do that? Well, it is not as difficult as finding true love or a satisfying job, or even a good spouse. The answer is right here: ServiceNow.
In this article, we show you how your financial institution can drive process efficiency with ServiceNow.
What it Means to have Process Efficiency with ServiceNow for BFSI? Are you there yet?
Process optimization methodologies for long have revolved around viewing KPIs and reports, doing process mapping, and hiring consultants. Lastly, arriving at a consensus for everyone was also essential. These activities can take an average of 12 weeks and might cost you around $120,000 per process. The accuracy will also be just 46%.
The Process Optimization framework on the Now Platform is a better alternative. You can get audit trails that will help you analyze business processes quickly and deeply. With a holistic overview of process flows, you can bring much-needed improvements by optimizing processes.
How Industry-specific Solutions from ServiceNow can be the Right Option?
To move a business in the right direction, it is essential to overcome silos. There is also a need to identify challenges that could hamper a seamless integration of new technology. You might have the necessary tools in place like CRM. However, if you cannot deliver the promised, it would not be of much use.
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ServiceNow services can help you overcome these issues. Here is a rundown of specific solutions that can help your financial organization.
- Better customer experiences
It is common to assume that a CRM tool will solve all the customer service-related woes. A CRM is ideal to record and track customer interactions. You also get access to all the data that remains stored centrally and available for everyone. But the needs of customers are changing rapidly. With increasing competition, you need to think a step ahead.
ServiceNow helps automate service requests received by customers. These requests get directly integrated with mobile apps and chatbots. So, customers get varied options to contact through their preferred channel of communication.
| 65% of a company’s business comes from previous customers. |
- Improved data management
ServiceNow platform has a data governance system that gives an overview of data ownership and management. There are various types of data you can create, store, and process on the platform. The data governance framework also helps you get the knowledge of standards to maintain high-quality data. Some of the data types include reporting data, transactional data records, common service data, and foundation platform data.
- Better data security
Whenever businesses talk of bringing in a digital transformation, there is one question that holds them back. It is about the increased risks of cyberattacks. With the help of evolving technologies like artificial intelligence and machine learning, hackers are finding improved ways of hacking into systems.
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When personal information like credit card or insurance policy details get leaked online, it can be catastrophic for a financial institution. There can be heavy damage to the reputation and invite much more trouble.
The ServiceNow platform offers strong encryption and a robust security stack. You can sleep peacefully as the system can detect vulnerabilities and patch them to safeguard the data. Predicting and overcoming hacking attempts timely can help you focus on other areas of business that need more attention.
- Scalable cloud solutions
Cloud-based applications bring in much-needed agility in business processes and service delivery. The cloud management platform of ServiceNow offers businesses a common hybrid framework. It also creates a single record incorporating constant procedures for public and private cloud. It helps in ensuring better service delivery and customer satisfaction.
Who we are and What Makes us a Preferred ServiceNow Solutions Provider?
At Flatworld Edge, we are a preferred ServiceNow services partner that can help you transform the way your financial institution operates. We offer BFSI-focused strategies to deliver rich customer experiences. We have been in the business for over two decades and have domain expertise in other areas like Microsoft Azure and Business Intelligence.
Get onto a FREE, no-commitment call with us today to know more about the benefits of ServiceNow for your business.