Faster than ever, niche digital challengers are recognizing and addressing customers’ needs, which leaves an increasing customer experience gap in traditional banks. Does this mean that long-time customers are willing to say goodbye to their traditional banks in favor of more modern institutions?
“Customers don’t really want to move to a new bank,” says Hannah Preston, growth strategist at Minna Technologies. “They just want the one they have to be a little bit better.” According to experts, banks “are at risk of losing up to 24% of revenues in the next five years if they do not address this customer experience gap.”
The key to avoiding this large loss is to recognize and address bank customer pain points. Four major pain points include disconnected customer experience, siloed applications, inefficient processes, and security risks. That’s a lot to tackle, but ServiceNow can help. Here’s how.
Disconnected customer experiences become one smooth system.
According to a study by MuleSoft, one bank customer pain point is a disconnected customer experience, with 55% of banking customers believing their bank’s CX is just that.
What does a disconnected customer experience look like? Let’s say you’re a new customer at a bank, and you fill out all your contact and financial information. When you go to download the banking app a few weeks later, however, they don’t have your information on file; you have to fill it all out again. That’s what we’d call a disconnected customer experience.
With all customer-facing systems connected, ServiceNow provides a smooth experience for customers. Additionally, the platform allows banks to identify any issues early so that they can notify customers affected by major issues before they experience them. And speaking of issues, bank customers can take advantage of knowledge base articles, chatbots, and communities, giving them a personalized experience and a faster time to resolution for any roadblocks they experience.
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Siloed legacy applications become a single, modern platform.
How many app integrations would you say the average midsize company’s IT group supports? According to a 2018 global IDC survey sponsored by SAP, the answer is anywhere between 20 and 99.
“With so many different applications in use, these companies run the risk of keeping data siloed in pockets of the business—unless all technologies are tied together by one common platform to form a core of business intelligence,” warns Mario Farag, senior director of analytics marketing at SAP.
Banks can’t afford for their data to be siloed—they need that core of business intelligence, and the platform can provide it. As a single source of truth, the platform breaks down silos and automates processes across departments to resolve issues quickly. With an intuitive workspace, agents and technicians have full visibility from anywhere. With ServiceNow, banks can ensure all information communicated is actionable, accurate, and timely, which ultimately makes the customer experience better.
Inefficient processes become a streamlined workflow.
Unfortunately, many banks suffer from inefficient front- and back-office processes, and it can be overwhelming to know how to fix them. They can boost sales revenues and reduce costs so they can focus on operational efficiencies, but where should they start? And how can they streamline the process?
“The answers to these questions must begin with a clear understanding of today’s consumer,” says Dave Buerger, president and CEO of CUneXus Solutions. “If increased efficiencies do not support true front-end customer experiences, then making progress will be counterproductive.”
To reach that ultimate end of seamless front-end customer experiences, back-end workflows need to be streamlined. The platform can facilitate this by automating manual processes so that employees can offload cumbersome processes and focus on higher-level responsibilities. From a customer’s point of view, this focus makes their service faster and more personalized.
Security risks become subject to a high level of technical scrutiny.
A major bank customer pain point is a concern about security, and executives agree. In the 2019 Lloyds Bank Commercial Banking Financial Institutions Sentiment Survey, “Cybercrime [was] identified as an increasing risk with most executives (70%) now prioritising it as [an] area for technology investment.”
Danske Bank, for example, wanted to consolidate security data and processes in one environment. Throughout their experience of adopting ServiceNow, the IT operations team found that the platform allowed them to automate remediation and precisely measure the efficiency of their security processes. Linking their “security processes to operation processes [enabled] a better cross-organisational collaboration.”
“We have unlocked significant value by scaling the Now Platform across the organisation,” says Jacob Elfving, development manager, IT operations at Danske Bank. “It is our backbone, underpinning all future implementations, integrations, and innovation. We are planning integrations with HR and also exploring ServiceNow® Customer Service Management and ServiceNow® Security Operations.”
Today’s security risks demand platforms and technologies with a high level of technical scrutiny. With highly secure technology in place, customers can feel safe and confident banking with your institution.
Customers don’t want to leave their banks, but they just might if the customer experience doesn’t meet their expectations. Implement ServiceNow to tackle disconnected customer experience, siloed applications, inefficient processes, and security risks. Your bank’s internal operations will be smoother, and your customers will feel the difference.
Send us a message at LetsTalk@Crossfuze.com to start a conversation about how we can be a complement to your strategy.