How ServiceNow Elevates the Banking Customer Experience

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4 minute read

Over the past few years, the customer experience has become critical to the success of every organization. Supporting an ongoing relationship with customers has never been more important for every industry, but it is especially relevant in the banking industry. With many banks providing connected banking and allowing customers to interact with them in both online and physical channels, it’s essential for every financial organization to create unique, seamless experiences in order for them to remain competitive within the industry. It may make or break them. In fact, according to Temkin, 69 percent of customers who plan to leave their bank report that it was due to poor service, not poor products. Consumers clearly value their experience, and their expectations are high.

However, ensuring an excellent customer experience isn’t easy. For example, there’s a thin line between providing customers with essential ways to connect with their banks and becoming too connected with them, and it can be difficult not to cross. Similarly, worrying about customer service on top of compliance, cybersecurity, and digital transformation can be overwhelming, especially considering that it could require a rehaul of your processes. 

The good news is that you don’t need to drive this transformation or create a seamless customer experience alone. ServiceNow provides essential customer-centric capabilities that are designed specifically for the banking industry, ensuring you have every tool necessary to succeed. While there are many benefits associated with using ServiceNow to improve the banking customer experience, here are just four ways the platform will help your organization drive long-term success.

 

Modernizes Data Access and Improving Operations

Before you can optimize and capitalize on your newly improved IT department’s processes and finances, it’s essential to start planning and forecasting your investments, goals, and needs. The ServiceNow platform enables you to easily connect your goals and strategy to your investments by ensuring that your actions are aligned, allowing you to guarantee that every investment you make achieves what you need to accomplish. Plus, with the capability to make real-time updates to budgets, the ServiceNow platform helps you adapt should your organization’s needs change—always providing you with the tools to realign as necessary. 

Additionally, ServiceNow provides a centralized space for you to cooperate easily across disparate departments, as well as integrate all information under a single system. This will help your team track all important information, work together to make essential changes, and continuously check in and review progress. With everything under one umbrella, following up on progress and next steps doesn’t need to be time-consuming or challenging. It can be more intuitive and productive and even help you save hundreds of thousands of dollars

ServiceNow also makes it easier to prove the value of your IT department to the C-suite and other change leaders. Through the single system of digital workflows provided by ServiceNow, your organization can continuously connect to plans and projects, making it easier to not only defend but also increase IT budgets. Similarly, it can help you identify errors such as duplicate spending, budget surprises, or missed approvals. By filtering out extra noise from IT budgeting and providing one comprehensive space, ServiceNow provides an excellent solution for organizations searching for IT budgeting tools that will offer ease of use and visibility across departments.

 

Steamlines Back-End Processes

Similar to ensuring operational excellence, streamlining your back-end processes and building the most efficient workflows for your team can help you dramatically improve the customer experience. With clear expectations, your entire team will be able to focus on providing the best customer service possible rather than shifting roles or defining every approach.

According to a Forrester Total Economic Impact study, ServiceNow is an excellent option for banking organizations looking to transform their processes to provide better customer outcomes. Not only did the observed banking organizations double their productivity, but they also saw a $1.6 million increase in revenue due to the improvement in customer renewals. Plus, the self-service options provided by ServiceNow allowed them to conserve their support and deflect 15 percent of support contacts, leading to over $5 million in support savings. 

With ServiceNow, customers will find it much easier to work with you. As your back-end workflows become more frictionless, so will your customer journey, and you’ll be able to provide every customer with the end-to-end support that will keep them returning to you for more.

 

Provides Access to a Comprehensive View

Visibility is absolutely essential to productivity. The more you can see, the better you can identify areas that need improvement as well as make sure everything is going to plan. Similarly, your customers also want visibility into your security—especially because your procedures involve their hard-earned money. In the last two years alone, over 50 percent of financial services organizations have experienced a breach in data. With risks like that abounding, it has never been more imperative for you to assure your customers that won’t happen with you. If you want your customers to trust you, you’ll need to show them why you’re trustworthy. Offering a little visibility can allow you to do just that. 

ServiceNow doesn’t just allow you to track and manage risk through a single platform; it also securely connects across every team and system, empowering you to act proactively. Customers expect you to be able to address their needs at all times, and you need to do it while keeping their information secure. You can’t afford to sacrifice security, speed, or responsiveness. If you do, customers will leave and find another option. With ServiceNow, you can accomplish all of these requirements and more to ensure your team always has a comprehensive view and all processes are secure.

 

Prioritizes Compliance

Remaining compliant and secure is an absolutely critical aspect of running a financial institution. Issues such as fraud, information security risks, and cybersecurity threats are only becoming more common, and they are just a few examples of problems that can put your customers’ information at risk. For example, cyberattacks against banks have increased by more than 70 percent in the past four years. Not only are these attacks dangerous to private data, but they are also expensive. The average cost of a data breach is now $3.92 million, a cost that could easily increase based on damage to business reputation and length of response to threats. 

When you use ServiceNow, you can ensure that all responders share the most recent data, integrate databases, automate basic security tasks, collect detailed metrics to track performance, and give priority to every single security incident and vulnerability. The platform uses a modern approach to responding to security threats that includes the following steps:

  • Assessment
  • Notification
  • Response
  • Mitigation
  • Report

This process ensures no step of your security operations goes unnoticed, providing you with the proof you need to show your customers their information is safe with you.

 

Talk to Crossfuze Today

ServiceNow ensures your customers have an excellent experience—from start to finish. The platform empowers you to modernize data access, improve operations, streamline back-end processes, gain a comprehensive view of processes and security, and maintain compliance. To learn more about customer service management and how to enhance your provisions with ServiceNow, reach out to us at LetsTalk@crossfuze.com.

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