Recommended Webinar: Strengthening Operational Resilience in BankingDo you ever feel that choosing the next best move for your bank’s IT department is like searching for a needle in a haystack? With challenges like security, leveraging data, and creating streamlined employee experiences, it can be hard to know which path to choose.
One bank implemented ServiceNow ITSM, and a huge weight was lifted. “Having the Performance Analytics piece built into the dashboard means we’re not looking for that needle in a haystack anymore, but driving quickly toward getting results,” said the bank’s ITSM product and reporting manager.
When banks implement ServiceNow and bring on Crossfuze as a partner, they can automate and integrate workflows across the front-, middle-, and back-offices, all while ensuring a secure, personalized, and convenient customer and employee experience. Here’s how.
Recommended Webinar: Strengthening Operational Resilience in Banking
Security
What would you say is your bank’s number 1 priority? For many banks, it’s data compliance and protection. While the rise of digital technologies has brought with it many benefits, it has also opened up new possibilities for cyber crimes, which take a toll on customer confidence and brand reputation. This may be of particular concern to banks with legacy systems, which may not be able to combat security threats effectively.
Combatting today’s security risks requires technologies with a high level of technical scrutiny, like ServiceNow. No matter which solution you may be using, “security is built into all levels of the Now Platform.” For example, if your bank is using ServiceNow ITSM to streamline your IT processes, you’ll be able to choose the security services that best cater to your bank’s needs, from system logs and audit logs to access control list rules.
For even greater support to security, Crossfuze can partner with banks to help identify security risks and take care of them before they create downtime. We’ve worked with banks from around the globe to ensure that their ServiceNow instance is set up in the best way possible to keep their endpoints and end users secure.
Personalization
In addition to ironclad data security, today’s banking customers expect a fully digitalized, personalized, and seamless experience. With many operations going remote during the pandemic, the pressure has only increased. And customers are only too willing to swap banks if they aren’t happy with the service. There are, after all, plenty of options.
ServiceNow helps banks collect and harness data to create personalized experiences for both customers and internal users.
“For banks and finance companies with a wealth of data available, hyper-personalization represents a window of opportunity to stay ahead of the curve with a value proposition that makes customers feel understood,” says Sonam Chandwani at Entrepreneur. “It also promises significant gains, with Boston Consulting Group estimating that successful personalization at scale could represent an increase of 10% in a bank’s annual revenue.”
How can ServiceNow help? The platform uses predictive intelligence to help both customers and internal users have a better experience. For internal users, for example, it uses “natural language processing to recommend content and actions that help teams solve issues quickly.” It also “proactively detect[s] major incidents and uncover[s] the biggest opportunities for improvement,” which helps both customers and internal users have a better, more personalized experience.
Convenience
Have you experienced the frustration of siloed legacy applications or inefficient front- and back-office processes? And have these frustrations created disconnected experiences for your customers? Using tools such as lean, process digitization, robotics, and advanced analytics may not be the right approach for addressing these challenges.
“Despite the transformational efforts by European and North American banks, their operational costs have on average remained mostly flat; with a few exceptions having achieved small reductions,” according to McKinsey. “Because they are not applying transformation levers across operations in a systematic way, banks are in effect winning battles, but losing the war.”
The key is to be systematic about these improvements. Banks don’t have to undergo a massive digital transformation; optimization and incremental improvements with a long-term vision in mind are the way to go. In partnership with Crossfuze, utilizing ServiceNow ITSM can help your bank build on the good work you have already done to improve IT operations and create a more convenient experience for both customers and internal users.
ServiceNow ITSM creates a convenient experience for everyone by accomplishing the following:
- Seamlessly connecting front-, middle-, and back-office operations to streamline IT service delivery to internal users
- Delivering a modernized employee experience and a frictionless customer experience through automated workflows
- Improving incident response and driving efficiency by standardizing services processes
Implementing ServiceNow and bringing on Crossfuze as a partner can help your bank create a secure, personalized, and convenient customer and employee experience. At Crossfuze, we have worked with many banks to help them implement and get the most out of their instance. Contact us to chat about how we can do the same for you!
