Today, probably more than ever, customers expect a lot from their financial services company experience: frictionless, effective, and personalized at every channel and touchpoint. In fact, already 81% of organizations cite customer experience (CX) as a competitive differentiator. In turn, leading financial services companies are now turning to ServiceNow—the premier cloud-based services provider helping modernize systems and processes to create differentiated customer experiences.
In this article, we will talk about how ServiceNow is helping financial services companies to deliver truly exceptional customer experiences. This has been one of the paradigm shifts in how financial enterprises engage with their customers: from modernizing fragmented systems and reactive processes to end-to-end service operations, proactive fixing, and the delivery of streamlined, consistent, and reliable experiences—ServiceNow changes the way in which financial services companies are engaging with their customers.
Be it a bank, insurance company, or wealth management firm, let’s see how ServiceNow can help you create differentiated customer experiences that will set you apart from the competition and keep bringing your customers back for more.
4 Ways ServiceNow Helps Financial Services Companies Create Differentiated Customer Experiences
- Modernizing Fragmented Systems and Reactive Processes
Traditional financial institutions have typically coped with a patchwork of systems and cumbersome manual processes. This inefficiency frustrates customers and puts excessive pressure on agents. An astonishing 54% of organizations identify fragmented or siloed data as a main barrier to using data effectively. ServiceNow addresses this challenge by unifying disparate systems onto a single platform.
Imagine a customer trying to resolve a simple query. With fragmented systems, they’re often shuffled between departments, repeating information, and experiencing unnecessary delays. ServiceNow brings this information under one roof where customers can view their details and get their problems solved faster. Also, due to the automation of repetitive tasks, agents’ time is saved to deal with complex issues, raising customer satisfaction.
The fact that over 19 out of 20 CX leaders are investing in technologies related to data integration, integrity, and enrichment underlines the recognition of this challenge by the industry and the potential for unified platforms like ServiceNow.
- Enabling End-to-End Service Operations
Today’s customer expects a seamless experience across all touchpoints. But breaking down the silos and driving operational simplicity are critical steps to delivering on this promise. ServiceNow enables organizations to drive the connectedness of cross-departmental workflows in front-, middle-, and back-office processes.
For example, a customer dispute resolution process that once took multiple departments and days can now be condensed into hours using ServiceNow. Automating routine tasks and providing real-time visibility, this platform ensures faster times to resolution. Keep in mind, that customers are 2.4 times more likely to stick with a brand that resolves issues swiftly!
- Fixing Problems Proactively
Reactive customer service no longer makes the grade. Customers want financial institutions not only to meet their needs but also to solve issues before they become extensive. ServiceNow real-time dashboards give a view into customer behavior, thus enabling an organization to identify potential problems and act in advance.
These dashboards provide agents with real-time leading trends or performance metrics, allowing them to track trends, diagnose any possible problems, and take immediate measures to reduce their impact on customers. It is this kind of proactive engagement in solving issues before they escalate that improves customer satisfaction and loyalty by nipping the problem in the bud, besides helping reduce the workload on the service teams through early identification and resolution. Therefore, financial services companies are able to ensure higher customer satisfaction and loyalty.
- Providing a Streamlined, Consistent, Reliable Experience
Self-service is key to modern customer experiences. According to Harvard Business Review, a remarkable 81% of customers prefer to handle issues independently before contacting a live agent. ServiceNow provides a leading self-service portal to empower customers in obtaining information and resolving standard issues, at the same time enabling customers to access core services, independent of human interaction.
ServiceNow provides an online service platform whereby customers can resolve common issues independently, thus improving customer experience. It improves customer satisfaction because of reduced wait times but also frees customer service agents to handle the more complex issues at hand. By providing a consistent and reliable service experience, financial services companies can build closer relationships with their customers and differentiate themselves in a highly competitive market.
Conclusion
These four strategies—modernizing fragmented systems, enabling end-to-end service operations, fixing problems proactively, and providing a streamlined experience—are essential for financial services companies looking to create differentiated customer experiences. ServiceNow’s comprehensive platform makes it possible to achieve these goals, helping companies stay ahead in an increasingly demanding market.
Ready to transform your financial services business into a customer powerhouse? Xceltrait’s deep expertise and experience in ServiceNow can propel you beyond fragmented systems, manual processes, and siloed data. Armed with modernized operations, enabled end-to-end service, and proactive solutions for customer needs, you’ll deliver experiences that drive loyalty and growth.
Our ServiceNow services cater to:
- Financial service operations
- Customer service management
- Field service management
- IT service management
- App maintenance and support
Let’s work together to break down silos, automate workflows, and deliver exceptional customer experiences. Contact Xceltrait today to start your journey towards a more efficient, innovative, and customer-focused insurance business.
