Often, the integration of the otherwise fragmented financial departments is hampered by the lack of a single, unified view of customer data. This creates several problems, including difficulty in managing disputes between departments, inefficient reconciliation processes, and higher costs. Especially for front-line employees, it can be difficult to provide an authentic service if they do not have the necessary tools at their disposal.
Most importantly, the customer experience takes a hit, and that’s something financial institutions can’t afford in the new normal.
ServiceNow Financial Services Operations (FSO) ensures that fragmented departments remain connected, providing the end-users with a seamless experience.
Let’s take a closer look at how the FSO application makes this possible.
Financial Services Complaint Management
More than 80% of the customers prefer supporting and staying loyal to a brand that works towards quickly resolving their complaints. ServiceNow realizes this and the importance of sustaining an enhanced customer experience.
This is why the Financial Services Complaint Management application comes equipped with the ability to improve customer support decisions, advance the unification of business units, and streamline the complaint management/resolution process.
The idea is to optimize the operations at each level by transforming the working methodologies of administrators (complaint admins), end-users (consumers, branch workers, business customers), and fulfillers (complaint or quality agent). Naturally, this translates to the integration of front, middle, and back offices, thus, giving a business a greater chance at maturing its customer experience.
Notable Features:
- Workflow Automation – Whenever a complaint service request is submitted, a concrete path is automatically identified that directs the complaint towards the most suitable back-end agent.
- Playbook and Response Templates – Playbook is an essential instructional feature to navigate through the lifecycle of the complaint. Response templates, on the other hand, help configure the ideal responses to the customers.
- Legal and Regulatory Impact – The agent can comprehend the legal implications of the complaint and further decide upon the regulation categories.
- Performance Analytics – A dashboard is facilitated to monitor the team’s performance through metrics that are devoted to complaint resolution and regulatory reporting.
Other features include leveraging business units for decision-making, routing responses across the departments, and visualizing the management workflows.
Financial Services Customer Lifecycle Operations
According to McKinsey, the financial sector is one of the most consumer-centric domains, and therefore, financial institutions must change their ways and “make the customer experience the starting point for process decision.”
Financial Services Customer Lifecycle Operations helps deliver on this goal by enabling financial service providers with meticulous management of customer accounts and interactions across various touchpoints.
After the ServiceNow Rome release, this application has transcended its capabilities and now helps minimize the intricacy of account application, leverages KYC and KYB for verification, organizes the workflows using custom workspaces, and concurrently manages and conceptualizes multiple cases.
Notable Features:
- Nested Case Management – This application serves to administer disparate workflows and the related cases simultaneously.
- Customer-centric Workflows – From elucidating the right information on the backend to maintaining customer-specific workflows, the application manages each case lifecycle profoundly.
- Document Management – To empower the agents to perform exceptionally well on each case, they are fed with all the required documentation pertaining to personal identity and finances.
- Enhanced Verification – The role of Know Your Customer (KYC) and Know Your Business (KYB) is paramount in financial institutions. Thanks to FSO’s prowess, the verification process is straightforward and powerful and coordinates the verification process across the front, middle, and back offices quite well.
Financial Services Payment Operations
Perhaps one of the most viable agent- and customer-oriented applications is FSO’s payment operations that automate the case management for payment requests across the departmental hierarchy.
Payment-related issues can be detrimental to an organization’s reputation, and therefore, this application emphasizes swift and multiple transactions between customers and agents.
It achieves the same by empowering the agents to gain a comprehensive insight into the payment operations and report in real-time, courtesy of an intuitive, unified dashboard.
Notable Features:
- Payment Inquiries, Claims, and Debit Approvals – Payment Operations application obliges the easy submission and management of payment inquiries, claims, and debit approvals from customers as well as banks, which are then looked at by respective back-end agents.
- Automated Workflows – Automation is key to rapid case resolution, and the application uses that to the best effect by automatically triggering requests and lending guidance to the agents for claim/issue management.
- Operational Integration – The application, alongside using the intrinsic data, benefits from the information stored in the Now Platform and the related CSM.
Financial Services Card Operations
More than 2.8 billion credit cards are in circulation worldwide. While this number looks staggering, service providers can’t afford to be complacent — they must continue to leverage the flexibility, the ability to customize, and powerful capabilities of ServiceNow’s Financial Services Card Operations application.
From managing numerous credit card service requests (including increasing/decreasing credit limit, blocking/unblocking/closing the card, issuing a new card) to empowering the back-end agents with the automated workflow for case management, FSO is equipped with myriad features to simplify the otherwise tedious card request processes.
Notable Features:
- Service Requests – Just like the payment requests, FSO facilitates the rapid submission and effective management of credit card service requests.
- Workflow Automation – The application heavily relies on the application of automatically triggering the card requests and enabling the swift assessment and documentation of the same.
- Data Amalgamation – Like the payment operations, the card operations application also unifies customer data from the CSM and the Now Platform.
Financial Services Loan Operations
With the Financial Services Loan Operations application, financial service providers can streamline the case management for all kinds of loan-related requests — including personal loans (car, home, etc.) and business loans.
The application is targeted at the resolution of requests that concern loan forgiveness, deferment, repayment, restructuring, draw-down, rollover, prepayment, write-off, covenant breach, etc.
The idea is to improve the banking experience of the agents while processing disparate loan requests and streamline the process for consumers to be admitted for the same.
Notable Features:
- Document Management – Documentation of the loan requests is of paramount importance, and the application helps through that by conceptualizing the inbound and outbound documents across each touch-point of the workflow.
- Performance Analytics – Both personal and business loan operations are administered by 360-degree-view into the performance of the system — thanks to a unified dashboard.
The service request, data-model integration, and automated workflow features are the same as payment and card operations.
Wrapping Up
Team and case management applications help industry-specific banks and financial services institutions to address customer needs holistically. ServiceNow FSO ensures that financial institution service requests and workflows are automated, focusing on key business processes like credit, payment, etc.
At Xceltrait, we empower our clients to see their business results with an array of reliable, scalable, and secure ServiceNow applications. We build smarter, scalable, and capable digital workflows with end-to-end visibility and control.
