How Financial Services Organizations Can Create a Differentiated Customer Experience Using ServiceNow

Top business leaders recognize the importance of offering stellar customer experiences in creating a competitive advantage. When 86% of buyers would pay more for a great customer experience, it is no surprise that for 46% of businesses, customer experience is the number one priority for the next five years. 

Financial Services is a highly regulated, competitive, and fast-evolving industry. The workflows are complex and customer expectations are constantly changing. Banks and insurance companies have realized the criticality of leveraging the power of technology to address the needs of their customers and create memorable experiences. 

Why it is critical to prioritize customer service

Building strong relationships in the financial sector is of utmost importance. As people trust financial service organizations with their financial goals and success, it becomes a critical responsibility of organizations to address all their needs. A good customer experience can be the defining identity of financial services organizations. 

Streamlined processes make it easier to support customers, right from addressing the issue to resolving it. Even basic tasks like checking medical claim amounts or resetting the password should not be hectic for customers. With reliable customer service, they can always trust the financial organization to offer quick solutions. This reliability and trust can go a long way in a client-firm relationship. 

Gartner conducted a Customer Management Experience Survey in 2019, where 66% of customers said that they take major business decisions based on the customer experience and response. This is because, in today‚Äôs digital world, a customer has a plethora of options to choose from. If a financial organization fails in even one of the common services, the customer will switch to another organization. 

How ServiceNow FSO can help

Here is looking at how financial services companies can create a differentiated customer experience using ServiceNow Financial Services Operations (FSO). FSO is a cloud-native platform that allows organizations to digitize their core processes. Through such digitization, financial institutions can build efficient and resilient operations to offer their customers the required support when they need it. 

  • Modernize Processes

For a seamless customer experience, it is important for organizations to quickly track down the issues, find solutions, and provide the correct assistance to the customers. Too many fragmented systems, disjointed processes, and manual processes can increase the management cost and decrease the overall customer service efficiency. 

ServiceNow FSO helps organizations digitize their processes. Using FSO, organizations can easily get rid of error-prone and time-consuming manual processes and enhance client engagement. Through a single intuitive workspace, customer service teams can get visibility into the complete case history, coordinate with other departments, and resolve customer issues quickly. 

The modern processes allow integrating governance, risk, and compliance across technology, cybersecurity, people, property, and third-party vendors. It also gets simpler for them to proactively monitor and solve complicated cases on a priority basis.

  • Enable Self Service

Harvard Business Review conducted a survey that reveals that 81% of people try to solve all kinds of problems themselves before calling in expert help. The self-service options of FSO enable an independent resolution of common problems. By empowering customers to solve their issues on their own time, organizations can use the bandwidth and expertise of their support agents to solve complex issues. It helps in not only reducing the caseload but also improves the time to resolution.  

  • Accelerate Issue Resolution

ServiceNow FSO helps organizations break departmental silos and facilitate cross-departmental collaboration thereby allowing companies to offer great customer experiences by efficiently responding to customer issues. 

For instance, by leveraging the power of Machine Learning, FSO can assist and route cases to the most qualified and experienced agents automatically thereby allowing quick issue resolution, leading to higher customer satisfaction. 

  • Offer Proactive Customer Service 

With an integrated system and workflows, organizations can have proactive customer service instead of a reactive one. Using trends analysis, customers can be notified about potential issues such as security scams or service outages in advance. With ServiceNow FSO, companies can proactively address IT requests and ensure that the service status and availability of important services are always available to customers. 

Financial services organizations in banking, wealth management, or insurance are looking for ways to create seamless and responsive digital experiences for their customers. ServiceNow FSO is a one-stop solution that helps them unify departments under one platform, personalize customer experiences, provide agents the right tools and insights to resolve issues quickly, and enable proactive issue resolution. All these aspects contribute significantly to creating great customer experiences. 

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