Nurturing and managing customer relationships is vital to the financial services industry. It’s here that virtues like trust, knowledge, loyalty, and satisfaction are measured and communicated through the different customer touchpoints. All these touchpoints are critical, making them a natural starting point in any discussion on how to improve customer service and customer relationships on the whole.
According to a survey of 15,000 customers conducted by PwC, 1 in 3, customers will let go of a company after one bad experience. Additionally, 92% would completely abandon the brand after two negative experiences.
For financial services organizations, this means ensuring transparency, accuracy, and efficiency in managing all customer interactions. And that’s where ServiceNow Financial Services Operations (FSO) steps in — making a case for streamlining, automating, and improving customer relationship management.
ServiceNow FSO for Managing Customer Relationships
Financial services organizations are often plagued by broken, dysfunctional processes and information silos that inhibit effective customer engagement. In a digital age, where customers are constantly connected – whether through smartphones, tablets, or other devices – and expectations for service delivery have been raised through greater connectivity and automation, financial institutions need to connect their front, middle, and back offices.
ServiceNow FSO, a cloud-based digital workflow platform, helps financial institutions do just that. As such, it connects businesses with people, systems, and data in place, reducing operational costs and complexity.
Here’s how it helps manage customer relationships with greater transparency, precision, and efficiency:
1. Automating Banking Processes
Banks must stay connected by digitalizing their business operations to improve client experiences. To stay ahead of their competitors, traditional banks need to start automating various banking processes across departments.
With ServiceNow FSO, these banks can:
- Deliver immediate and convenient client experiences.
- Automate banking processes across revenue centers with fully-functional applications for deposits, loans, card operations, treasury, etc.
- Manage risks, compliance, and ESG objectives in real-time.
- Accelerate business operations with automation, AI, and machine learning.
2. Driving Business Agility
With the help of relevant metrics and real-time analytics, FSO helps banks to improve business performance. It empowers banks to analyze all the operational issues with AI-enabled dashboards and work toward resolving those bottlenecks before they affect business performance.
On the customer relationship management front, this technology helps banks to deliver faster and more accurate data to the sales, service, and marketing teams. This agile setup allows banks to engage with their customers on a personalized basis in real time.
3. Elevating Employee Experience
At the end of the day, the goal is to ensure a seamless experience for customers. This can only be achieved when everyone in the system has a transparent view of the progress. With ServiceNow FSO, banks can accelerate the flow of data among teams to eliminate information silos and quickly resolve any issues.
More profoundly, employees are connected across departments through a unified digital system of records. This enables them to be proactive in their actions, which translates into faster resolutions. The availability of current patterns, insight into trends, and access to real-time data only serve to improve the overall experience.
On the customer front, this improved and coherent experience empowers employees to be precise, accurate, and efficient. On the back of data, they are able to make informed decisions every time a customer contact is made.
4. Managing Regulatory Compliance & Mitigating Risks
The financial services industry is rife with compliance requirements. No doubt that many organizations find it tough to adhere to these regulations; however, FSO cuts down the work involved in managing risk and regulatory compliance. It does so by allowing for the development of risk management systems in the operational workflows. As such, institutions’ relations with customers never run afoul of compliance or legal issues.
Features of FSO for Improved Customer Relationships
Treasury Operations
The ServiceNow Financial Services Treasury Operations is a one-stop solution that allows banks and financial institutes to automate and digitalize the onboarding of treasury products. They can easily set up this application and submit and manage all the treasury service requests from one predefined dashboard.
Customer Lifecycle Operations
This feature offers oversight of customer lifecycle processes and services. It empowers financial services organizations to:
- Simplify and streamline the banking operations throughout the customer life cycle.
- Set up the application, import data, review, and configure all the components installed in the application.
- Leverage preconfigured dashboards with visual data to improve business processes.
Deposit Operations
The FSO Deposit Operations enables financial organizations to digitize end-to-end management of origin, servicing, and closing deposit accounts. They can also manage all the processes related to saving and checking deposit accounts by automating and optimizing deposit account requests.
Payment Operations
Financial institutions can easily create and manage payment requests, inquiries, claims, and debt approvals. This allows them to improve middle and back-office payment operations easily.
Loan Operations
The ServiceNow Financial Service Loan Operations is a premium solution that makes applying for personal and business loans easy. With this application, financial institutes can quickly resolve customer requests and system-generated exceptions around loan servicing. Again, it also allows them to transform the middle and back-office loan operations.
Choosing ServiceNow FSO for Managing Customer Relationships
Indeed, ServiceNow FSO fosters transparency, self-service capabilities, and accountability among the various teams in financial service organizations. It also significantly reduces the need for manual work, which is often associated with repetitive and error-prone tasks.
Performance analytics, customer experience management, client management, omnichannel delivery, business service mapping, etc., also reduce the barriers between the bank and its clients. Performance analytics, for instance, helps automate service processes through playbooks. Likewise, business service mapping reduces the risk of an unexpected power outage. And, of course, omnichannel comes to the rescue to enable personalized, proactive interactions.
Altogether, ServiceNow FSO’s main aim is to unify systems and teams with a single digital system of record. Since this software helps businesses provide prompt service to all users, it helps build strong customer relationships.
Interested in learning more about FSO capabilities? Contact us today.
