As per PwC’s 2021 Digital Banking Consumer Survey, 61% of consumers bank digitally on a weekly basis. Indeed, consumer preferences are evolving, and so should the response from financial services companies.
To accommodate new-age customer service interactions, most businesses invest in ServiceNow CSM. If your business has done the same, congratulations! It’s a one-stop-shop solution for enhancing customer service experiences.
However, realizing success with CSM can be challenging. And while self-implementation remains very much on the cards, it requires the development of an in-house expert term. Of course, this can be time, cost, and effort-intensive.
That explains why many companies work with ServiceNow partners like Xceltrait Inc., specializing in CSM / FSO implementations. The expertise that ServiceNow partners bring to the table and their experience in the specific industry/verticals your business serves can help you realize faster and better results.
Significant reduction in implementation time, cost, and complexity: A good partner understands the business needs and will create a service catalog that aligns with the business goals, processes, and strategies. This will help reduce the costs of implementation, support the best integration with the existing systems, and ensure that businesses are utilizing resources that are best suited to their needs.
Here is a list of reasons why financial services companies should work with specialized ServiceNow partners when planning to implement ServiceNow CSM:
1. Domain Knowledge
Notably, ServiceNow vets its partners thoroughly based on their CSM implementation expertise, customer satisfaction rating, and regional coverage. They have years of experience in one or more service sectors (e.g., financial services, retail, hospitality, etc.) and have the necessary domain knowledge to guide your team or act as a technical resource to your business.
For financial services companies where strict compliance requirements abound, proactive access to the domain and process experts can prove immensely viable. For instance, partners can help institutions with their requirements of recording and auditing case data and implementing security measures for keeping customer information and interaction data secure. They can further guide businesses on the best practices for regulatory compliance, especially in the context of customer service – i.e., handling customer complaints and disputes, protecting customer data, etc.
The fact that access to this domain and process expertise is constantly on tap through the ServiceNow partner is a huge benefit. It opens up the opportunity for financial services companies to concentrate on the business changes, process improvements, and better service experiences they are striving to develop.
2. Complex Workflow Development & Management
Digital workflows are an integral part of CSM’s success. They allow businesses to enhance self-service capabilities, tackle difficult situations, and drive meaningful customer engagement. Customer support agents, in particular, benefit from these the most since workflows give them a direction to address issues by taking into account the variety of customer conversations, situations, and requirements.
But due to their complexity, developing and managing business-critical workflows is a complex undertaking. It involves aligning the myriad of business rules and processes for handling different activities. For example, a workflow must be set up to assign and route the cases to the most appropriate agent. Likewise, a workflow must be in place for the agent to identify the root cause of the issue and keep tabs on the progress of the case.
ServiceNow partners’ solid understanding of the capabilities of CSM, along with their knowledge of the industry and verticals, makes them adept at handling these complexities. They can help businesses develop, manage and execute complex workflows in a timely manner.
3. Profound Technical Support
Often, self-implementation initiatives don’t reach fruition because of the lack of in-depth technical knowledge or resources. This can be particularly true for businesses that are relatively new to ServiceNow and have limited staffing or may not have technical resources in-house. These companies need a partner who can provide them with the requisite expertise, which will enable them to realize implementation success.
As it stands, ServiceNow partners can help with just that and even more. They can help train the team on the best ways to use ServiceNow CSM to streamline business processes and simplify customer interactions. They can also help financial services companies to realize process improvement. Enhancing the existing solutions is critical in this industry owing to its stringent regulatory requirements and constant market and behavioral changes.
4. Faster Time-to-Market
Unlike any other sector, financial services companies are required to adhere to very stringent and complex regulatory requirements. Plus, the changing economic conditions, evolving consumer behavior, the rise of fintech offerings, and other factors make it imperative for companies to adapt quickly.
Here, ServiceNow experts play a crucial role by:
- Defining the implementation roadmap that reflects the business’ prioritized goals and objectives.
- Ensuring all stakeholders communicate, coordinate, and align around the same goal.
- Showing the team how to go about the implementation process by providing guidance on requirements, standards, best practices, guides, templates, etc.
- Accelerating the roll-outs per the well-outlined implementation roadmap.
- Assisting the business with planning, prioritizing, and monitoring the implementation activities.
Wrapping Up
For financial services companies, implementing ServiceNow CSM is not just a technology upgrade but also a game-changing opportunity to deliver top-notch customer service and improve organizational performance.
ServiceNow partners, like Xceltrait Inc., offer a complete spectrum of services to help financial services companies bring informed customer engagement, process improvement, and organizational excellence to their workflows.
Interested in learning more about how experts at Xceltrait can help your finance organization streamline its workflows, tackle difficult situations, simplify customer interactions, and drive measurable business results? Contact us today!
