Growth and customer experience are key. We have to keep our feet on the gas pedal. Where do we start?

Well, ServiceNow has already started that and that's that whole build-versus-buy conversation. So, I come from financial services where a lot of our tools were self-built, where we needed to do that to move quickly. But what happened was you got to move quickly in the beginning, but then it slowed you down later on and that's where Financial Service Operations comes in specifically for financial service institutions. You can buy it, it's ready to go. We have tables that understand banking. We have roles that understand banking. Then it's just a matter of configuring it for your organization and really putting it to use. Now, that might not seem like a huge leverage point in the beginning, but what it does is it allows you to move quicker later on down the line. Because if you don't do it that way, what ends up happening is you have to make a switch. 18 months is what we typically see. You have to make a switch from that build into that buy scenario, and that's actually more disruptive than just taking the time in the beginning and buying a product that's going to suit your needs for the future.

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Does a bank have to replace their existing CRM to implement ServiceNow FSO?

Absolutely not, and I think that this is actually a common misconception. ServiceNow ties to all platforms, so being able to leverage what you have, whether it's an industry leading CRM tool that exists out there or if it's an internal self-built system, one of the things that we do at NewRocket is making sure that we're analyzing that those technology stacks and making sure that we're doing the right elimination, the right connection. Having those conversations with you to make sure that you're getting value out of ServiceNow as quickly as possible.

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What are some strategies to help companies shift more of their employees into high value work functions?

That one is twofold. So, one, there's a data element. Always a data element, and banks have a lot of Excel spreadsheets. They have a lot of those self-built tools. They have a lot of disjointed tools or siloed tools, because commercial banking is different than retail, banking, is different than business banking. So first, focusing on your data sources, most banks are already using a data lake type methodology and being able to pull from that and make sure you're pulling clean data. That's the first step. The second step is really understanding your personas and that's where Financial Service Operations helps you. Because you have that portal view, you have that submitter view, what your frontline branch associate needs in order to be successful. Then you have the fulfiller view, which will also allow your back-office person to expedite these tasks and be really quick. And that's not common. Most of the time, a tool will give you a really good submitter view, like some of the CRM’s that exist, but the fulfiller experience isn't as strong. Or, you have a really strong fulfiller view, and now you're submitters don't actually understand what they need to do, so being able to take Financial Service Operations, having two really strong views, and others because there's the management view, and the leadership view and all of that and being able to pair that with your data clean up allows you to expedite, move quickly, clean up your data, but again, see value as fast as possible.

What does the FSO implementation look like for financial institutions looking to switch to ServiceNow?

The cost savings benefits with ServiceNow’s Financial Services Operations solution are all about the people. In financial services, those team members that work in the back office are the backbone of the organization. It is their speed, ability, understanding and willingness that ultimately is the Customer service provided to the end client. So Financial Services Operations allow them to provide their best work by having well organized requests, that can be arranged in a manner that expedites processing.It also allows leaders sightline to areas of coaching for these team members. Finally, with the ability to manage skills and work assignment, team members job satisfaction is elevated through cross training and team collaboration. Now these are all critical components to running a people-centric business, but the real results and where the cost saving is found is requests are completed measurably quicker, more accurately and with team members that can be deployed across multiple business teams.
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Book a call now to learn more about Financial Service Operations!