Optimizing financial services for the new economy

For Harrington, the right service offering has accelerated over the past year. She says the new paradigm in the financial sector means the larger incumbents need to have a more agile mindset when it comes to operational change.

The digital dime has fallen for business today … Elisha Harrington from ServiceNow. Delivered.

The banks are now really competing in the digital age with all regtech and fintech companies that are also in this area. The challenge for banks is to sharpen their offerings, but it’s not just about technology for technology’s sake, says Harrington.

She says the technology is there to support better customer service from a human perspective – to simplify the banking experience.

“We support the backbone of the bank – the middle and back office functions. We connect areas such as know-your-customer, fraud, onboarding and service requests that the bank normally receives from customers and across the customer’s entire life cycle.

“It’s about networking the specialist teams in a bank and providing them with the information they need for their work.”

A good example of what ServiceNow is doing right now is helping one of the UK’s larger banks.

“This is a bank that has been processing huge amounts of payments, credits, and cards, and for the past few years [hastened by Covid] They have changed every part of IT, HR, compliance, and operations significantly, ”says Harrington.

She says the bank has digitized and automated much of its back office operations to provide faster and improved customer service.

“By optimizing the processes at this bank, we have seen, among other things, that 88 percent of the manual steps in the banking process and 76 percent of direct debit requests and recalls are eliminated on the same day. All of this is now fully automated under the ServiceNow platform.

“When dealing with any bank in the world, one of the biggest frustrations for customers is a decrease in complaints.”

The time saved gives frontline bankers time to better serve customers – from relationship management to better assessments of their financial position. And since the technology is able to provide bankers with more information in real time, the time to competency for new employees is reduced.

“There is a huge impact on people here because the staff can go out and talk to customers from the start,” says Harrington.

To meet internal financial and regulatory requirements, ServiceNow’s offering can also continuously monitor risks ranging from poor lending practices to questionable employee behavior. This means being able to prevent violations of the law before they occur, rather than reacting after an incident.

In addition, a bank can study the trends leading to a risk event and use this knowledge to mitigate future incidents.

Harrington says ServiceNow’s continued focus on innovation and its SaaS offering means banks can constantly iterate and improve.

“Whatever part of the platform our customers are using, it is expandable and available to them so that they can get and access all of the abundant new information, all of the research and development that we work hard on, very quickly,” concludes they.

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