Background:
In the world of financial services, a single party, whether an individual or an organization, can engage with a financial institution in multiple, distinct roles. These roles reflect the complexity of modern financial ecosystems and the diverse needs of clients.
In this blog post, we’ll walk through how to configure FSO to support multi-role relationships, enabling a single party to engage with a financial institution in multiple capacities while preserving a unified 360-degree view of the relationship.
To bring the problem statement to life, let’s walk through a concrete example that illustrates how a single party can engage with a financial institution under multiple roles, and why preserving a unified relationship view is essential.
Let’s begin by introducing our key players.
Meet Abe Lincoln, a respected attorney and the founder of Honest Abe LLP, a boutique law firm. Honest Abe LLP relies on the accounting expertise of Jack Ledger, who runs a small business specializing in accounting for law firms..
Honest Abe LLP banks with Alectri Bank for its business needs, everything from payments to payroll runs through their account there.
In addition to his firm’s business banking, Abe Lincoln also enjoys the personal banking services and products offered by Alectri Bank, maintaining joint accounts with his wife, Mary Lincoln.
Let's illustrate this in the diagram below
To support this structure and enable Abe Lincoln to operate across both business and personal banking relationships, let’s explore which FSO tables can be leveraged to model these roles effectively.
First, we will begin by defining the business entity as an account in ServiceNow
In your "Financial Services Workspace", navigate to "Customer>Accounts" and click New to add a new business account, and fill out the business entity details.
Next, let's associate business contacts with this Account
To do that, after adding the business account, navigate to the contacts tab under the account
Go ahead and add two contacts, one for Abe Lincoln and another for Jack Ledger. Once you're done, you should have two contacts associated with the business account as illustrated in the screenshot below.
To help speed things up, I went ahead and added two sold products to the account (checking and savings accounts)
Now, let's assign contacts to the accounts to allow them to manage these accounts. To do that, under the "Install Base" tab in the account, click on the info icon
Once you're in the Sold Product screen, click on "Sold Product Related Parties" then click "New" to assign contacts access to the account
Now, let's fill out the sold product-related party form. For this scenario, we will select the authorized contact along with the account "Honest Abe LLP" and contact "Abe Lincoln". When you're done, you go ahead and hit save. Based on this configuration, only Abe is authorized to manage the checking account. If you want, you can add Jack Ledger to allow Jack to manage the checking account along with Abe.
Alright, so far this is straightforward. What about Abe's personal account?
Now, let's see how we can have Abe's personal account (retail account) get associated with his business account (commercial account)
To do that, we'll go ahead and add Abe as a consumer. Go ahead and navigate to the consumer list in the "Financial Services Workspace." . Click New to create an account for Abe as a customer.
Now, let's work on associating Abe's business and personal records
To do that, navigate to script includes under system definition
Look for "Consumer" under "Global"
Add the following to the script include
initialize: function(){
ConsumerImpl.prototype.initialize.call(this);
this.userExtensions = ["csm_consumer_user","sys_user","customer_contact"];
},
It should look like this
Once you're done modifying this script, include. Go ahead and navigate to the "Consumers" module
Locate the consumer record you want to modify. In our example, it's "Abe Lincoln", go ahead and open it
Once in the consumer record of "Abe Lincoln"
Go to the "Login Details", click on the magnifier, and select "Abe Lincoln", the contact created earlier. Once you're done, go ahead and update Abe's consumer record.
That's it, we can define additional household members, such as Mary or anyone else we want to authorize to manage this personal account with Abe.
You've just associated Abe Lincoln's business and personal accounts to the same user. Next time Abe walks into the bank, Abe can deposit funds in his personal account or pay his obligations to his creditors on the business side. The branch agent will be able to have a 360-degree view of Abe's relationship with Alectri bank and would be able to assist him according to the nature of the business he's doing on that day.
This article was written during the ServiceNow Zurich release. To stay informed about any updates related to ServiceNow, please refer to the latest release notes.
If you have any questions, please share them in the comment section below
