FSO Overview:
Financial Service Operations(FSO) helps to create a seamless experience for banking customers, agents and managers while resolving issues, initiating and fulfilling requests. FSO is designed to connect the bank's front, middle and back office agents using streamlined workflows on a single, secure platform.
Current Banking Challenges:
Today's banks are challenged to streamline the documentation required for onboarding, address updates, name changes, Know Your Customer (KYC) updates, etc, all in compliance with regional regulations. Departments across the enterprise are challenged to reference account maintenance documents and trust that they are routed for validation, including clients’ third-party KYC service providers. For example, it can take weeks or months for a bank open a new client account. The process is complex, requiring several requests for additional information from the parties involved. This strains the banking experience at a crucial moment in the banking relationship.
Complex Banking Environments:
- Current banking environments are inherently complex, with business processes spanning departments, involving multiple systems, and operating in intricate constellations of technology.
Disconnected Teams and Processes:
- Efforts historically concentrate on the front-end engagement layer, leaving disconnected teams and systems behind the scenes. This fragmentation leads to complications in resolving common banking requests, resulting in prolonged customer service times and potentially driving clients to reconsider their banking relationships.
- Many banks still rely on outdated methods like excel files, emails, or paper processes across siloed teams.
- Some have digitized using CRMs, but these are often siloed and managed by different organizations.
Client Experience Impact:
- Fragmented architecture fuels poor client experiences – requests can take days or weeks, forcing clients to reconsider their banking relationships.
How ServiceNow's FSO solve the problem?
With ServiceNow, banks can intelligently orchestrate and automate work across existing processes, teams and technology. This means creating new ways of interacting with customers or streamlining existing processes. It provides a full solution from client self-service and front office interaction to issue resolution across the entire bank.
FSO is built to work across Client Onboarding, Treasury Management, Payments, Complaints, Disputes, Fraud, Loan Servicing and etc., all in a single platform to deliver immediate, convenient banking experiences with Financial Services Operations(FSO).
Future Proof Solutions:
AI and GenAI are changing the way work gets done in every industry, across every department, for every role.
- Provide personalized self-service and maximize deflection - AI generated insights through a conversational assistant, streamlining communication and reducing case volume in the contact center.
- Boost productivity across the front, middle and back office - Quickly and accurately resolve customer service cases faster with role-based AI case summarization.
- Balance speed and compliance with automation - Resolve bottlenecks and strengthen compliance with automated task notifications and AI-assisted response.
Below is a snippet of how "Now Assist for Disputes" work,
Some of the Key Benefits of Futuristic Customer Service for Banking Services:
- Speed up key services, for dispute resolution or onboarding, with one AI experience layer
- Empower employees with purpose-built workspaces, real-time data, analytics and reports
- Remain compliant with rules and SLA requirements embedded into workflows
- Supercharge the customer and employee experience with Now Assist powered by Gen AI
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