Monex transforms its customer service processes

Automating processes to improve efficiency 
Monex is a 100% Mexican company with a 36-year history in the financial sector. It is a global, innovative, and digital institution, made up of three financial entities: Banco Monex (Bank), Monex Casa de Bolsa (Brokerage House), and Monex Operadora de Fondos (Fund Company), through which it offers corporate banking products, such as foreign exchange and international payments, derivatives, commercial credit, leasing, digital banking, cash management, investments, and fiduciary. Monex also offers private banking services, such as stock market trading, investment funds, and international investments. 

It has offices in Washington, New York, Los Angeles, Houston, Toronto, London, Madrid, Amsterdam, Singapore, and Luxembourg.

Monex’s mission is to meet the needs of its clients in an ethical, creative, and comprehensive manner through a team of professionals integrating the best technology. 

Mexico’s industry leader in the foreign exchange and international payments market
“We’re a really young company and, from our beginnings, have been characterized by our dynamism and drive,” comments Luis de la Vega, Monex CIO. “And that dynamism and market diversification has been reflected in the IT department, guiding us towards efficiency and an ever-more intensive use of technology—cutting-edge technology that will support the business’s growth. And that was where our relationship with ServiceNow started.

ServiceNow arrived to solve a concrete need and ended up triggering our customer service transformation, both for internal and external clients.”

Monex has been working with ServiceNow for more than three and a half years now, initially collaborating on a project launched to improve delivery of infrastructure services to different developers and the bank’s internal clients. “One of the main complaints that we had as an IT department was that we weren’t attending quickly enough to users requesting our services, from delivering a team, a server, ports, or whatever it might be,” acknowledges Eduardo García, responsible for infrastructure at the time. “We also lacked adequate monitoring, something that wasn’t helping us to be able to improve our service either.”

“We wanted to have a solution that would organize our processes, that would facilitate order, monitoring, and administration for us,” Luis highlights. “And we found this in ServiceNow ITSM, which has allowed us to completely reconsider the way in which we serve our users, moving from a very reactive way of working to a solution that, from a platform, has improved the IT department’s productivity and offers a new service experience at Monex.”

A key factor for Monex was the fact that, for more than eight years, Gartner has recognized ServiceNow as a leader in IT service management tools. “This recognition was a guarantee for us that the product was really good and that implementing it was unlikely to be a mistake,” acknowledges Luis

After a process of analysis, conversations with other clients who used it, and a proof of concept, Monex decided to implement it in its IT department. “ServiceNow offered us greater advantages, ease, and understanding than other platforms,” comments Jesús Morelos, Solution Architect at Monex.

Improved time-to-market 
“We started with a small pilot that, little by little, grew as the results were making themselves clear. In addition, the whole process was very simple, thanks to ServiceNow’s consulting services and the solution’s design,” acknowledges Jesús. “Traditionally, at Monex, our strategy involved designing our own solutions but, with ITSM, we saw that everything could be simpler and quicker. We started with four modules (Incident Management, Problem Management, Change Management, and Request Management) and they were operational in just three months.”

“We had a fundamental KPI to face, which was fulfilling our commitments to our end users,” comments Luis. “Our priority was to comply with the times we had given to set up the infrastructure so that we could bring out our products. We had an urgent need to automate IT processes.”

Thanks to ServiceNow, Monex’s IT department has revolutionized its delivery times. “We’ve significantly improved the time-to-market of our products, therefore becoming more productive. And not only in terms of infrastructure but also in other areas and company processes.” 

“Currently, something as important as incident resolution has significantly improved, allowing us to reach service availability indicators of four nines, compared with three nines previously,” Luis acknowledges. “This is a key indicator that we usually measure by, showing that our systems are always on top, and ServiceNow plays an important role in achieving this.”

Searching for a better experience for external clients
The COVID-19 pandemic meant that Monex was driven to speed up its transformation. “Everything accelerated, but we were better prepared thanks to ServiceNow,” Luis comments. “In just five days, all our employees were working from home. Calls to the service desk increased by 200% compared to a normal period and, if we didn’t have ServiceNow, everything would have been very complicated and monitoring would have been very difficult.”  

“ServiceNow has been a key factor in allowing us to move forward with our collaboration. ServiceNow and its Customer Service Management tool allow us to connect the whole organization and deal with clients’ problems effectively; we’re continuing with this process,” comments Jesús.  

“ServiceNow allows for simple integration of third-party solutions and brings visibility for all our processes, thus facilitating the monitoring of flows and scaling. Thanks to the amount of interaction data generated, it also facilitates faster and more useful decision-making,” Jesús acknowledges. “It simplifies all our administration, support, and, also, the necessary investment, in a very important way.” 

“We’re very satisfied with our collaboration with ServiceNow, the value of their solutions, and the service that we received. What started as a concrete project has evolved until it affected the whole company,” concludes Luis. “ServiceNow is a company that’s constantly improving and evolving, and that strengthens us to improve and advance. At Monex, we are constantly transforming and improving our customer service, reengineering customer experience, internally and now externally as well. An essential transformation in these times where staying static is not an option.” 

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