In Financial Services today, the race to innovate has accelerated at rapid pace. Organisations are looking to compete and grow market share, by gaining a single view of the customer to sell and service effectively, as well as a single view of processes to demonstrate resilience and compliance to regulators.
Against a backdrop of uncertainty, however, effective customer experience (CX) transformation is no small task. Legacy technology and tangled processes mean the reality for most organisations is fragmentation and disconnects between internal departments and the customer.
So how can Financial Services organisations become more pre-emptive in detecting and preventing customer harm, while still driving an effective CX transformation? To investigate,
ServiceNow hosted a session with Richard Wall, Ian Ashby, and leading experts across banking and insurance.
Shifting the needle: key transformation drivers
Each enterprise has its differences. But as an overall industry, the different sub-sectors within Financial Services might be more similar than you think.
All our experts cited reducing costs and improving efficiency across the middle- and back-office to be their key transformation driver. But after a little digging, the story wasn’t so black and white.
As organisations look to gain new advantages that increase their market share, CX and customer satisfaction are becoming more tracked and more relevant.
This shifting of the needle comes as no surprise. PWC recently stated that both wholesale and retail users now expect a digital experience. And with only 16% of customers rating their current experience as ‘excellent’, organisations should be racing to close the gap with sleeker apps, data sharing and better connectivity.
Instead of choosing between CX and efficiency, an effective transformation addresses both. Something known as the ‘multiplier effect’. Say the primary driver is to boost efficiency. The enterprise could use automation and digital channels to remove manual processes. In turn, this improves the CX, and is also great news for employees who are freed from repetitive processes.
Transformation at a leading UK bank
A leading UK bank came to ServiceNow to transform its customer-facing payment operations. Previously, whenever a customer made an error, they were faced with a lengthy remediation process. And with 66% of customers finding service issues exhausting, this made for a poor CX.
ServiceNow integrated core systems and embedded controls to automate any steps deemed repeatable and mundane. With great results.
Greater control and automation ensured compliance and reduced the risk of human error. There were efficiency gains too. Digitising processes caused a 75% FTE benefit, meaning employees could be moved to other areas. Cutting resolution time improved the CX, contributing to $10 million annual savings. A clear example of the multiplier effect in action.
Innovation always starts with the customer. To ensure customer-centricity at every stage of the process, the customer voice must be considered from CEOs and the front-line alike. So how about pushing a literal customer chair into the meeting room?
“Putting the customer chair in the room makes the customer present. How would this change the dynamic of the conversation? This doesn’t take any technology, it’s just good business management.” Maeve McMahon Customer Director (Interim) Sainsburys Bank
Effective CX transformation can appear long and complex – but we're here to help steer your enterprise towards the customer.
You can download the full session write-up for further insight.
ServiceNow Financial Services Operations enables financial institutions to streamline and transform business services, including payments, cards, loans, claims processing and more. Organisations can rapidly accelerate their digital transformation initiatives by deploying a strategic enterprise platform, producing powerful results across the business. Click here to find out how.