Bringing customer escalations together to future-proof banking

The banking industry has changed immensely in recent years. In my last blog, I explored some of the threats many financial institutions face, including post-COVID-era customer behavior changes, unprecedented inflation, and instability due to the Russia-Ukraine war. Many organisations aren’t set up to mitigate these risks and aren’t keeping up with customer expectations.

Currently, most banks treat complaints, disputes, and fraud protection as separate functions. Banks’ legacy systems are heavy and complex, designed to handle each of these individually. This disjointed approach causes inefficiency and takes time away from personalised customer interactions.

Without a unified platform that brings workflows and data together, it’s tough for banks to manage existing costs associated with these heavily regulated processes—especially with fee caps looming. Having to navigate limited risk reporting, lack of process effectiveness, and unsupported workflows makes it extremely hard to prosper.

Customers expect more from their banking services. With 420 billion transactions moving from in person and paper to digital by 2023, according to Accenture (which means new disputes and even more fraud), it’s crucial to stay ahead of the curve.

Redefining the engagement ecosystem

Organisations must have the resilience, flexibility, and efficiency to tackle operational issues.

Banks should examine their digital transformation initiatives beyond the engagement layer, such as making improvements to the back office instead of investing only in customer-facing solutions. They should focus on the internal operations and processes that make it possible to deliver the personalised interactions that build loyalty.

How can banks get past the siloed systems that hold them back? An end-to-end platform that transforms how you address customer escalations can help.

Overcoming common myths

Many banks believe implementation of such a platform is too costly and too risky. In reality, however, many of today’s platforms are built in the cloud and easy to deploy. This makes them more resilient and cost-effective, leading to greater return on investment.

A platform such as ServiceNow Financial Services Operations makes it easy for banks to digitize their workflows. Banks can also leverage our IT capabilities, purpose-built HR resources, customer engagements, and operational workflows, which many organisations have found helpful.

Finding the right solution

To overcome the challenges that banking professionals face, you need a platform that transcends point solutions and ties your operations together. Such a platform can provide the flexibility to update these processes quickly, on the fly, and without high cost.

Your bank may benefit from a solution that unifies complaint, dispute, and fraud processes, and excels at performing risk-related reporting. Having the ability to avoid a control breach, as well as ready access to that impactful data, will help inform how you address customer escalations.

Having one unified ecosystem can help you stay resilient and agile, as changes can be made easily, without the risk of the system going down.

It’s also important to find a solution that manages events from start to finish, helping you reach the next level of maturity. Faster management enables lower operational costs and can result in a more efficient process and improved regulatory efficacy.

ServiceNow has helped banking organisations adopt a cohesive solution that automates their operations and accelerates innovation. This can increase productivity, improve engagement, and strengthen resilience to fraud.

Standing out from the crowd

As the global banking industry shifts to digital, it can be challenging to differentiate yourself from the competition. A self-contained solution eliminates the need to purchase separate software and requires no hardcoding, allowing you to stay resilient and make workflow changes on the fly.

The Now Platform is unique because it’s easy and quick to implement and is built on the same simple and trusted platform that institutions use for business-critical workflows.

Find out more about how ServiceNow can help you minimise fraud losses through faster resolution and enhanced data analyses in our short video.

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