Niche digital challengers are responding to customers’ needs faster than ever. This leaves traditional banks with a growing customer experience gap. Does this mean customers who have been with banks for a long time are ready to change to more modern bank institutions?
Of course not, but they want the best one. According to some experts, the bank could lose up to 24% in five years if they don’t address the customer experience gap.
Recognizing and addressing customer pain points is key to avoiding such large losses. The four main pain points are disconnected customer experience, inefficient processes, and security risks. This is a huge task, but ServiceNow can help. See how.
One system for all customer experiences
A study by MuleSoft found that one of the biggest pain points for bank customers is disconnected customer experiences.
What is a disconnected customer experience? Let’s suppose you are a new customer to a bank and fill out all of your financial and contact information. However, when you try to download the banking app, they don’t have all your information on file. You will have to complete it again. This is what we call a disconnected customer experience.
ServiceNow Services ensures customers have a seamless experience by connecting all customer-facing systems. The platform also allows banks to quickly identify issues so they can notify customers affected by them before they happen. Customers can also use the knowledge base articles, chatbots, and communities to get a customized experience and faster resolution of any issues.
Siloed legacy apps become one modern platform
What number of app integrations do you think the average midsize business’ IT department supports?
Banks cannot afford to have their data siloed. They need the core of business intelligence that the platform provides. The platform is a single source of truth and can be used to automate processes across departments. This allows banks to resolve problems quickly. Agents and technicians can access the workspace from any location. ServiceNow allows banks to ensure that all information is accurate, timely, and actionable. This ultimately improves the customer experience.
Reduce inefficiency and streamline your workflow
Many banks have inefficient back- and front-office processes. It can be difficult to find the right solution. They can increase sales revenue and lower costs, but how do they begin to improve operational efficiency? How can they simplify the process?
Back-end workflows must be simplified in order to achieve seamless customer experiences. This is possible with the platform by automating manual processes, so employees can focus on more important tasks and can free up their time. This allows customers to receive faster and more personal service.
Security risk becomes subject to a high degree of technical scrutiny
Executives agree that security is a major problem for bank customers. According to some statistics, cybercrime is a growing risk, and 70% of executives now consider it a priority area for technology investments.
Danske Bank wanted to consolidate security processes and data in one environment. The IT operations team discovered that ServiceNow allowed them to automate remediation and accurately measure the effectiveness of their security processes. The IT operations team could link their security processes to their operation processes, enabling them to collaborate better across the organization.
Jacob Elfving is the development manager for IT operations at Danske Bank. He says that scaling the Now Platform across an organization has resulted in significant value. It is our backbone and underpins all future integrations, implementations, and innovations.
Integrations with HR are in the works. We also plan to explore ServiceNow(r), Customer Service Management, ServiceNow(r), and Security Operations. Today’s highly technical platforms and technologies are required to address security threats. Customers can bank confidently and securely when your institution has highly secure technology.
Customers won’t leave their bank, but they might if they don’t get the experience they want. ServiceNow can be used to address disconnected customer experiences, siloed apps, inefficient processes, and security threats. You will notice a smoother bank operation, and your customers will appreciate the improvement.
Digital transformation is, without a doubt, the key to unlocking productivity and fostering innovation. ServiceNow’s financial solutions solution can be used to accelerate digitization strategies. It applies to banks investing in the vision to harness tomorrow’s customers and deliver value through quick wins today.