What’s new in Quebec: Financial Services Operations transforms the customer experience

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Escalating complexities across the front, middle, and back office are hampering financial institutions’ abilities to deliver exceptional experiences for their customer. Highly manual processes and disjointed legacy infrastructure limit employees’ ability to quickly respond to customers and resolve issues, creating frustrations for customers and employees alike. 

In 2020, ServiceNow introduced Financial Services Operations to help our customers meet this challenge.  With Quebec release, we announcing new capabilities -- including a new application for loan operations and enhancements to payment operations capabilities – that continue to deliver operational efficiencies for financial institutions. 

Introducing Financial Services Loan Operations  

Loan servicing costs have increased 4x in less than 10 years. For many financial institutions, loan servicing processes rely on manual, siloed, and legacy systems. Banks often operate without automation, relying on inefficient tools such as email and spreadsheets. Employees don’t have what they need to be effective, which slows their ability to respond to customer inquiries and resolve issues.  

Financial Services Loan Operations is an application of Financial Services Operations. It digitizes and streamlines loan servicing workflows, automatically connecting the right teams, departments, and institutions -- which include loan officers, document agents, credit officers and others – to enable faster processing, increasing customer satisfaction. 

Financial Services Loan Operations provides middle- and back-office teams with a single system of action that aggregates client engagement insights across systems of record, manages processes end-to-end, and unlocks employee productivity. Employees spend more time serving customers, and less time on low-value activities. 

 

Updates to Financial Services Payment Operations

Payment Operations is an application of Financial Services Operations that debuted in the Paris release. Now, with the Quebec release, we updated the Financial Services Payment Operations application with the following capabilities:  

• Agent Workspace can now display multiple inquiries attached to a single case, improving navigation between payment cases 
• Support payments made to businesses  
• Ability to debit from multiple payment accounts is now supported 

With these new capabilities, we continue to enhance Financial Service Payment Operations to support our customers' use cases, connecting the disconnected processes that still exist in their middle and back-office operations. 

Performance Analytics for Financial Services

Performance Analytics helps organizations seamlessly transform to a goal-oriented business culture with an easy-to-use, integrated application designed for reporting and analyzing business performance.   Without an integrated Performance Analytics solution, decision-makers must search for insights from a mountain of charts and graphs, rather than targeted, context-aware insights. Data can be siloed in business analytics departments --- and teams spend time unraveling past problems where data is available, instead of resolving current issues and watching trends.    

ServiceNow® Performance Analytics provides secure, simple access to key performance indicators and metrics that financial institutions can use to proactively optimize business services, improve processes, and align with organizational goals. By leveraging trusted, in-platform data, our solution gives banks real-time, actionable insights that result in improved processes, better service quality and increased efficiency.   

Performance Analytics provides focused dashboards for distinct roles and applications.  With easy‑to‑use, integrated reports and dashboards designed for visualizing and analyzing the banks goals and results, employees at every level can make evidence-based decisions using the latest and most accurate data.   

Financial Services Document Management

Financial Services Document Management gives financial institutions a centralized ability to set rules around document collection and distribution as part of the inbound and outbound loan operations process.  

An important part of loan and credit card processing is the collection of all relevant documentation from internal systems and from the customer. Many financial institutions do not have single system of action to track customer documents, and instead use manual processes which can be redundant and time consuming. 

Document Management capabilities help by determining which documents are required from the customer. Financial Services Document Management streamlines the ability to manage all document requirements. It stores the document metadata, integrating with third-party document management systems. Simultaneous processing is supported to enable faster processing. Intelligent rules are used for workflows so that processing of some documents can continue even while others are in pending status.  

Business Service Mapping

With the recent unprecedented events, financial institutions must quickly figure out how to securely manage an increasingly hybrid workforce. Employees are scattered across office and at-home workspaces with limited time, resources, and budgets. IT investments must deliver value fast, scale efficiently, and easily adapt to changing business priorities.  

Serving customers in a virtual environment is challenging and can be especially frustrating when agents have no visibility to when an internal service becomes unavailable, impeding their ability to help resolve customer inquiries or issues. Both customer and employee customer experiences suffer. 

ServiceNow can improve this situation. Working together, Financial Services Operations and IT Service Management can proactively and automatically alert employees of system and service issues that may impact their ability to service their customers. With this transparency, agents can set appropriate expectations.  

With the improved visibility into business and IT service mapping, organizations can have a clear understanding of the software and hardware assets supporting their business services and can be more strategic and customer-focused about scheduling or responding to outages. This improves overall operational agility and resilience. 

Learn more 

Tune into the Quebec launch broadcast on March 18 to learn more about these features and enable your organizations!   

You can read more about these new capabilities in the product documentation. To find out more about the Financial Services Operations  please reach out to your ServiceNow Account Executive 

Welcome to Quebec! 

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Join us for the The Now Platform Quebec event.

Register below to attend the Now Platform® Quebec release broadcast and hear about more capabilities to deliver cross-enterprise digital workflows that connect people, functions, and systems to accelerate innovation, increase agility and enhance productivity

Your event time will be automatically set based the country selected during registration.

AMS/EMEA: March 18 at 8 am PT/11 am ET/3 pm GMT
APJ: March 23 at 2 pm AEDT/12 pm JST KST

Register Now

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