Solutions

  • Products
  • Use Cases
  • Industries
  • WHITE PAPER
  • HR and IT better together
  • Boost productivity and attract quality talent with great employee experiences.
  • EBOOK
  • 5 steps to transformation
  • A proactive, connected client experience is essential for financial services.

Platform

  • ANALYST REPORT
  • The value of digital workflows
  • Get apps to market in half the time at a third of cost with higher satisfaction.

Customers

  • SUCCESS NAVIGATOR
  • Your prescription for success
  • Accelerate outcomes with a step-by-step action plan of proven best practices.

Explore

  • VALUE CALCULATOR
  • Live up to your potential
  • Determine the untapped value across your entire business in just 60 seconds.

Understanding the ‘new normal’ for financial services


Men sitting together in a meeting.
By: Keith Pearson, Senior Director, Financial Services, ServiceNow
 

ServiceNow has been working hard to help businesses navigate the impact of COVID-19. At the heart of our efforts is a new suite of capabilities released as part of the COVID-19 Customer Care Program, developed to support our customers in managing the impact of the crisis while maintaining our commitment to deliver virtually 100% “Now Platform® uptime.

We have also been developing solutions for Financial Services specifically, recognising that the pandemic has brought about unprecedented challenges for banks and insurers particularly.

An example is the new Small Business Loan Management app that has been released by our partner INRY, based on ServiceNow Customer Service Management (CSM) technology. It’s designed to help streamline the process of getting much-needed financial help to businesses impacted by the pandemic.

Managing the crisis and its ‘long tail’

The app was developed directly in response to the challenge many financial services providers in the US faced in dealing with the sheer volume of applications they received from the SBA Paycheck Protection Program. 

Banks faced a very immediate problem, so the app needed to be built quickly. It was — total development time was four weeks from the app’s conception to deployment with customers. The app is now readily available to help any bank or lender manage the huge influx of applications they are experiencing. 

The need now moves on from loan application to loan maintenance, and in some cases forgiveness. The app is also designed to help banks manage the inevitable long tail of enquiries, disputes and resolutions that can result from these government schemes.

The long view

We have to take a long-term view because the current situation is unprecedented. The much discussed ‘new normal’ that emerges in the coming months will be characterised by an increased focus on operational resilience, a need to ensure the safety of employees and the suitability of their environment, and an acceleration of tech-enabled solutions that address the needs of a semi-remote workforce. 

The complicating factor in this picture is that we are likely to be living with low interest rates for some time to come. This constrains the ability of financial institutions to invest in these solutions. Along with what may become the worst recession in living memory, reduced interest rates will drive financial services institutions to become more efficient, reduce silos and get smarter about how they deliver digital transformation. Investment budgets may be slashed, and the programs that do go ahead will need to deliver rapid time to value.

Digital transformation has never been more important. The organisations that accelerate their digital strategies are likely to be the businesses that will come out of the recovery best, with an effective economic ‘bounce back’ being driven by those who can effectively harness powerful technology-enabled solutions.

Unlocking the technology revolution in financial services

For financial services organisations, finding the balance between tech innovation versus regulatory and compliance obligations has, understandably, favoured the latter. However, as the current pandemic has shown, businesses need both flexibility and resilience to adapt to rapidly changing conditions, with the correct infrastructure underpinning the operational approach.

This is where ServiceNow has a huge role to play. As we continue to release solutions specifically designed for financial services, we can help organisations  slash development times for new services – optimising investment by giving them the ability to  build something or create a prototype – rather than spending months pondering business cases or detailed designs.

Joining from my previous role at Lloyds Banking Group, where I led the use of the ServiceNow Platform to deliver innovative ways to drive improvement and operational efficiency across the middle and back offices, I am hugely excited about our product roadmap and the compelling solutions that we will deliver in the coming months.

With these new tools, ServiceNow is helping financial organisations find the balance they need between the optimisation of investment and the speed and flexibility required by the ‘new normal’.

As the demand for digital transformation continues to accelerate, so we are doing everything we can to be your strategic partner of choice – now and in the future.


© 2020 ServiceNow, Inc. All rights reserved. ServiceNow, the ServiceNow logo, Now, and other ServiceNow marks are trademarks and/or registered trademarks of ServiceNow, Inc. in the United States and/or other countries. Other company names, product names, and logos may be trademarks of the respective companies with which they are associated.

Topics

Featured

  • Organizations may overlook certain issues and risks. Response time can be slow and scattered. Find out more about ServiceNow Governance Risk and Compliance.
    Cybersecurity and risk
    How to build a risk-informed business
    10-26-2020 Organizations may overlook certain issues and risks. Response time can be slow and scattered. Find out more about ServiceNow Governance Risk and Compliance.
  • People walking
    Business Impact
    Memorable employee experiences start with bespoke onboarding
    10-20-2020 In 2019 ServiceNow launched its Next Gen Program with the hope of addressing the challenge of a limited talent pool in the IT sector. The program is
  • Welcome to the Future of Work: Now at Work 2020
    Business Impact
    Now at Work 2020: The future of work is now
    10-06-2020 Each year, I look forward to Now at Work. When you’ve been doing this as long as I have, though, you look forward to some years more than others.
  • Man walking through an office
    Digital Workflows
    A new spin on managing your hardware assets
    10-05-2020 Discover how ServiceNow facilitates managing hardware assets by combining all your asset data on one platform with our Hardware Asset Management solution.

Trends & Research

DevOps comes to the enterprise
How to harmonize dev and ops
How well do you know your Gen Zs?

Year