Changes in consumer behavior are putting a spotlight on digitization—and executives are taking notice.
Banks around the world have made herculean efforts to support their business and consumer clients through the COVID-19 pandemic. It can be an all-consuming effort. But pressing pause on shaping the financial services of the future would be a grave mistake.
The global crisis could result in permanent changes to the way businesses operate—and now is the time to prepare for a new way of work.
Ask your people: What has made you operate more effectively and what hurdles are left to overcome? Aligning your digital transformation projects to the “next normal” will help organizations emerge from the crisis stronger—and help the business thrive, not just survive.
Consider this a banking agenda for the COVID-19 era and beyond.
Take the opportunity to work more effectively
Digital transformations typically have two big goals. Firstly, unlocking productivity for employees by automating and streamlining workloads across every department. Secondly, creating great customer experiences by focusing on what people encounter, observe, or feel when they interact with a service.
In short: investing in ways to sustain powerful employee engagement and drive fierce customer loyalty.
[Read also: Banking on DevOps]
Leveraging data and insights from the 330,000-plus developers currently using ServiceNow’s Now Platform to transform the way we work, we sought to help banks address their unique digital transformation challenges and create value at scale.
We began by asking our financial services customers what their main concern is when it comes to digitizing the bank of the future. Not surprisingly, they told us that competitive advantage boils down to speed.
As the industry becomes more attuned to customer needs, organizations are competing for attention, data, and the ability to deliver an experience that mirrors the ease and simplicity we’ve come to expect from every area of our lives. The big banks want to augment their advantages of incumbency with the latest technology and ways of working. Meanwhile, retail customers are offered ever-easier ways to meet their financial needs, spreading their portfolio across providers with a tap or a swipe.
The value and vision collision
In the battle to prepare for tomorrow’s banking customer, financial services organizations expect to enable more intelligent, integrated ecosystems at a lower cost, while at the same time creating a truly customer-centric operating model. A classic case of value and vision collision, you could say.
With that distinct set of challenges in mind, ServiceNow has introduced a new banking-specific solution. Delivered in partnership with Deloitte, our suite of workflows will change how banks operate and support their…