ServiceNow
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Winning in the war for Customer Deposits
ServiceNow Empowers Regional Banks and Credit Unions to Thrive
Traditionally, local banks were favored for their attention to detail, community involvement, and convenience. Yet, in recent times, these banks have seen a decline in deposits as consumers have increasingly turned to Fintechs and large banks, under the assumption that smaller institutions couldn't match the offerings of their larger counterparts. The pandemic changed this.
Local banks invested significantly in online and digital products and services. These advancements elevated their offerings to compete with those of Fintechs and large banks. Additionally, due to regulatory and structural advantages, regional banks and credit unions are often able to offer higher yields on certain products, positioning them strongly. ServiceNow plays a crucial role in facilitating regional banks and credit unions ongoing digital Transformation.
Streamlining Operations with Digital Workflows
ServiceNow enables banks to automate routine tasks, from loan processing to customer onboarding and complaint resolution. This automation reduces manual errors, speeds up process times, and allows staff to focus on more complex, value-added activities.
A regional bank in the Midwest reported a 40% reduction in process time for loan approvals after implementing ServiceNow, significantly improving their customer satisfaction rates.
Enhancing Customer Service
Customers expect fast, personalized, and digital banking experiences. Regional banks are using ServiceNow to meet these expectations by providing a unified platform for customer service management. The platform's self-service portals and mobile applications enable customers to access services, resolve queries, and conduct transactions 24/7 from any device. Further, new product availability, research and tools can be brought to customers with ServceNow Knowledge application. Additionally, the advanced analytics capabilities of ServiceNow allow banks to gather insights into customer behavior and preferences, enabling them to tailor their services and communication more quickly.
Ensuring Compliance and Risk Management
Regulatory compliance and risk management are critical concerns for banks of all sizes. ServiceNow helps regional banks navigate the complex landscape of financial regulations by automating compliance processes and maintaining an auditable trail of all activities. ServiceNow GRC application enables banks to identify, assess, and mitigate risks in real-time, ensuring they remain compliant with industry standards and regulations. This proactive approach to compliance not only protects the banks from potential fines and legal issues but also builds trust with customers and stakeholders.
Case Studies of Success
Several regional banks have had success with ServiceNow, highlighting significant improvements in efficiency, customer satisfaction, and compliance.
A regional bank in the Pacific Northwest implemented ServiceNow's IT Service Management (ITSM) solution to overhaul its IT operations. The result was a 25% reduction in incident resolution times and a 15% decrease in operational costs, demonstrating the platform's ability to drive substantial efficiencies.
Another success story comes from a bank in the Southeast that used ServiceNow's Customer Service Management (CSM) solution to revamp its customer service operations. The bank experienced a 30% improvement in first-call resolution rates and a 15% increase in customer satisfaction scores, showcasing ServiceNow's impact on enhancing customer experiences.
By automating operations, enhancing customer service, and ensuring regulatory compliance, ServiceNow enables these local banks to operate more efficiently, compete more effectively against larger banks, and ultimately provide a superior banking experience to their customers.