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ServiceNow for FSI
Adopting an enterprise workflow approach powers financial services companies' growth and productivity
Given the current business climate, an enterprise approach to streamlining workflows has become all the more critical. Volatile global economic conditions have increased pressure on profitability and growth across every FSI sector—a scenario now exacerbated by the uncertainty surrounding the worldwide COVID-19 pandemic. At the same time, increasing regulatory pressures require FSI companies to examine systemic risk on an enterprise scale, which is well beyond the limited lens of stovepiped business domains and siloed processes. Deloitte has been rapidly driving innovation with ServiceNow to apply a first-of-its-kind “platform of platforms” to help manage end-to-end business processes and streamline cross-functional workflows.
The power of Deloitte and ServiceNow addresses complex FSI challenges
The banking sector is confronting an array of challenges, from the proliferation of fintech companies and technologies to a fast-evolving risk and regulatory climate. Shifting demographics and changes to the nature of work are driving a wave of disruption that calls for new processes and heightened investments in technologies that can drive digital transformation.
At the same time, banking institutions are grappling with aging infrastructure, which has led to technology sprawl and siloed operations. The result: rising technical debt, operating inefficiencies, and increased risk.
Modernizing, standardizing, and integrating enterprise services can help companies achieve a connected, digitally enabled workforce. By syncing up disparate processes and technologies through enterprise services and workflows, banks can simplify and standardize internal operations to reduce costs and risk. This approach also enables greater flexibility to differentiate external transactions to support the unique needs of the business and its customer base.
The insurance industry is challenged to maintain profitability amid maturing markets and volatile economic conditions all while reinventing products, operations, and business models through new technologies.
A large amount of spending remains earmarked for the maintenance of legacy systems, which can impede the ability of insurers to modernize. Applying new workflow technologies to legacy and administrative systems of record can greatly reduce technical debt and break down barriers to growth.
Enterprise workflow technologies can transform the underwriting process by reducing the number of administrative and data gathering steps. Multiple, disconnected systems can be made seamless to the user by implementing an enterprise layer that ensures an end-to-end, frictionless workflow. This will help create more time for underwriters to focus on risk assessment rather than information assembly. The ability to tap into the latest analytics models bolsters underwriting productivity while improving risk assessment capabilities. The broker-underwriter experience may also benefit from shifting focus away from administrative tasks to customer needs.