They taught the industry that access does not have to be a point of friction, changing consumers’ expectations about the speed and convenience of services.
It ignited the flame to digitally transform how the industry conducts business.
Then, along came the unprecedented circumstances of recent events. The abrupt and widescale disruption to normal patterns of everyday life forced institutions to swiftly shift gears on multiple levels: finding new ways to interact with customers, enabling employees to securely work remotely, and delivering services that customers needed urgently. It put into clear focus how digital fragmentation and silos across the middle and back office are hindering change.
End-to-end digital transformation is no longer a “nice to have” – it is the backbone that will help financial institutions achieve their ideal state of:
- providing seamless, secure, and connected experiences for customers;
- doing more with less;
- creating an empowered work environment for employees;
- Building more resilient and compliant operations.
Getting to that end-state has been a slow, and at times painful, process. Too often, institutions focus on piecemeal solutions.
Legacy systems are upgraded. Front office customer services are digitised. A new technology or system is adopted by one area, but not another. Instead of making things easier, operations grow even more complex, leaving employees and customers frustrated.
It’s time to think differently.
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