ServiceNow (NYSE: NOW) today introduced new products for telecommunications and financial services to deliver workflows that help companies in these industries accelerate their digital transformation and create value at scale. The company also provided details around its healthcare industry strategy. ServiceNow will work with strategic partners to support customers so they can deliver great employee and customer experiences.
“We are bringing the Workflow Revolution to every industry to accelerate digital transformation,” said Bill McDermott, CEO of ServiceNow. “In the telecommunications industry, the Now Platform and 5G will intersect to fundamentally reinvent legacy experiences. We’re also giving financial services leaders innovative new tools to strengthen customer loyalty as the economy begins to reopen at scale. Together with our partners, we have never been more inspired to help our customers meet all the challenges and opportunities of the 21st century economy.”
Communications service providers are in the midst of one of the largest opportunities in their history—the roll out of 5G. They are under pressure to exceed rising customer and employee expectations and ensure delivery of new services and technologies while managing costs. Yet service providers struggle to get insight and visibility into operations when working across platforms, systems, tools, and fragmented data. ServiceNow’s new telecom products, Telecommunications Service Management and Telecommunications Network Performance Management, will provide new workflows that connect customer service and network operations, including Proactive Customer Care and Automated Service Assurance. The new products will be generally available later this year.
Most financial services institutions have made big investments in their front office, but still struggle with clunky, legacy infrastructure that undermines employee efficiency and customer experiences. There’s more work ahead as critical processes in the back and middle office are often still manual and cumbersome. ServiceNow Financial Services Operations is a newly introduced product with workflows that will transform operations for financial services institutions. These workflows will digitize customer requests like ordering a replacement card or inquiring about payments. Purpose-built for Financial Services, the new product will give employees in operations a single system of action with insights across systems of record so they can manage processes end-to-end and collaborate in real-time across departments. Financial Services Operations will be generally available later this year.
Investing in the Digitization of Healthcare
The global pandemic has exposed many shortcomings in existing healthcare workflows including staffing, patient care and resource allocations. Organizations have turned to IT to fill the gaps. Building on its industry solution strategy, ServiceNow also announced a commitment to develop healthcare and life science products to help organizations in this industry transform their business and securely optimize and automate critical clinical and business workflows. Mike Luessi recently joined ServiceNow as general manager of Healthcare & Life Sciences to lead ServiceNow’s solutions strategy in this area.
Today, ServiceNow and KPMG are announcing a strategic go to market partnership for healthcare provider solutions, driving joint industry acceleration while ServiceNow develops its healthcare and life science solutions. This partnership pairs KPMG’s deep industry expertise with the power of the Now Platform to transform provider operations and patient outcomes. KPMG also will help guide ServiceNow’s product roadmap and create healthcare provider-specific digital workflow solutions, such as physician onboarding and credentialing, that deliver great experiences to help clinicians support the needs of the patient community, which is especially vital in this global pandemic. The new healthcare and life science solutions are expected to be generally available in 2021.
New Product Highlights:
Telecommunications Products: ServiceNow’s new Telecommunications Service Management and Telecommunications Network Performance Management will enable service providers to deliver better experiences to customers, contact center agents, and network operations teams so they can maximize their network technology investments while helping to reduce costs.
Built on the Now Platform, the products will extend ServiceNow’s capabilities in customer service and network operations with new telecommunications-specific apps for Proactive Customer Care and Automated Service Assurance. Product highlights include:
• End-to-end telecommunications service workflows will enable service providers to better manage customer requests and network changes, automate issue resolution, and keep customers informed on their channel of choice.
• Connected customer experiences with TMForum Open API-based OSS integrations and event correlation capabilities will help service providers quickly identify network issues and related impacts for faster resolution.
• Simple integration with other companies’ ServiceNow instances, called eBonding, will enable service providers to more easily connect with their customers’ systems so they can deliver a superior experience at a significantly reduced cost.
In January, ServiceNow announced that Accenture will become the strategic go to market partner for ServiceNow on its new telecommunications solutions, helping companies drive digital transformation through purpose–built workflows. ServiceNow developed the new telecommunications products based on its work with leading telecommunications companies, including BT. To demonstrate its leadership in innovation in customer and service experience, BT is working with ServiceNow as the exclusive design partner for the initial telecommunications capabilities, providing expertise and insight into operator expectations and requirements for communications networks and use cases.
To learn more, visit the ServiceNow blog at https://blogs.servicenow.com/2020/csps-deliver-service-experiences.html.
Financial Services Product:
Today, employees in operations at financial institutions spend too much of their time searching for data and answers scattered across multiple systems and departments. Employees often manage these workflows with spreadsheets and emails, which leave customers with slow turnaround times and limited visibility when they interact with their financial institution. Built on the Now Platform, Financial Services Operations will extend ServiceNow customer service capabilities with an initial focus on Banking operations.
Product highlights include:
• Banking services framework, compliant with Banking Industry Architecture Network (BIAN) standards, and an industry data model that will enable rapid, plug-and-play deployments with fast time-to-value.
• Card Operations application that will streamline common customer inquiries such as credit limit increases, card access management, and new credit card issuance.
• Payment Operations application that will digitize payments inquiries and exceptions originating from customer and third-party institutions, such as payments in error and beneficiary claiming non-receipt.
As previously announced, ServiceNow formed a strategic go to market partnership with Deloitte to bring innovative banking solutions to ServiceNow’s new financial services product. Deloitte will provide banks with solutions built on the Now platform such as a unique Complaints Management solution and a timely Small Business Association Paycheck Protection Program (SBA PPP) Forgiveness Solution that will help solve urgent and real challenges for their banking clients.
To learn more, visit the ServiceNow blog at https://blogs.servicenow.com/2020/connected-financial-organization.html.