Learn about Financial Services Operations and Explore
Summarize
Summary of Financial Services Operations
Financial Services Operations (FSO) applications within ServiceNow streamline digital workflows for banking and insurance sectors. These applications come with the Financial Services Operations Core plugin, simplifying complex financial transactions. This integration enables efficient handling of customer requests and issue resolutions.
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Key Features
- Banking Applications: Offer immediate banking experiences across various services such as onboarding, payments, and disputes management while enhancing customer service and operational efficiency.
- Insurance Applications: Ensure a seamless journey for policyholders while safeguarding their financial data.
- Core Data Models: Utilize the FSO Core data model for service request management and the Insurance Claims Core for flexible claims processing structures.
- Workspaces: Provide a centralized workspace for agents to manage cases efficiently, focusing on high-priority items and monitoring performance.
- Designer Flows: Include predefined workflows that guide agents through case management, ensuring tasks are assigned correctly and efficiently handled.
- Integration Applications: Facilitate communication with third-party systems to keep ServiceNow data updated.
- Performance Analytics: Offer dashboards with reports that provide insights into business performance and team effectiveness.
- Process Optimization: Preconfigured models allow for in-depth analysis of business processes, helping to visualize and improve operational outcomes.
Key Outcomes
By implementing Financial Services Operations, organizations can enhance customer experiences, streamline operations, and effectively manage financial services without overhauling existing systems. The integration of analytics and optimization tools further empowers businesses to make informed decisions and improve service delivery.
Learn about Financial Services Operations (FSO) features to help create a seamless experience for your customers, agents, and managers while resolving issues and initiating and fulfilling requests.
Financial Services Operations Overview
ServiceNow® Financial Services Operations applications provide seamless digital workflows and pre-built connections, ensuring smooth operations for core financial activities. With the installation of each FSO application, the Financial Services Operations Core plugin is automatically activated, simplifying complex financial transactions for the banking and insurance industries at Cloud Financial.
Banking Applications
Financial Services Operations out-of-the-box applications help banks offer immediate, convenient banking experiences across onboarding, cards, payments, loans, treasury and deposit operations, and disputes management. Banks can further improve servicing across all client touch points, from when a client first onboards, to when they have questions or need support, to when they add products and services as their relationship with the bank grows. You can do all of these and unify your bank’s architecture without replacing existing systems, thus saving time and money.
Insurance Applications
Financial Services Operations out-of-the-box applications help Policy holders expect a seamless journey and fierce protection of their financial data.
Financial Services Operations Core data model
The FSO data model, which is available as the Financial Services Operations Core application, stores customer data and helps FSO applications handle service requests. In addition to the tables included with each FSO application, this data model extends and uses tables from the ServiceNow AI Platform® and the Customer Service Management application. Separate tables are available for business and consumer data.
Insurance Claims Core data model
The Insurance Claims Core application includes a framework that provides generic claims data model components and approval engine that your organization can use to create flexible data structures that meet your business needs.
Workspaces
- Focus on high-priority items
- Easily navigate across tasks
- See all details related to a case in one place
- Monitor workload and performance
Designer flows for Financial Services Operations applications
Several predefined workflows for cases are available with each FSO application. When a customer requires a service, a relationship manager initiates a case and updates its details, triggering the workflow. The flow triggers various tasks from the case and the assignment rules route these tasks to the appropriate back-office agents. The agents work on these tasks to fulfill the treasury product request. The agents use the case playbook or case and task forms to work on them.
Playbooks for Financial Services Operations applications
Using the case playbook, relationship managers and agents review and work on their cases and tasks. The playbook provides step-by-step guidance to resolve processes and enable employees to easily manage the lifecycle of cases by guiding them through sequences of tasks.
Financial Services Operations Integration
Financial Services Operations provides integration applications that uses a spoke to communicate with the third-party systems and has the logic to update ServiceNow® data model.
Platform Analytics Solutions for Financial Services Operations
Performance Analytics give business owners an insight into how the team and business is performing. Dashboards with pre-configured reports and customizable views are available with each FSO application.
Process Mining for Financial Services Operations
Preconfigured Process Mining models for Financial Services Operations processes help analysts and process owners analyze how effective their business processes are. They can quickly discover and visualize process flows from data in audit trails, to perform in-depth analysis, and to identify insights to improve business outcomes.