The need for the modern enterprise to align business processes through digital transformation has rapidly accelerated since the start of 2020. Already underway over the past decade in many of the top businesses worldwide, digital transformation and business continuity efforts are now essential to support organizations through continuous economic and social change.
Following the trend, in Acorio’s second annual Insight & Vision Report, 65% of organizations responded that they’re currently deploying a Digital Transformation strategy. The catalyst for that transformation? ServiceNow.
ServiceNow has cemented itself as the heartbeat of modern Enterprise Service Management. But organizing true digital transformation is a daunting task. Creating your roadmap, identifying key stakeholders and process owners, and selecting the right products to suit your unique business needs isn’t easy. Yet the value of having one single platform where IT, CSM, and HRSD workflows can be tied together to give visibility and insight across the entire organization cannot be overstated.
As ServiceNow’s Chief Innovation Officer, Dave Wright points out, “Digital is no longer supporting the business. It is the business.”
We’ve put together this compendium of Acorio case studies highlighting organizations from diverse industries that successfully pivoted towards meaningful digital transformation, whether the focus was employee onboarding or customer experience – the ServiceNow Platform was the catalyst for their transformation.
Read below for an excerpt from the new case study compendium, or download the full ebook here to check out additional chapters with stories in Manufacturing, Healthcare, Retail, and more.
Stories in Financial Services
As social, political, and economic trends undergo rapid change through 2020 and beyond, the decisions financial services organizations make now will safeguard and separate them from their competition for years ahead. With over six million people employed by the Financial Services industry in the US, C-suite leaders have an enormous burden to make the right choices to protect their employees and customers alike.
Consumers are now easily able to split a dinner tab with friends through Venmo or order laundry detergent in one click on Amazon with next-day shipping, meaning financial institutions face increased pressure to provide their customers with the same experience. Their clients expect simple, fast, and effective banking solutions that rival the most convenient services to which they’re already accustomed.
With an industry imperative to move towards increased self-service options and touchless customer service, how can Financial Services organizations maintain exceptional CX and HR initiatives? In the next page, find out how one North American bank transformed its employee experience through the implementation of a streamlined, intuitive Service Portal and empowered its employees to provide an elevated customer experience to its global clientele.
Fortune500 Bank Brings its Employee Experience into the Future Using ServiceNow
Boasting unparalleled customer service and deep roots in its community, one of the largest and most recognizable banks in North America continues to grow its footprint. Over a century after first opening its doors, the institution serves over 17 million customers across the United States and Canada. That translates into over 2,000 branches in North America alone, grown primarily through mergers and acquisitions.
Like many financial institutions, this trusted brand is facing pressures as varied as the demand for new banking products, options, and offerings, shifting customer expectations and social and economic trends. Today, bank leadership has two options: to transform or make way for other innovators in the new decade.
Further, the consumerization of customer experiences is taking a toll on the occasionally slow-moving industry. Accustomed to instant, painless service, customers now consider going to a physical bank to grab cash to settle a tab archaic – especially when you can Venmo a friend on the spot. Add to that the uncertainty of changing government regulations in regard to data and privacy alongside consumers’ concerns over how their own data is used and can be compromised, and the modern financial institution has an incredible amount of promises to deliver on.
That made transforming their brand customer experience and leveraging new, more efficient technologies to streamlining operations a critical IT priority. The platform ready to spearhead that change: ServiceNow. In fact, the firm has been on a digitization journey with ServiceNow for years. Many departments knew the strategic use of the platform could be the key to the digital transformation they needed to prepare them for the changing financial landscape to come – but it was time to make some strategic changes to truly modernize the customer, employee and brand experience!
Recognizing the Need for a Centralized Vision Amid Steady Company Growth
The vast depth and breadth of the banking operations – including over 75,000 global employees and counting – made it difficult to maintain a centralized vision of IT. Combined with growth largely by acquisitions, their immense size meant there was no uniform employee experience across the bank’s thousands of departments.
This absence of unified vision translated into a lack of unified processes – meaning unified employees were starting off on the wrong foot, often struggling to onboard or find critical paperwork and increasing new hires’ time to productivity.
Imagine this: you’re trying to deliver services to 1,000 new hires and give them each a unique experience while maintaining efficiency and uniformity. You want to get them up to speed quickly and each new employee will likely need an office, a laptop, and other devices, log-in IDs, software access, and more. Ideally, they would go about getting these in a seamless fashion, with clear instructions, and a single person to turn to with issues. But, employees at this company were left scrambling, with no efficient system to ensure these actions happened in a reliable fashion.
The leadership team knew that elevating the employee experience was crucial to delivering exceptional branch service, and ensuring the bank’s success in a shifting economic and social landscape – touching everyone from Finance Directors to Tellers to the internal HR team – but the bank was struggling with a legacy stovepipe system that didn’t offer a horizontal view across operations and departments.
Customer-Facing Experiences Are the Core Financial Services Competitive Advantage
Beyond seeking a simple IT solution, the organization knew they needed to provide its employees with an experience matched in quality to the one that its customers famously enjoy.
According to Acorio’s second annual Insight & Vision Report, financial service providers seek HRSD solutions more frequently than Healthcare and Retail companies. The driving force behind this emphasis on employee experience initiatives comes down to demographics – 40 percent of the financial services workforce are Millennials who expect consumer-grade experiences from their employers.
Acorio’s Insight & Vision Report also shed light on another phenomenon in the financial services sector: 53% of companies responded that a continuously growing ServiceNow roadmap posed a challenge for them in the previous year. Not bucking the trend, this bank’s ServiceNow project grew to include a rigorous Asset Management implementation and a single internal Employee Portal that delivered employees what they needed and reflected the company’s strong branding and ethos.
Keeping the End-Game Front of Mind
The bank’s internal IT team had previously implemented ServiceNow with a focus on driving down costs and efficiency, but their overall lack of expertise in the platform meant that their original Portal ultimately failed to bolster their Employee Experience.
To create an intuitive, efficient Service Portal to improve the institution’s overall visibility, the Acorio team focused on the end goal – to simplify the users’ path to finding what they were looking for, and to surface information the bank wanted front and center.
For example, the team organized catalog items with questions such as “What are users really doing on the page?” and “How could catalog items be organized in a way to make the page more intuitive and reduce the number of clicks needed to get to a specific page or action?”
Of course, catalog items were just the beginning. After Acorio helped the institution reassess how it organized its catalog items they looked to replacing and consolidating their various request systems into the newly organized Portal.
Before the Portal implementation, the bank was inundated with over a million calls into the help desk per year. Due to this staggering number, there was a huge drive for automation, notifications, and self-service options. If users could be guided to leverage Knowledge instead of contacting a rep for each situation, time, energy, and money could be saved and redirected to business-critical initiatives.
In fact, 150,000 of the calls from the previous year were for known issues. The lack of ability to notify employees of known technical problems and major incidents was causing a huge flow of service calls that they just couldn’t keep up with. Thousands of employees being put on hold for a known issue is a painful waste of resources and adding automation and making self-service options available to the bank’s large employee base would reduce the number of abandoned calls and frustrated employees.
Ready to read the rest of the story? Get the full ebook here.