ServiceNow Launches Telecommunications and Financial Services Solutions

ServiceNow today at its Knowledge 2020 Digital Experience online event introduced products specifically for telecommunications and financial services companies to accelerate their digital transformations.

"We are bringing the workflow revolution to every industry to accelerate digital transformation," Bill McDermott, CEO of ServiceNow, said during his keynote address. "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."

Telecommunications Products

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. Both are designed to help service providers deliver better experiences to customers while also helping contact center agents and network operations teams manage customer requests and identify network issues.

"Communication service providers have stepped up to keep us all connected during these recent surges in network demand," said Chris Bauschka, general manager of telecommunications, media, and technology at ServiceNow, in a statement. "This pandemic has also highlighted the need for even more flexibility and efficiency in service and operations going forward. With ServiceNow, CSPs can reduce friction with their customers, reduce operating costs, and more efficiently manage network outages and changes."

ServiceNow developed the new telecommunications products based on its work with leading telcos, including BT, the exclusive design partner for ServiceNow's initial telecom capabilities.

"We're continuously enhancing our capabilities to meet the demands of today while building new digital models to serve our people and customers tomorrow," said Hriday Ravindranath, chief technology and information officer at BT, in a statement. "To achieve this, we're bringing together technology and business strategy to create great customer experiences and also to make life easier for our own people to help them deliver excellent service. We know digital transformation is complex and nobody can do it alone. So we're delighted to be innovating with leading digital workflow specialist ServiceNow to transform how we work with customers as they prepare their networks for digital transformation."

In January, ServiceNow named Accenture its strategic go-to-market partner for the telecom solutions.

"We are committed to support CSPs as they modernize their businesses, helping to improve business agility and ensure system resilience, a critical factor amidst the current COVID-19 pandemic," said Francesco Venturini, senior managing director and communications and media industry lead at Accenture, in a statement. "Together with ServiceNow, we are providing a set of integrated solutions designed to improve automation, efficiency, and the effectiveness in domains like customer service management, service assurance, and intelligent network operations through a combination of technology, analytics, and operation solutions."

Financial Services Products

ServiceNow's new Financial Services Operations, meanwhile, provides workflows to digitize customer requests like ordering replacement cards or inquiring about payments. Purpose-built for financial services, the new product will give a single system of action with insights across systems of record. It will streamline common customer requests, such as credit limit increases and payment inquiries, extending ServiceNow's customer service capabilities with an initial focus on banking operations.

"The global pandemic has had unimagined ripple effects on consumers and businesses, presenting an opportunity for financial institutions to earn customer trust in this dire time of need," said Laurén Robbins, general manager of financial services at ServiceNow, in a statement. "Our vision is to connect the entire financial institution with one platform, delivering industry-specific digital workflows that allow these firms to automate operations and deliver reliable experiences that build trust. This matters today more than ever."

ServiceNow recently partnered with Deloitte to bring banking solutions to ServiceNow's new financial services product. Deloitte will provide banks with solutions built on the Now platform. These include the Complaints Management solution and the Small Business Association Paycheck Protection Program (SBA PPP) Forgiveness Solution.

"One of the greatest opportunities facing financial services institutions is the digital transformation of the middle and back office, which employs several times more people than front office," said Travis Budisalovich, ServiceNow financial services offering lead and principal at Deloitte, in a statement. "Together with ServiceNow, we are helping our customers connect the investments made on customer experiences to the back-end operations that are critical in supporting those experiences."

Healthcare Solutions

ServiceNow also announced a commitment to develop healthcare and life science products to help providers optimize and automate critical clinical and business workflows.

ServiceNow and KPMG today announced a strategic go-to-market partnership for healthcare solutions. This partnership pairs KPMG's industry expertise with the ServiceNow's 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.

ServiceNow's healthcare and life science solutions are expected to be available in 2021.

"The global healthcare ecosystem is under pressure to improve the clinician, patient, and member experience, lower costs, and deliver better outcomes, and ServiceNow can be a tremendous partner in bringing that reality to life. We have deep expertise helping healthcare and life science organizations break down silos and reimagine workflows to create amazing experiences," said Mike Luessi, general manager of healthcare and life sciences at ServiceNow, in a statement.

"COVID-19 has underscored the need for healthcare provider digital transformation, as the increased volume of critical cases puts a strain on personnel and available clinical resources necessary to support the required care protocol," said Vince Vickers, healthcare consulting industry leader at KPMG, in a statement. "We're proud to partner with ServiceNow to help healthcare providers elevate patient care through better clinician experiences at a time when the world is more focused than ever on transforming care with digital solutions."

Also during his keynote, McDermott urged companies to re-think customer service in the 21st Century, noting that a 5 percent improvement in customer retention can improve profitability by 95 percent.

McDermott also noted that it's 25 times more costly to acquire a new customer than keep an existing one.