ServiceNow (NYSE: NOW), the leading digital workflow company making work, work better for people, today introduced new products for telecommunications and financial services and provided more details about its healthcare and life science industry strategy. The company will deliver industry-specific workflows to help customers in these industries accelerate their digital transformation to make work flow, whenever, wherever. ServiceNow also announced that it has formed a strategic go to market partnership with KPMG to support healthcare providers as they digitize clinical and business workflows.
“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 will give 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 while managing costs, with little visibility 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 manual, cumbersome processes in the middle and back office that undermine employee efficiency and customer experiences. 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. 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 allocation. 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. The solutions will deliver great experiences to help clinicians support the needs of the patient community, which is especially vital in this global pandemic. ServiceNow’s 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 products 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. The new products will enable service providers to better manage customer requests and quickly identify network issues for faster resolution. Service providers will be able to 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/communication-service-providers-covid-19.html.
Financial Services Product: Today, employees in operations at financial institutions spend too much 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. The new Financial Services Operations product will transform operational processes and empower employees from front through back office to deliver differentiated customer experiences.
Purpose-built for financial services, the new product 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. With workflows connected end-to-end, financial institutions can maximize operational efficiency, significantly reduce operating and compliance costs, and increase customer loyalty.
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://www.blogs.servicenow.com/2020/a-connected-financial-organization.html.
“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. “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.”
“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, Global, BT. “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.”
“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 & Media industry lead, Accenture. “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.”
“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. “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.”
“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 Consulting LLP. “Together with ServiceNow, we are helping our customers connect the investments made on customer experiences to the backend operations that are critical in supporting those experiences.”
“Open Banking has become increasingly recognized across the globe as the way forward to modernize banking practices over the last few years,” said Hans Tesselaar, Executive Director at Banking Industry Architecture Network (BIAN). “Now, in the midst of the seismic shifts happening in the way banks work, digitizing, streamlining and connecting their operations, a single platform, based on industry standards, like ServiceNow is more important than ever. Banks will be able to ensure business continuity while also providing amazing experiences to their employees across the globe.”
“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 & Life Sciences at ServiceNow.
“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, KPMG LLP. “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.”
Use of Forward–Looking Statements
This release contains “forward–looking statements” regarding our expectations, future plans and performance. Forward–looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward–looking statements. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, our results could differ materially from the results expressed or implied by the forward–looking statements we make. Factors that may cause actual results to differ materially from those in any forward–looking statements include: (i) delays and unexpected difficulties and expenses in making generally available the telecommunications products, financial services product or healthcare solutions, (ii) uncertainty whether sales of such products or solutions will justify this strategy or these investments and partnerships and (iii) changes in the regulatory landscape relevant to enterprises operating in the telecommunications, financial services or healthcare industries. We undertake no obligation, and do not intend, to update these forward–looking statements.
ServiceNow (NYSE: NOW) is making the world of work, work better for people. Our cloud‑based platform and solutions deliver digital workflows that create great experiences and unlock productivity for employees and the enterprise. For more information, visit: www.servicenow.com.
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