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Financial Services: Delivering the digital future of financial services
## Transcript X-TIMESTAMP-MAP=LOCAL:00:00:00.000,MPEGTS:0 [MUSIC PLAYING] Hi, everyone. My name is Keith Pearson. I'm the Global Head of Financial Services, Go To Market for ServiceNow. Welcome to Knowledge 21 digital, I got to talk to you today about delivering the digital future of financial services. I have a long of an extensive experience of digital transformation across a range of industries. I started my career in the military, I spent eight years most recently in financial services working for Lloyds Banking Group in the UK. One of the UK's big four banks, and for the last three years at Lloyds Banking Group I was the ServiceNow program director leading a range of transformational activity across the bank on the platform. I want to talk to you today about delivering the future of financial services. The last year has seen a level of unprecedented change and acceleration in the need to digitize, to improve customer experiences, to reduce costs, to simplify and consolidate complexity and to start to drive a transformed customer experience for the future. And if you look at a financial services organization today really at the core of what's happening for these established ones, is that they're trying to disrupt the market themselves at the same time as navigating being disrupted by FinTech, by challenger banks, by new incumbents, by large organizations who are starting to nibble away or completely take over the financial services value chain. And so executives in the bank of the future, the insurance company of the future are going to have to deal with this strange profitability and increasing customer demands, legacy technology, greater choice FinTech disruption and an increasing amount of regulation as well. Meaning they need to contend with driving speed and efficiency and transforming the customer experience. But at the same time building operational and business resilience and ensuring that they are compliant and within risk appetite. And there are lots of things about traditional financial services organizations that play to their strengths, they have scale and depth and customer trust, and that's important and stability, and expertise in managing compliance, and the risk and regulation environment is something-- That's is a massive barrier to entry for any would be incumbent coming into the industry. And of course, a multiple service offering, so that customers can go to one place and get a range of financial services products from that one trusted provider. But they definitely no need to drive this next generation digital capability and something that's being talked about has been talked about for the last five to 10 years now has become really an organizational priority. The ability to Hyper automate to drive new operating platforms, to accelerate and to cloud to get away from legacy technology and to drive integrated end to end services, and to be able to demonstrate to regulators that they have that end to end control of the services that they are providing to the customers. And at ServiceNow we're really, really focused on what our customers, customers do? And in the case of financial services our customers, customers are you and I. Were all consumers of financial services products and we all know what it feels like when that happens well and things work. And also what it feels like when that happens not so well, and things break very frustrating and of course a very emotional thing when it's to do with your money. And we interact with banks and other financial services organizations through a range of channels ATMs are still very prevalent, cash is still their, contact centers, electronic point of sale, mobile devices, online trading and many of us still use branches for some of those most important interactions with our financial services suppliers. But behind all of those kind of levels of engagement, all those different channels of engagement there is a huge amount of what we call fragmentation disconnected data, tooling, workflow, risk and control and insight. And that's because the financial services industry has grown up over the last 50 or 60 years with innovation at the forefront of what it does right back to Mainframes and Green Screens they were amongst the first organizations to embrace technology. And as a consequence, there's a huge amount of complexity that's been built up over time, and particularly in the case of big banks, that's a real time technology capability that you can't really switch off for a few days just so you can go and get it fixed to turn it back on again. And so other commentators in the industry-- and certainly we see this ourselves-- a very high proportion of digital transformation initiatives fail completely. And we believe that is mostly to do with fragmentation, yes, of technology, but also actually of culture and ways of thinking. And success for us comes through the seamless integration of systems and people delivered in a high performance environment, we're never going to streamline and automate away every aspect of what we do certainly not in the next 10 to 15 years. And so it's got to be how people and systems come together to deliver those streamlined fantastic services for customers. In a financial services organization these models tend to be very similar, the delivery model a number of different channels, omnichannel architecture, and then operational servicing areas that deal with the loans, or the credit cards, or the payments, or the insurance products that the customers are looking for. And then a range of operational support functions that support those if you like internal agents within the bank, so compliance, and HR, and finance, and IT and so on. And fragmentation plagues every part of this organization and these companies. And ServiceNow actually has a capability and reach that extends across every area of this environment. And so what I'm going to talk to you about today is, how ServiceNow can help to connect and integrate from the front through to the middle, and the back to start to bring together a seamless end to end experiences for customers. The organizations that are doing this digital transformation well are generally speaking and working on similar architectures. They're talking about microservices and APIs rather than traditional monolithic architecture. They're talking about cloud first as a way to get away from that legacy technology, as a way to be able to become more agile, as a way to be able to become more scalable at a better cost point. And they're talking about platforms. Not managing, as I heard yesterday. One major bank, global bank, almost 14,000 applications under management. That's a huge amount of complexity, but actually the aggregation and integration of major core platforms and cloud based platforms like ServiceNow connected with others to simplify the architecture, and bring that capability together in a much more seamless and streamlined way. So how does it do it? Well ServiceNow was born in the cloud and it's always been one code base, one platform everything connected to everything else. When we make acquisitions we made a number over the last year of artificial intelligence companies, robotic process automation companies, machine learning companies and so on. We don't bolt on the technology, we take those capable people and we strip the technology down we rebuild and integrate it into our platform. And so that means whether it's an integration layer, or a data management layer, or a compliance layer, which is unique really in the ServiceNow platform for financial services and being able to manage risk and control and compliance. Or in the workflow layer itself highly complex workflows, or in the interaction layer, why they're with customers directly? Or with employees, or in analytics and insight the platform is connected everything's integrated to everything else. And that makes it very, very useful tool if you like for bringing together other disconnected technologies integrating and bringing things together and acting as a glue if you like for fragmentation. And we try and simplify, this capability because my experience of this Lloyd's was, that you could almost use ServiceNow to do anything in that fragmented environment. You could operate around the servicing environment for the bank and solve all sorts of different problems. But we understand that our customers really want to see that blocked into areas that logically make sense, it's not appropriate to say we can do everything, we can do anything across your enterprise even though we probably think that we can. So we talk about compliant customer operations. What we talk about is our green box the accelerators and capability that we've built that allows our customers to get faster time to value across loans processes, payments processes, cards processes and so on. And a huge amount of our investment at the moment and our innovation investment is going into continually building and improving these accelerators that allow our customers to take our platform with low levels of configuration and deploy out of the box in a transformative way. I talked earlier about integrated risk control and compliance that's a unique part of the platform. And ServiceNow in its own right as the leading in terms of Forrester wave or Gartner's Magic Quadrant the leading enterprise integrated risk management platform that exists. But that's embedded within the wider capability. So it means that we can bring that workflow transformation with the risk and control and compliance transformation together to redefine the way that financial services manage risk control and compliance within workflows. The red box talks about our platform for IT and there'll be lots and lots of content and always 21 digital is going to talk to you about that capability, so I will label that one too much. And then finally employee lifecycle and compliance our ability to be able to manage and streamline and automate the onboarding of people's experiences as they come in to financial services organizations. They're through life experiences interacting with their operational activities or compliance responsibilities or whatever else. And then off-board from the organisation at end of that. Again is embedded within the platform, so we can bring operations risk, technology, people management, people lifecycle all together on one connected integrated platform. And what that means is that ServiceNow really makes work better for people. Integrates data systems and workflows across the enterprise to deliver a continuous improvement in cost reduction, and control, and compliance, and quality experience, and in customer experience. And with ServiceNow there's a final C, you don't have to compromise when you deliver these transformational solutions you can have all of these things and single programmatic deliveries on the ServiceNow platform. And I want to talk to you about a use case a customer very dear to my heart Lloyds Banking Group in the UK as I said I spent eight years there, and was very much involved in the whole journey of their digital transformation. And been amazing to see the way that ServiceNow though has been embraced in the bank. It was the first enterprise cloud platform deployed live into production at Lloyds Banking Group, and it really has been used in a phenomenal way and is synonymous for digital transformation with digital transformation bank. So over the course of the three years it's been in place and it continues to accelerate we've run HR and technology transformations, risk resilience, transformations. Then we've moved from those core foundational capabilities that we've built a core technology data model that connects everything to everything else and we've moved into security and supply of transformation facilities management is on the cards. But what I want to talk to you to today really about as the example is, how we've used the ServiceNow platform at Lloyds Banking Group to help them to transform the customer experience and the operational experience for payments. To payments is right at the heart clearly of what it means to be a bank and Lloyds Banking Group processes on any given day as much as 40% of the UK payment traffic making it a fundamental part of the UK economy in those terms. And the payments environment in operations when things work well and things are there's a lot of automation there and digitization when things go well everything is very simple. You know payments take seconds, no problem at all straight through very, very automated, but when things go wrong there are complex processes in that operational servicing environment the customer experience tends to not be as good as it might be. The resource management challenges that the bank has in order to be able to deal with that become a problem. And last year when COVID struck Lloyds was using an Indian outsource capability to deliver a significant amount of the payment operations work and those people had to go and work from home, and the bank didn't feel that using home networks was appropriately secure for them to manage Lloyds Banking Group payments. And so they had to repatriate that work over the course of two weeks very, very quickly didn't have time to hire new people just needed to accelerate the digital transformation. An that's where ServiceNow came in. We looked at a number of processes, one of the processes that want to talk about today is called Payment In Error. So it's when a customer makes a payment with the incorrect details. I think we've all been there. We've made a payment on our online device. We've accidentally put in a wrong number on the account details, and-- oh!-- we've sent 100 pounds or $100 or 100 euros or 100 yen to someone, and it's is the wrong person that we've sent it to. And of course, what do we do? We can't solve that problem digitally. We need to walk into the branch. We need to phone the contact center in order to try and solve that problem. And what that process looked like until recently was this, a whole range of these black boxes refer to a whole range of physical interactions by people inside the bank in the operating environment with different fragmented systems, to order to piece together the solution to get that personal money back. And that took time, and that meant complexity, and it meant swivel cheering, and it meant a frustrating experience for employees, and it meant a frustrating experience rather for customers. But it also meant that risk and compliance and control activity had to be done outside of the process. So that meant that actually in terms of reporting control activity to the regulators and, so on compliance activity that was quite difficult as well. And what we did was ServiceNow as we started to look first of all that workflow automation and streamline the workflow, complex workflow streamlined that down to two interaction points by humans. At the same time we built seven reusable integrations to core systems, unique thing about [INAUDIBLE] about ServiceNow their ability to be able to reuse these integrations, so that you spend the money on them once they can be reused and reused time and time again, for the workflows and processes that need those integrations those particular integrations. So those were two core banking systems, bank letter systems and so on. And so the end state looks also with embedded controls. I talked earlier about the ability to embed control and risk and compliance into the workflows. So again, some of that compliance activity has become if you like digitized and so on. So we're dealing not just with the process, but also with the control and risk environment. And that leaves a dramatically simplified process with around 80% of the manual effort removed a very, very much quicker process for the customer, a very much better process for the agent working in the bank a much, much better experience and actually a far more compliant experience as well in terms of the regulatory oversight of that process. And I think some of the most amazing things-- this is all good in its own right, but significant realized benefit-- the bank did not have to recruit any new people to come into that operation center in the UK. The whole piece of work took 12 weeks. And that for me was a real eye opener, and I love ServiceNow and I have done for a while, but even I was surprised. A 12 week delivery for seven core banking reusable integrations to streamline not just this process, but another one as well was phenomenal. On that other process unable to apply, we removed some robotic process automation technology that had been put in there as well as the case management and some of the other fragmentation, and changed the RPA activity was in 24 cases an hour previously, the API integrations on the ServiceNow solution, the 2,400 cases in the four minutes after the solution was switched on by clearing the backlog before people even have to come in and do the work. We've just done a similar one the next process on the backlog is direct debit indemnity claims, we've taken that process from three hours to 27 seconds, and that no can be dealt with in the end the branch or by the telephony agent rather than having to go into the payment operations environment itself. So there are a whole range of things that we know have on the backlog with Lloyds and this payment space, and to look at how we can partner to drive not just great transformation for Lloyds Banking Group, but actually how we can start to improve more generally the UK payments environment and payment operations environment. As I said earlier that's just one part, just one example of the myriad projects and programs that are running through the best in class center of excellence Lloyds for ServiceNow this year. And across our customers globally I think these organizations are starting to see that ServiceNow can be used in a much, much more extensive way to drive this future of digital transformation. My name is Keith Pearson. Thank you very much for taking the time to listen to this presentation today. I hope you enjoy a wide variety of digital content that's available for K21 digital. It'd be great to see you all next year and physically in the flesh I'm fingers crossed that we'll be able to do that. Thank you very much for joining me today. Have a good day. Bye bye. [MUSIC PLAYING]
Financial Services: Transform customer journeys end-to-end with the Financial Services Operations Platform
## Transcript X-TIMESTAMP-MAP=LOCAL:00:00:00.000,MPEGTS:0 [MUSIC] Financial institutions are accelerating their investments in digital transformation. They're doing this to improve customer experiences and improve their productivity, and this is what we're here to talk about today. Welcome to our knowledge 2021 session, transform customer journeys end to end with financial services operations. I'm Tammi Shapiro and I'm excited to be joined by my colleague at ServiceNow, Namit Saksena and Nathan Hopkins from Kiwibank. So let's go ahead and get started. We want to cover a few things during today's session. First I'll start off by talking about the opportunity we see and hear from our customers around transforming their operations, and I'll walk through a few examples. Next, I'll hand it over to Namit to talk about how we are empowering our customers and partners to solve for this opportunity, leveraging financial services operations. And lastly we'll talk with Nathan Hopkins from Kiwibank. He'll share some of his ServiceNow journey and the value that they're recognizing by transforming their operations. Again, I'm Tammi Shapiro and I'm responsible for financial services at ServiceNow. Ultimately, our team's primary objective is to build capabilities to empower financial services customers and partners to capture more value from our platform and capture it faster. So let's get started with the opportunity. The opportunity to transform or at a minimum significantly improve customer operations and servicing, is part of every conversation that we have with financial institutions. At every point in the customer journey, there's a risk of under delivering to your customers or incurring unnecessary cost and overhead. Your customers want an easy way to engage with their financial institution, whether it's through a self-service channel, a branch, or a contact center. Their expectations are high not just about that initial contact but about how quickly their financial institution responds to their requests. The reality is that many customer requests require some level of manual resolution today. And that's where middle office teams often get involved. But here's where processes are unstructured, departments are fragmented, systems are siloed, and as a result, there's a lot of paper spreadsheets and emails that flow through the system. And then you have the back office systems. A lot of these are legacy systems, they are difficult to work with and it's hard to extract data from. At every point there's a risk of slowing down or their cost of handling these issues is unnecessarily high. These unstructured processes also make it more challenging for financial institutions to deliver on their SLAs and effectively track their compliance with regulations. So let me walk through an example to make this real. This represents a real scenario with one of our customers, but it also reflects what I imagine many financial institutions go through today. The scenario here is a customer that accidentally sent a payment to the wrong individual and wants to recover the funds through his bank. And the before state, the financial institution didn't have a self-service option. So the customer had to call the call center or visit the branch to report the issue. From there the branch or the call center would create a case on the customer's behalf. The case would then be assigned to a payment operations team who would be notified via email. All of the cases were then tracked on a spreadsheet so the compliance would have access to review them. Meanwhile, a case order was assigned to investigate the case. This case center had to work across multiple systems to research the transaction, as well as to look up the customer information. Meanwhile, you have a customer that's confused, doesn't know where their money is and is eager to get an update. Finally, the case is resolved and the customer gets their money back or there's a less fortunate resolution. As you can see, this process was highly manual and slow. Work was tracked on spreadsheets and emails, there's a lot of room for error, and it wasn't a great experience for the customer. So now let's look at the after state. Once work was moved onto ServiceNow leveraging financial services operations. This is the same scenario but here the customer had a self service option. So they can initiate their request through a digital channel. Regardless of how the inquiry was initiated, the right teams are automatically notified of this issue and can start to work on it immediately. Also by integrating various payment systems into the ServiceNow platform, the relevant data to resolve the case is automatically extracted. This enables faster resolution and can even result in automated decisioning of the case. Everyone has real time visibility into the status of the case. Everything happens faster and compliance is made aware proactively of any issues versus a more reactive tracking. Now imagine thousands of these issues that happen at your financial institution every week or even on a daily basis. The impact that this is going to have on customer satisfaction and productivity is very significant. And that's ultimately what we're solving for with financial services operations. Where the customer is reporting a payment error or requesting deferment on a loan payment, challenging a fee on their account. Whatever the issue might be, financial services operations offers a structured way to resolve a process end-to-end from a customer through the front office to the back office. Hundreds of financial institutions around the globe, leverage ServiceNow for customer servicing and customer operations today. Let me bring this to life with a few examples. First you see on the left here a top five bank in the US that move their corporate card onboarding program to the ServiceNow platform. Everything from initiating an application, through to actually issuing the plastic to employees of the corporation. This process was expedited from 50 days on average to eight days in the after scenario. You can imagine significant cost savings and also faster time to revenue because plastic is in the hands of the employees faster. The second scenario here is complaints management processing. A top regional bank again, in the US, moved their complaints process onto the ServiceNow platform. Everything from a customer initiating a complaint through to routing it to the appropriate teams through to resolution. This financial institution was able to recognize 2.5 million in annual cost savings as a result of this. Another bank-- a top 4 bank in the UK-- is leveraging ServiceNow to transform their payment operations. I gave one example of this and the previous example in the before-after scenario. They were able to move several processes onto the platform in under 12 weeks, integrate multiple systems and as a result, realized significant cost savings and time savings and their payment operations. And then lastly Kiwibank. I won't steal Nathan's under because he'll be joining us shortly. But among many processes, Kiwibank has moved their loan servicing or loan maintenance processes onto the platform, and has achieved significant productivity gains as a result. Before I hand it off to my colleague Namit, I wanted to summarize a few key objectives we're solving for with financial services operations. First is superior experiences. By connecting customers to front office teams through the middle and back office teams on a single platforms, customers benefit from faster resolution and a more predictable experience. Next is faster time to value. Financial services operations is designed specifically for financial institutions. What we've done is taken the richness of the ServiceNow platform and added industry specific functionality. This means faster time to value customers can also recognize exponential productivity gains. I walked through a few examples just now. We also offer industry optimize reporting modules which make it easier to recognize continuous improvement. And then lastly, by embedding risk and compliance controls into the process, our customers are able to achieve more compliant operations and at the same time reduce their regulatory exposure. With that, I'd like to hand it to Namit who will give you a deeper look into what financial services is all about. Welcome, Namit. Thank you so much, Tammi. Hi, everybody. I'm Namit Saksena, the director of product for financial services operations. Picking up from where Tammi left off, where she spoke about the opportunity. I am excited to share ServiceNow's answer for helping our financial services customers face the challenges that Tammi outlined. The answer is, provide customers a seamless experience where they get to choose their preferred channel of interaction. Online or mobile banking, live chat or virtual agent, branch or call center. The customer has the choice to raise the request the way that they want. Now, once the customer request has been accepted, then our digital workflows instantly route the request to the right team and operations. Loans, card, payments, complaints, deposits, or any team in the back office. The appropriate team can instantly start working on the case in their specific workspace. And they can use our advance work assignment to start instantly working on the case rather than waiting for it to be assigned to them. Integration hub enables realtime connectivity to systems of record without requiring civil to have access to the core systems. Such true, front to back automation reduces the number of errors which translate to less cost, realtime visibility, and collaboration on a single system of action. It also leads to amazing employee and customer experiences. With ServiceNow financial services operations, customers are able to achieve true, enterprise wide transformation. Digitizing front to back operations gives our customers unparalleled transparency into SLAs, bottlenecks, opportunities for process improvement, KPIs, business performance, trends, and analysis. And using our single platform, finally connect customer operations to IT as well as risk in compliance. At ServiceNow, our motto is, behind every great experience is a great workflow. Within the financial services team, we believe that by delivering a great employee experience and operations, you can deliver a great customer experience. So this could read, behind every great employee and great customer experience, is a great workflow. Let's see how we make that happen. Everyone knows about our amazing local platform, as well as our amazing customer workflows platform. We have worked with our financial services customers to understand their needs and added the industry specific features on top of these two great foundations. Looking at the enablers slayers, a standard out of the box financial services data model, which we have been building with the help of the banking industry architecture network, makes it easy for our customers and partners to speak the same language. Enterprise capabilities of mapping your business services and common shared services make it easy to reuse your existing investments in ServiceNow. If you look above that, we've added out of the box applications for payment, cards, loans. And we are adding many more applications and expanding the data model enroll. We are also adding financial services specific UX experience, process optimizations, performance analytics dashboard, and integrations. There is a whole lot of innovation available to plug and play. And we are doing this across all the subindustries in financial services-- banking, insurance, and wealth and asset management. This allows you to focus on business process transformation for any business process. Across customer engagement or customer service or customer operation or across all of them together. To summarize, along with the financial services specific features, financial services operations also includes CSM, ITSM, as well as app engine. This makes financial services operations, ServiceNows, all in one platform to help our financial services customers transform their core business. With that, I'm excited to hand it back to Tammi to talk to one of our customers who are doing exactly such an amazing transformation. Over to you Tammi. Thank you, Namit for tying it all together. Now and I'd like to welcome Nathan from Kiwibank. Nathan, thanks for joining today. I'll let you go ahead and introduce yourself before we get into Q&A. Hello, from New Zealand. Thank you, Tammi. I'm Nathan Hopkins, a senior product lead here at Kiwibank, New Zealand's largest 100% owned Kiwibank. Great, Nathan. So I know you've been on your ServiceNow journey for some time now and it's been great to partner with you on it. Can you share a little bit about some of the challenges that you faced and what you've been doing with ServiceNow at Kiwibank? Yeah, absolutely. So look, I think the opportunity for us was really-- as you touched on earlier-- the ability to shift away from a low level of processed maturity, which was highly geared around email, spreadsheets, phone calls. And really translate that into what we wanted to be a system of action built on a scalable platform, knowing the size of the challenge that we had ahead of us. I guess overall we knew that we wanted to become more efficient, put customers at the center of everything that we do, and reduce our risks through uplifting our compliance position. And the way that we did this was introducing a capability that we've named Piriti. Piriti is a Maori word that means bridge. And it's so reflective of what we've introduced being really the capability of connecting our frontline teams who are facing off against customers, whether that's in a branch or a contact center. And connecting that into our back office specialist teams who are executing highly complex processes. So I guess I will diving into that in a little bit more detail, what does that really mean? For us that means, a typical customer engagement remains as it always has, again, with one of those frontline teams or with one of our existing digital channels. But what we've done is we've introduced a system of engagement for those frontline staff to be able to take structured content from them. And then be able to pass it through into what has been the system of action, of then those back office teams being able to execute that structured work. I guess, doing that significantly uplifting both of our employee experience and customer experience at the same time. Great, Nathan, that's really helpful. And I love the term Piriti, it really does connect it and really represents what it's all about. So can you talk a little bit about what value you've recognized? What have you-- what have you accomplished and what's next in your journey? Yeah, absolutely. So as you mentioned, we've recently passed 12 months on our journey. And I really like that we're journey, because for us it's not a project, it doesn't have an end date. It is continuous. And that's reflective of the ServiceNow platform at the same time. As I mentioned earlier, we've got over 700 odd processes that we know that we want to digitize. And again, that can only be achieved if we take on a culture of continuous delivery instead of, I guess just by 1,000 cuts and individual little projects along the way. So I guess we've achieved what I would term to be significant value to date. Not only in productivity benefits along the way. But looking back to what I said before, enabling our frontline to focus on what they do best, which is customer conversations versus the reality of what they were doing before, which was hunting for the right mailbox to send a request to or try to find the right vision of an Excel template. So that value for, I guess, the frontline and as customers. The value for our agents has really been all about, providing that rich data that our frontline has been able to elicit. Giving them that first time right information to them be able to execute straight away on that process, not having to go through rework or recontact the customer to get more information. And that's adding real value to the process that they're executing against. And I guess finally if I reflect on value for management and leadership, it's having that visibility through realtime reports and dashboards and performance analytics. And there's actually a great example that I want to share there around that whole data to be able to make decisions. Due to COVID-19 that's impacted every organization globally. And for us, through the data we're able to identify that we had naturally latent capacity within our branches who weren't as busy or were forced to be closed because customers weren't able to come in. But we could then leverage that capacity. They have specialist skills especially in lending, and we could route them work through the ServiceNow platform to be able to execute against. Instead of, I guess, the ultimate what could have happened with them of not having any work to do and potentially having a whole different conversation around the future with the organization. So I guess a great example of how what we're doing is not only making us more productive, but we're actually ensuring that we can better workforce manage our people at the same time. That's great. And yeah, you mentioned earlier something that really resonated which is, that it really is a journey. You don't have to-- and we hear that a lot from our customers-- you don't have to do everything at once. It's really about starting in an area, improving that, leveraging things like you just mentioned like data, to inform how to continue to do that. It can be gradual and expand over time. I want to ask you one more question. I know I touched on it, I know we spent a lot of time talking about loan servicing or loan maintenance and the opportunity to really drive efficiency in that area in particular. Can you talk a little bit about what that looked like for you before and what you were able to accomplish there? Yeah, so look, we've really challenged the capabilities of ServiceNow and in the lending operations space. And the before snapshot of this process as you can see it's complex. It was cumbersome, very inefficient. We had upwards of 30% rework against every single case that came in. We had a very high exposure to risk and compliance with it. So naturally it was something that we really wanted to target, shift into the ServiceNow platform. But not just shift it in as a process but really drive out an end-to-end, completely integrated process at the same time to really solve that challenge that we had as a business. And look, the after snapshot that's coming up, it still looks complex because the reality it is. But the beauty of it is, we've hidden that complexity from the frontline. We've made it insanely simple so that to be able to come in service. And that ServiceNow is actually going to be able to execute against 42 different permutations or processes behind the scenes without them really even knowing it. So for us that's going into a singular service and having a completely dynamic for the particular situation they're dealing with. And then likewise that complexity is also hidden from the fulfillment team who's executing in the back end. Once again, those 42 particular processes completely head into them, integrating off to other systems of action or other systems of record. Like sending out emails to customers, sending out automated letters to the customer, storing a copy of that letter into our document management system, so on and so forth. And then I guess finally have a touch on the value. The value is tremendous that we've realized from this particular process. Eliminating the spreadsheets that were there before. Obviously, significantly cutting that end-to-end fulfilment time and naturally lifting our compliance as well. And I guess finally, something that actually Namit and I talked about previously was, just the sustainability lens of this as well. So by being able to, for example, send out now an email with a confirmation letter is obviously more sustainable than us having to print a letter and send it out by post to these customers. And ServiceNow has helped unlock that particular capability which is, just another lens to put on the benefit that we're getting as an organization. Thank you so much, Nathan. Yeah, I know it's great to see not only the value that you've recognized through things like direct cost and how you're able to do better work. But you have the broader value that you just mentioned, is something that's really powerful. Great. So with that, we're going to wrap up our Q&A session. Thank you to all of you for joining us in this session. Really appreciate you taking the time to make it and please be sure to check out the additional sessions in the financial services channel. [MUSIC]
