How ServiceNow is Shaping the Future of the Banking, Financial Services, and Insurance Industry

In recent years, the banking, financial services, and insurance (BFSI) industry has faced an immense wave of change. Customer expectations are evolving fast, regulations are becoming more demanding, and the need for seamless operations has climbed to the top of the priority list. The calls for digital transformation have been heard and heeded; yet, for many, identifying the best framework to mobilize a digital crusade has been evasive. And this is largely because BFSI organizations have vastly different business and technology priorities, risk and innovation appetites, and IT and cultural maturities – a salient point delivered by Gartner in their Hype Cycle for Digital Banking Transformation, 2024.

It's clear that core banking and cloud technologies are key in enabling digital optimization and transformation. It just so happens that this fundamental principle aligns perfectly with ServiceNow’s operational framework and offerings. For this blog, I wanted to share some of the pearls of wisdom I’ve gleaned throughout my 10-plus-year ServiceNow career and how you can maximize your organization’s transformational potential with ServiceNow.

Delivering the Customer Experience Today’s Clients Expect

Think of the last time you interacted with your bank. Maybe it was a routine check of your account balance or a more complex task like applying for a loan. Either way, you likely expected quick, smooth, and hassle-free service. ServiceNow is helping financial institutions meet these expectations by connecting systems that were once disjointed and automating processes that used to be slow and manual.

Imagine being able to handle your entire claim process online without ever needing to call customer support, thanks to intuitive self-service portals. Or, consider how reassuring it feels to have your inquiry automatically routed to the right team member who follows up promptly. According to Gartner’s 2025 CIO Agenda: Top Priorities and Technology Plans for Banking, 88% of CIOs identified excelling in customer experience as a critical outcome of digital technology investments. ServiceNow is going beyond simple customer service use cases, providing the BFSI industry with GenAI-powered capabilities that enable autonomous, contextual experiences while maintaining trust and security. Validate the business value of GenAI with our 60-day trial.

Simplifying Operations for Better Results

Needless to say, the behind-the-scenes workings of banks and insurance companies are often complicated. Legacy IT systems, fragmented workflows, and manual data handling can bog down even the most efficient teams. With ServiceNow’s workflow automation, BFSI companies are breaking down these silos and building processes that just make sense.

Take loan origination, for instance. It’s historically a tedious process with plenty of back-and-forth. By digitizing these steps, ServiceNow makes the process faster and less prone to errors, letting employees focus on higher-value tasks. Picture managers tracking progress in real-time, spotting bottlenecks, and reallocating resources before delays occur. According to Gartner, 87% of banking CIOs plan to invest in business intelligence and data analytics to make this exact use case a reality.

Navigating the Regulatory Maze with Confidence

BFSI firms know the regulatory landscape is strict. Data privacy laws, cybersecurity standards, and financial compliance rules require meticulous attention. ServiceNow offers a centralized platform for managing these complexities, turning what was once a maze of spreadsheets and manual tasks into an automated, transparent process.

ServiceNow’s GRC (Governance, Risk, and Compliance) tools don’t just help check boxes; they make proactive risk management a standard practice. This means fewer surprises during audits and more time focusing on strategic growth. Although a retail client, our most recent case study highlights how we leveraged ServiceNow’s GRC suite to build a common control framework that has enabled an environment of continuous compliance with multiple regulatory requirements, including Sarbanes-Oxley, PCI, and ISO 27001. Read the full story here.

Empowering Employees to Do Their Best Work

The BFSI industry relies on skilled workers who can pivot from task to task without friction. ServiceNow simplifies this with its employee-centric solutions. Imagine an employee who needs IT support—no endless calls or lengthy email chains, just a quick request through a user-friendly portal with status updates along the way. It’s not just good for morale; it boosts productivity and speeds up problem-solving.

On top of that, ServiceNow helps with training and knowledge sharing. Employees can easily find resources, join collaborative efforts, or access learning modules that keep them sharp and ready for whatever comes next.

Driving Innovation with Agility

Staying competitive in BFSI means moving faster than ever. And CIOs get that. In fact, ‘Innovation’ is the top characteristic considered when investing in competitive/differential technologies (Gartner, 2025 CIO Agenda: Top Priorities and Technology Plans for Banking).

With ServiceNow’s low-code/no-code tools, even non-developers can create and deploy apps that cater to unique business needs. Need a new mobile tool for your customers? ServiceNow makes it possible to build one in record time without sacrificing quality.

What really sets ServiceNow apart is its ecosystem of partners. BFSI firms can integrate specialized tech solutions directly within the ServiceNow platform, resulting in a seamless, data-driven approach that opens doors to new opportunities and markets. Fintech and Regtech solutions are underpinning the FSI industry’s move toward digital transformation. ServiceNow’s ability to elegantly integrate with both Fintech and Regtech solutions (Ex/ ServiceNow Disputes Management, Built with Visa) to provide cross-platform workflow enablement, business process visibility and GenAI capabilities will usher in the next age of digital experience within BFSI.

A Look Ahead

Even before reading this blog, it’s been well understood that digital transformation in the BFSI sector is essential. ServiceNow is leading the way with a platform that helps organizations deliver revenue growth and cybersecurity expectations. Maximizing the investment though requires a partner like Thirdera who can create efficient workflows, ensure compliance, empower employees, and, ultimately, deliver outstanding customer experiences.  Discover how BFSI clients are maintaining a competitive advantage via digital innovation with our help.