Financial Services Operations helps banks and financial institutions with automated processes, improved customer satisfaction and embedded risk and compliance controls. There are several features in FSO that work together for customers, agents, and managers. Let's go over them. Banking applications include support for all servicing and and operation case management processes. These help with onboarding, card operations, payments, loans, treasury and deposit operations, and dispute management. Insurance applications include support
for all servicing and claim processes, connecting work across underwriting and servicing teams. This helps create a seamless journey for policyholders and helps protect their financial data. The FSO core application is a comprehensive data model that supports all FSO applications. This data model stores customer data, helps handle service requests, and extends and uses tables from the Now Platform and Customer Service Management application. This enables financial institutions to create flexible data structures. It also includes different types of financial data models like financial accounts, insurance policies and treasury services. The FSO core application is also dependent on different Customer Service Management applications like customer service, customer service, case types and the product catalog Management core application. The Insurance Claims Core application is an independent application that operates alongside the FSO Core Application and offers support for all insurance claims processes. The main components of the application are data models that include claim property, claim participant, claim coverage, claim reserve claim payment, and an approval engine and validation system. Organizations can use these data models to create adaptable data structures that meet their specific needs. The models include all the required common entities in an insurance claims process for different lines of business. Financial institutions can use these common entities for other applications that relate to insurance claims. Branch workers, call center agents, and back office agents can use FSO workspaces to work on all aspects of their cases. Agents using the workspace can focus on high priority items, navigate across tasks, see all details related to a case in one place, and monitor workload and performance. When using FSO applications, there are several automatically installed flows that can help streamline different types of requests, like blocking a credit card, raising a dispute, or onboarding a customer. These flows are created and automated using Workflow Studio. When a workflow is triggered, various tasks from the case and the assignment roles route these tasks
to the appropriate back office agents. Agents can then work on these tasks to fulfill assigned requests. Several playbooks are also installed with FSO applications. Playbooks provide step by step guidance
to resolve processes and enable employees to easily manage cases by
guiding them through sequences of tasks. Relationship managers and agents can also use the case playbook to review and work on their cases and tasks. FSO also includes several integration applications that use spokes to communicate with third party systems. Flow designers can use these integrations to customize actions and workflows to view for each application. Integrations with third party applications provide information about the integrated spokes, as well as tasks to use the spoke. FSO also integrates with other ServiceNow applications on other instances. Performance analytics in FSO gives insights into how a team or business is performing. Dashboards with pre-configured reports and customizable views are available with each FSO application. It can also be used with other Now Platform products. The FSO Process Mining Content Pack has pre-configured process mining models
for FSO processes that can help analysts and process owners analyze how effective their business processes are. Using process mining models can assist with discovering and visualizing process flows from data and audit trails, performing in-depth analysis and identifying insights to improve business outcomes. All these features in FSO work together to help banks and other financial institutions resolve issues and solve challenges resulting in improved customer service and offerings. To learn more, see our product documentation or knowledge base or ask a question in the ServiceNow community.