Finance Service Industry
Financial services are the core economic activities performed by financial institutions and related industries, which encompass a wide assortment of companies which deal with money, such as banks, credit card firms, credit unions, investment banks and mortgage lenders. The services they perform include lending, dealing with debts, collecting loans, buying assets and promoting and selling financial products. Financial services also include insurance, securities and futures market operations, as well as a host of financial derivatives whose function is primarily to provide liquidity and flexibility to the financial institutions and other entities involved in the finance industry. The finance sector includes various other specialized finance related activities such as risk management, market research, and estate and asset management.
The main function of financial services industry is to ensure the smooth functioning of the finance system and the economy as a whole. In the United Kingdom, the finance service industry employs around three hundred thousand people. A large number of multinational financial institutions based across a number of countries provide the finance service industry to the global market. Among these are prominent banks such as HSBC, Morgan Stanley, etc., as well as smaller banks and financial companies such as IPFC, ICICI Bank, Standard Chartered Plc, etc. A large number of financial organizations offer their financial services online, through their websites.
The key players in the finance service industry are banks and financial institutions, together with a large number of brokers. Brokerages offer advisory and management services to finance related companies. They help finance service companies enhance their current market performance by providing market intelligence. They help finance service companies formulate strategies for effective finance and banking systems, and strengthen their internal processes. They also help finance service companies reduce costs, streamline workflow, and increase productivity.
Finance Service Management
Finance Service Management is a dynamic and ever evolving service that enables service providers to deliver financial services more efficiently and effectively, all while reducing operational costs. ServiceNow IT Service Management (ISSM) is a comprehensive shared-service offering that enables you to bring service management onto a single, virtualized platform. And underneath the huge umbrella of ITSM lie Service Support. The goal is to eliminate waste, which in turn allows for greater customer satisfaction as well as improved profitability.
ServiceNow offers integrated finance service management solutions that manage your requests and deliverals across multiple locations and devices. The primary goal of this solution is to improve customer satisfaction by helping finance teams meet their responsibilities. In addition, it supports the process of business planning and growth by automating processes that previously required a significant amount of human attention. It also helps finance teams reduce operational costs through a series of intelligent steps and processes. These include processes like purchasing decisions, inventory control, project management, payroll administration, cross channel communications, and other in depth functions.
Another way in which ServiceNow helps finance teams manage their business is through its self service finance catalog. This is available from your website and can help finance teams develop and maintain an online database of customer requests. If a request requires approval it can be submitted online and reviewed before it gets approved or rejected. This is the ultimate in comparison to traditional finance catalogues and other requests that require the finance team’s physical presence.