ServiceNow, the digital workflow company making the world work better for everyone, has expanded an alliance with the EY organisation to provide solutions for generative AI (gen AI) compliance, governance and risk management. ServiceNow and the EY organisation have a longstanding collaboration history providing offerings in areas such as risk, global business services, supply chain and manufacturing management, and technology innovation. The expanded alliance builds on ServiceNow and the EY organisation’s announcement in December 2021 to transform finance and tax service.
“One topic dominates the C-suite agenda in 2024 - the transformative potential offered by AI,” said Carmine Dr Sibio, EY Global Chairman and CEO.
“The challenge many clients face is putting appropriate governance in place when adopting the technology. Together, the EY organisation and ServiceNow will help organisations confidently turn AI risk management and regulatory compliance concerns into opportunities to drive business value. We are excited to broaden our collaboration with ServiceNow and continue growing our alliance relationship by collaborating on this game-changing technology.”
“Gen AI has inspired the imagination,” said Bill McDermott, Chairman and CEO at ServiceNow.
“EY is shoulder-to-shoulder with ServiceNow to take costs out, put productivity in, and accelerate growth for our customers. Our partnership will enable the adoption of gen AI on the ServiceNow platform at unprecedented speed.”
The newly-developed offerings are expected to improve the management and governance of AI, driving proper compliance with regulatory requirements, and promote ethical, transparent, and accountable business practices. This includes the EY AI Governance and Compliance solution, providing businesses with a suite of essential capabilities including AI discovery and inventory management, policy management and implementation, risk tiering, and automated monitoring. The new offerings are expected to be available in Q124.
The EY organisation will also use ServiceNow’s Now Assist gen AI capabilities to bring enhanced experiences to EY professionals and clients. These new AI solutions seek to amplify EY capabilities on ServiceNow’s risk management solutions.
The EY organisation will further use ServiceNow generative AI capabilities across IT and HR business functions. This includes deployments of IT Service Management (ITSM) PRO+, HR Service Delivery (HRSD) PRO+, and Now Assist generative AI tools, helping enable enhanced employee experiences across more than 400,000 EY professionals.
EY and ServiceNow teams also plan to increase focus on additional offerings into 2024 for specific industries including financial services, manufacturing and life sciences.
ServiceNow has also announced a five-year strategic alliance with Visa, the digital payments provider, to transform payment services.
The initial phase includes the launch of ServiceNow Disputes Management, Built with Visa—a single, connected disputes resolution solution for issuers that blends the best of ServiceNow’s AI- first platform and the company’s Financial Services Operations solution with Visa’s deep technology investments. Visa helps prevent US$30 B in fraud yearly for consumers and small businesses using its technology.
“At the heart of our alliance is a commitment to build industry-leading products that help financial institutions boost employee productivity, create great customer experiences, and drive business growth,” said John Ball, Senior VP and GM, customer and industry workflows, ServiceNow.
“By making Visa’s services available through ServiceNow’s intelligent, AI-first platform, we’re powering innovation and setting a new standard in the payments industry."
"Solving customer pain points is core to our business at Visa, and collaborating with an industry leader like ServiceNow will allow us to help issuer partners old and new resolve disputes more efficiently," said Vanessa Colella, Global head of innovation and digital partnerships, Visa.
"ServiceNow and Visa look forward to offering clients the latest technology solutions, so they can focus on delivering an excellent experience for their customers."
"Banks should prioritise their CX efforts around the drivers that most influence customer loyalty. For example, resolving problems and issues quickly remains one of the most important drivers of CX and retention for many banks," wrote Alyson Clarke, Principal Analyst at Forrester Research.
"Banks that adopt modern and flexible digital banking processing platforms will find it easier and faster to deliver innovative (and profitable) customer solutions."
ServiceNow said it is committed to revolutionising financial services with new products and services. This initial integration marks the beginning of a more extensive, multiphased relationship between Visa and ServiceNow, the company said.
The two companies will continue to build new solutions and will distribute Visa products and services to joint customers.
*Forrester, Consumer Banking Trends, 2024: Trends Shaping Retail Consumer Banking In The Current Economic Climate, Jan 17, 2024.
No comments:
Post a Comment