The pandemic-driven shift to digital service has transformed customers’ preferences for personalization, convenience, and experiences in financial industry services. The pressure from competition gearing up the financial institutions to take the customer experience to the next level to spur growth and leapfrog competitors.
According to a recent survey conducted by Harvard Business Review Analytic Services, “64% of the 114 respondents from financial services companies say that improving CX is a top-five business priority for the year ahead.”
That’s why financial services are increasingly investing in operations digitalization and services hyper-personalization to deliver memorable customer experiences. The right message is delivered to the right customer at the right time after listening to their requirements rightly. Salesforce financial services cloud stands out as the best solution that’s highly embraced by financial services organizations to gain a 360-degree view of data at every touchpoint.
Let’s dig deeper to know everything about the Salesforce financial services cloud.
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What is the Salesforce financial cloud?
The Salesforce financial services cloud is a Salesforce product that acts as a single platform for financial services organizations to manage different departments such as banking, insurance, wealth management, mortgage, and others.
It’s a one-stop shop to access customers’ data from all the channels of communication and gain insights out of data, which improves visibility into customer journeys. It enables managing financial advisory, sales, marketing, and other services in an integrated manner that helps in creating cohesive customer experiences. It further helps in nurturing customer relationships.
Salesforce financial services cloud also excels in helping financial organizations to stay compliant with changing industry regulations through compliant data sharing, intelligent document automation for consent and disclosures, interaction summaries, and financial deal management.
What is new in the Salesforce financial cloud?
Realizing the mounting pressure that financial organizations are experiencing to do more with less while meeting the evolving customer expectations, Salesforce introduced new features to financial cloud services to fulfill the emerging needs amidst changing data privacy laws.
Salesforce innovated the product with a first-party data strategy that connects, personalizes, and automates every customer touchpoint across all the channels. The company helps the team drive operational efficiencies, unlock customer insights, and provide the best customer support with AI-powered client 360-degree capabilities. The innovation would help financial organizations to step in with the digital acceleration that’s emerged due to the pandemic. They are:
Triggered campaign message
By connecting the marketing cloud personalization and engagement solutions, the feature improves customer engagement and delivers personalized interactions according to new product catalogs and customer behavior. Now, the first-party data is leveraged by the organizations to understand customer preferences and then engage them next time with a trigger message for the product in sales or back in stock.
Digital command center for slack
By monitoring activity and performance across the marketing cloud from one digital command center, the service agents can collaborate in Slack as a digital HQ for customer service coordination that helps in resolving customers’ queries quickly. When agents have customer data and critical alerts in a central Slack channel, they can better manage the time-sensitive requests and ensure no revenue or sales get lost.
Google ads and Salesforce customer data platform
The customer data platform helps in creating a unified profile of the customers with customer data unification from various sources. Incorporating segment-level insights enables delivering personalized engagement at scale across all the channels such as Google ads, email marketing, and others.
Intelligent Einstein-powered chatbot
The attempt of encouraging self-service or resolution automation through AI-powered chatbots has helped Salesforce customer support services to see a 27% rise in the resolution using this digital tool. The virtual assistant is designed for financial organizations to automate routine requests at speed, especially on messenger platforms. It helps agents to focus more on humanizing interactions that build loyalty and boost conversion.
The US-based Prudential insurance company implemented a virtual assistant to better handle sales and services during tax season.
Intelligent agent desktop
The new Salesforce financial cloud feature addition helps agents unlock customer insights right on the console page. For instance, the customer identity verification feature enables the agent to minimize fraud risks with proactive alerts and also highlight the important information that customer is missing.
Customer address change automation
The automated customer address change feature helps in integrated validation, data ingestion, and routing across all the systems that are related to address change.
How is the Salesforce financial cloud helping in the growth of the industry?
The financial services cloud solution is an integrated platform that’s customized according to business-specific needs. There are solutions for Salesforce financial service cloud wealth management, insurance companies, banking institutions, and financial service providers. Here’s the overview of them:
Insurance companies
Every customer in the insurance industry is unique with individualized needs. It indicates all customers cannot be approached or served using the same marketing strategy. That’s where the Salesforce financial cloud features a 360-degree view of customers that helps agents and the customer support team access the rich insights and provide out-of-box services accordingly.
Getting all the policyholders’ details including- insurance policies, claims, coverage, and others centrally helps in delivering a personalized experience and managing the entire lifecycle. Also, the underwriting process gets streamlined with digital submission, online collaboration, and document review.
The financial service cloud basics for insurance companies include:
- Onboarding activities workflow
- Provide a single view of the customers
- Send notifications for the best offer
- Customer transaction journey
Capital market
Capital companies can get their processes synced and operationalizes with powerful workflow tools using financial cloud services. The AI-based tools help in providing key insights with analytics solutions, meet compliance and regulations, and gain a competitive edge.
- The financial service cloud basics for capital firms include:
- Underwriting progress tracking
- Automated approval for required credit
- Staffing needs tracking
- Risk calculation and portfolio exposure
Banking and lending
As the intuitive and connected experience becomes a need of the hour to boost operational efficiency and enhance customer satisfaction, banking and lending institutions are increasingly adopting Salesforce financial cloud solutions. The improved visibility into customers’ activities and their financial details help in moving the leads down the sales funnel and making the most out of the opportunities. The digital-first engagement strengthens customer relationships and builds loyalty.
The financial service cloud basics for banking and lending companies include:
- Adapt to regulatory changes and meet the demands
- Make the next-level care and experience a standard
- Track and automate lending and banking process
- Forecast member service requests by analyzing the customer journey
Wealth and asset management
The Salesforce financial service cloud wealth management solution brings in relationship intelligence that helps in providing the accurate account information of the customers up-to-the-moment across networks, clients, and households. The data unification provides a broad picture of the customer information without logging into different systems. The routine process automation enhances workflow and enables the business to grow faster.
The Salesforce financial service cloud wealth management solution includes:
- Breaking the silos to get insights from integrated financial accounts.
- Marketing automation brings winning outcomes.
- Send personalized recommendations across all channels.
How are customers benefiting due to the Salesforce financial cloud?
Improved client engagement
The customers’ expectations have gone beyond timely reminders, recommendations, or results. The Salesforce consulting partner recommends using a financial cloud solution to go the extra mile with personalized experience delivery across all the channels consistently by connecting customer data and gaining rich insights out of the data. The customized interactions after analyzing the data better engage the customers
Gain insights into data
The Salesforce consulting partner recommends Einstein analytics usage helps in implementing a modernized database, next-gen data workflow, and wizard incorporation to dig deeper inside the data.
Make data-driven plans
The smart action plans created through the financial service cloud solution make onboarding easier by directing the employees on what to do through responsibilities delegation, routine task creation, and setting deadlines. It keeps everyone on the team on the same page with no chances of misunderstanding.
Leads tracking becomes effortless
Tracking leads across all the phases is necessary to increase conversion. The Salesforce financial cloud provides limitless referral features that help bankers or consultants to track referrals and leads from the beginning to the end of the sales funnel. When the leads get converted, the system automatically builds profiles and options.
Scheduling becomes a breeze
The Salesforce consulting partner suggests using the scheduling feature to arrange the meeting with clients for a specific date and time. The seniors can schedule appointments for employees with customers for investment-related discussions. Also, they can opt for including other employees from different departments in special cases.
Mitigates risks
The data-driven communication helps in optimizing customer resources by highlighting internal and external threats. SFC solution provides data-backed advice to ensure financial and investment operations along with strategic tips.
Enhanced security
The Salesforce consulting services guarantee that SFC is packed with a range of protection and enforcement capabilities whose security standards no one can break. The software protects data access with continuous tracking so that no fraud can put a dent in the system’s security. Also, it ensures that no regulatory initiatives are missed at scale.
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Conclusion
The financial industry is experiencing a paradigm shift with digital initiative acceleration. Salesforce’s financial service cloud enables financial institutions to intensify internal and external collaboration, eliminate manual processes, and deliver personalized experiences with predictive analytics. The leading Salesforce consulting partner provides Salesforce consulting services using the best practices and following industry-best standards to enable the companies to reap the benefits. Supercharge the operations and processes leveraging the power of SFC software. All the best!
