The ultimate guide to Salesforce for financial services

25 November 2022

In today’s digital economy, traditional banking models are shifting from just running a bank to operating as an ecosystem. Unlike times when banks used to operate in silos with few clients to cater to, the modern era is driven by ever-evolving technologies, personalization, mobile-friendly solutions, and connected services.

Therefore, the global BFSI (banking, financial services & insurance) necessitates digital transformative solutions to overcome challenges such as extended sales cycles, strict regulations, rising customer expectations, etc. And, it needs a strong platform to improve their financial advisor’s productivity, reduce the operational costs of financial offerings, and engage today’s customers with tailored financial services for superior experiences.

And this is where Salesforce for financial services and its entire suite of Cloud solutions can help the BFSI industry.

Introducing Salesforce for banking as a all-in-one solution for BFSI enterprises

The Salesforce Trends in Financial Services report says that customers today demand advanced digital services, which has led to the financial industry to implement new technologies to deliver improved customer experiences. The Salesforce BFSI solution helps financial institutions overcome the digital age disruption by using the powerful capabilities of the Salesforce for financial services ecosystem, which combines Customer 360, Sales, Service, Marketing, IT, Analytics, and Financial Service Clouds. While adhering to strict industry regulations, the Salesforce for banking services offers a connected interface through which you can smartly manage sales, customer interactions and experiences, and business processes, and financial teams.

What role Salesforce plays for banking, financial services, and insurance (BFSI) industry

Salesforce CRM is known for creating highly personalized experiences for both users and customers. Therefore choosing Salesforce for financial services will help you overcome the challenges faced with your traditional enterprise systems and build a complete ecosystem of Salesforce tools and services that help you stay relevant and competitive.

Here are a few challenges faced by the BFSI industry and how Salesforce CRM for finance can help.

	CHALLENGE	HOW SALESFORCE HELPS
360-degree view of client information	The lack of a clear view of your customers and their financial needs makes it challenging for BFSI firms to stay on top of customer demands, market trends, and make the right decisions, especially when your CRM systems are outdated and enterprise systems aren’t properly integrated.	With Salesforce for banking CRM solutions, you gain a complete holistic view of your customers and practice role-based access to ensure only the right personnel view these personal details. You can integrate Salesforce with any number of wealth management technologies to gain a unified view of each customer.
Outdated legacy software	Most BFSI firms use outdated legacy software that doesn’t support the growing and modern client expectations and functionalities demanded by the sales team. Without proper tools, BFSI companies cannot offer experiences that their clients desire.	Salesforce BFSI solutions empower you to seamlessly connect all your internal systems and view all important information at one place. You can even leverage its out-of-the-box functions to customize the solution as per your needs and invoke the power of AI to derive actionable insights about your clients.
Insights for engaging experiences	In the modern economy, personalization is the key to building long-lasting customer relationships. However, without proper systems and technologies, BFSI firms are unable to gain meaningful insights about their customers and therefore, cannot make predictive financial decisions for clients based on their behavior, information, and history.	The first thing that Salesforce for finance services helps you with is cleaning, organizing, and storing large amounts of data. Subsequently, with Salesforce CRM, you gain real-timeaccess to critical client data, refine it to derive intuitive insights about their journeys, and deliver them exactly what they are looking for. This world-class experience no t only satiates your clients but builds trust in them for your services.
Associated operational risks	As a financial firm, you are already collecting large amounts of customer data. However, as this data is unstructured, BFSI companies struggle to manage these huge data volumes and derive insights to offer personalized financial solutions to their clients.	Not only does Salesforce CRM for finance solutions bring all client information under one dashboard, it uses the power of artificial intelligence in the form of Salesforce Einstein AI to deliver real-time recommendations for every client based on historical data to deliver custom financial solutions and services.
Deliver tailor experiences to your clients	Modern clients are tech-savvy and expect too much from their financial advisors. As for financial advisors, to deliver custom solutions, they require access to their client’s financial information, ability to track their accounts, leverage a live channel for communication and so on. Legacy CRM solutions cannot cut these standards.	With Salesforce for banking CRM, you can organize all your client data, streamline operational processes, and leverage a live chat option to service customers at all times. Salesforce Financial Services Cloud features allows you to leverage its competitive tools and capabilities to embrace digital transformation and offer easy-to-access and use solutions to clients.
Stay on top of regulatory compliances and standards	With evolving industry compliances and standards, it becomes challenging for BFSI enterprises to stay abreast with all necessary compliances to avoid legal issues, safeguard client information from cyber criminals, and fulfill all necessary financial standards.	The Salesforce BFSI Cloud ecosystem has compliance, safety, and regulations baked into its tools. Every communication is trackable, communication between teams is easy, and internal processes are simple to create. You can even build custom reports and dashboards to check ongoing operations, schedule compliance expiration deadlines to ensure you never miss them, and pull together all information from one dashboard.

How does the Salesforce for financial services help the BFSI industry?

The Salesforce for banking platform is a collection of cloud-based tools that BFSI institutions can use to provide sales and marketing, customer service, collaboration and communities, analytics, and business intelligence services in an automated and intuitive manner. It offers three transitional elements to move towards the ecosystem model to give financial institutions a competitive edge.

It offers a 360-degree client view to financial institutions, meaning they don’t have to move between disparate systems to gather complete information on a client.
The Salesforce for financial services Cloud gives BFSI enterprises augmented data intelligence to utilize the precious digital data they have at their disposal. It searches through client data and other information to give banks actionable insights into customer behavior and current trends.
Salesforce BFSI offers a plug-and-play model thanks to its flexibility and agility. As Salesforce is an open and cloud-based technology platform, it can adapt to the growing and evolving needs of the BFSI industry.

The benefits of using Salesforce for banking

The Salesforce for financial services enables BFSI enterprises in accelerating digital transformation by offering a complete Salesforce Cloud ecosystem for managing your operations. The following are some advantages of Salesforce for banking:

Wealth management: Compared to legacy systems, Salesforce CRM for finance significantly simplifies one the most crucial tasks: managing clients’ wealth. You can easily manage your clients’ wealth using the Salesforce for financial services Cloud while also managing communication and processes with Salesforce CRM.

Information gathering: Data is crucial in the financial industry since it serves as the base for customer insights and future decision-making. The Salesforce banking CRM compiles all of this data to offer you a unified view of every client, their behavior, history, and most-demanded solutions, expected financial services, and so on. The custom Salesforce BFSI solution is how you offer personalized financial experiences to every client, every time.

Marketing: Salesforce provides excellent marketing capabilities with Salesforce Marketing Cloud, which helps you run data-driven marketing campaigns and build lifelong customer relationships. Salesforce for banking helps improve the efficiency of your sales funnel and offer omnichannel solutions, automatically.

Customer service: Salesforce CRM for finance is well-known for its customer service and it offers a cloud solution, Salesforce Service Cloud to manage your customer service experiences. Additionally, Salesforce for financial services is a great choice if you want to retain your customers and offer them excellent customer service across touchpoints.

Automation: Financial advisors often have to deal with several steps that they have to repeat for every client. Not only does this decrease your advisor’s productivity but wastes a lot of time that could have been spent on meaningful financial operations. Salesforce for financial services offers automation solutions to automate repetitive steps of a flow and expedite financial processes and operations.

How can BFSI enterprises leverage Salesforce for financial services to improve operations?

Salesforce has grown from its humble beginnings in 1999 into a tool for business success across industrial genres. Thousands of financial institutions use Salesforce for banking today to manage operations, client relations, and sales due to its comprehensive feature set of data-driven analytics, seamless integration across Salesforce Clouds and third-party systems, and top-notch data security. So here are some Salesforce CRM for finance Clouds that the BFSI industry can employ and how they improve operations.

Salesforce Sales Cloud: Many people in the banking industry have some extent of sales responsibility, whether they are financial managers, loan officers, or even bank tellers who are encouraged to recommend basic financial goods and products to customers.

Lead and referral management, customer and contact management, and product and opportunity management are some of the fundamental tasks involved in banks’ sales processes, and Salesforce for banking Sales Cloud allows you to manage all these tasks with ease on a single platform.

Salesforce Service Cloud: Customer service is often yet another crucial component of Salesforce solutions for financial institutions.

Salesforce CRM for finance tool, Service Cloud works together to provide engaging customer service solutions, which allows your BFSI firm to scale its operations easily and deliver consistent omnichannel experiences across all your touchpoints. It also allows you to respond to multiple brands’ and branches’ questions and complaints via various channels, including phone, email, web, social media, and more.

Salesforce Customer 360: A custom data model, a set of security and compliance features, and AI-powered business intelligence are further elements that serve the financial services industry. Salesforce for banking Einstein AI provides proactive insights, fact-based reporting, analytical planning tools, and relevant client management to make sense of all client data and offer them financial solutions that you desire. Using integrated CRM software like Salesforce Customer 360 provides a unified view to your team, view customer data across departments, utilize insights derived to improve business processes and experiences, and boost decision-making.

Salesforce Financial Services: The Salesforce Financial Services Cloud is a complete financial suite of solutions that would allow you to take care of your client’s wealth with the utmost ease. It is designed to serve the requirements of commercial and retail banks, asset managers, insurers, and wealth management firms. With Salesforce for financial services, you can scale up, develop customer self-service capabilities, provide financial advice, and expedite claim processing. It also allows you to build a seamless customer experience for each client and increase employee productivity.

Partner with us for Salesforce with financial services

The banking and financial services sector (BFSI) is undergoing a major digital transformation as customers increasingly rely on technology to connect and transact with businesses in this critical sector. Salesforce BFSI solutions help financial companies with cutting-edge solutions to meet the needs of their clients. As a preferred Salesforce for banking partner, we have assisted several BFSI enterprises in understanding your custom requirements and provide the best financial solutions while leaving no stone unturned. Utilize Salesforce for financial services novel capabilities to achieve digital transformation goals and strengthen customer relationships.

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