Salesforce Updates Financial Services Cloud For Retail Integration Banking


This is no more surprising that customers’ expectations are increasing as technology changes and define new ways to interact with the businesses. Take the example of ‘UBER’ or ‘OLA’ where you can book a car or pay for your friends as well with a single click only.

Customers do expect the same convenience and more personalized experience from the banks as well. Unfortunately, banks always struggle to maintain that loyalty and trust. In the end, customers prefer to buy banking products from their-party vendors.

The Salesforce’s newest industry application has given every banker an opportunity to deliver more personalized, connected, and intelligent banking experiences as expected by the customers. The objective of the latest Salesforce financial services is to unlock the full power of the banks to strengthen the customer loyalty and their trust.

Salesforce assures that every customer would start loving their banks once again. So, let us move one step ahead and understand the newest industry Salesforce application and how it helps bankers to retain their customers and generating new leads too.

Highlights of the article:

  • With the 360-degree view of every customer, bank employees would be more educated and they can help customers to their maximum potential.
  • The connected customers and employees are the primary requirement for any business. With Salesforce Financial Services cloud, Banks would be able to increase their overall efficiency, transparency, and profits etc.
  • According to experts, the financial service cloud for retail banking would accelerate the overall profits by reducing the initial consulting costs up to 60 percent and reducing the burden of maintaining administrative tasks too.
  • Banks would be more focused on innovations and connections that actually required.

How can banks earn the customer loyalty once again?

Salesforce is the global leader in the CRM industry, which updates its financial service cloud for retail banking. It empowers retail banks to connect with their customers in a completely new style as per the customer expectations. Now every bank employee either he is a personal banker or a mortgage officer, he can view their customer profile deeply and work collaboratively to fulfill the expectations.

Related Post:  What are the Benefits of Salesforce Financial Service Cloud?

For more than 18 years, Salesforce bridging gap between Companies and their customers. Salesforce helps Companies to interact with their customers in a completely new style based on current technology changes and the market trends. It gives an opportunity to businesses to focus on the customers’ feedback and modifying the product accordingly.

For the last two years, Companies are eagerly waiting for the wealth management product with the launch of Salesforce Financial Services cloud. And Finally, Salesforce announces a new addition to its Financial Services Cloud i.e. retail banking unlocking the maximum power of the banks to earn customers’ loyalty again. In the next section, we will discuss the benefits of integrating retail banking services to Salesforce Financial services cloud and how it can actually help bankers in succeeding quickly.

What are the benefits of retail banking integration with Salesforce Financial service cloud?

According to Salesforce team, the solution was built based on the feedback of plenty of leading bankers who wanted to discover new ways to engage with the customers. Let us have a quick look at all the benefits one by one.

Retail banking Data models and Consoles

Now every bank employee can have a 360-degree view of their customers with retail banking data models and consoles and they would be able to take more meaningful decisions based on their customer history, educational background, investment interests, and employment details etc.

Now, bank employees would be able to focus on customers’ interests only not on other critical tasks that are not relevant to the business. In brief, bankers don’t have to spend more time on administrative tasks, but they could completely engage with their customers only.

Related Post:  Best Stories of JanBask Salesforce Implementation for Financial Industry

Salesforce Einstein’s artificial intelligence-based referral model

Salesforce Einstein’s artificial intelligence-based model with data science and machine learning capabilities bankers can automatically get an idea of customer priorities and they would be able to take decisions accordingly. New records will help bankers to manage referrals and collaborate across multiple banking divisions in addressing the actual needs of the customers.

Take an example of the customer whose monthly deposits increase every month, then he may be more interested in the financial planning and you can quickly suggest the investment plans accordingly.

Flexible Banking Ecosystem and Banking Platform

The bankers don’t have to toggle between multiple banking platforms to manage complex workflows and processes. With a rich banking ecosystem and flexible APIs, the banks have the opportunity to extend the capabilities of Salesforce service cloud to meet the evolving business needs.

For example – The new platform can be leveraged to build customer-centric apps. If a customer is interested in taking personal loans or educational loans, then the same can be initiated online with service cloud without any extra formalities.

Wrapping up:

The Salesforce financial cloud with retail banking would help wealth management institutes to put customers at the center of every interaction. The retail banks could take one step ahead towards collaborating together as one team in guiding customers and their families along the financial journeys.

Today, the banking industry is struggling hard to maintain their customer trust and Salesforce throw them a lifeline with its vertical offerings. This is just the beginning and with the new releases every year, Salesforce continues to improve their products to meet the changing demands of the retail banking sector.

Write a Comment

Notify of

Download & Learn from Our Whitepapers

Stop, read and acquire deep insights into complex issues