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Ways In Which Salesforce Applications Can Streamline Financial Services Companies

Rajat Kesarwani

By Rajat Kesarwani| Monday, Sep 14, 2020 12:25 PM | 5 min read

In the financial services sector, Salesforce is considered as the best customer relationship management (CRM) and cloud computing platform. Salesforce financial services cloud was built with financial services, which allows the users to connect with their clients more formally. It is one of the most popular cloud platforms which has sharpened its overall marketing, sales, and commerce automation integration with the Salesforce AppExchange marketplace. It has also taken some big data science companies in the last five years, such as Tableau.

In early 2020, Salesforce acquired Evergage. With its partners, Salesforce continues to hold the crucial leveraging AI, Machine Learning, Automation, and Blockchain for marketing, sales, customer experience, and communication technology industry.

Let's discuss the reasons mentioned above in detail.

Security and Support Features in Salesforce Applications

Salesforce is known as the best customer experience management platform. It is not only the system that the Department of Defense uses, but also the platform chosen by U.S. Bank, Western Union, and other financial institutions for its powerful features and absolute data security.

The security needs are best followed by Salesforce applications, and provide advanced configurations for top security, boosting trust among the clients as they share their most delicate data with you.

Deep Understanding of the Industry

The financial service cloud was created with the input of wealth management companies and independent software vendors. Salesforce also has invested in deeply understanding the financial services industry.

Salesforce has come to understand the financial industry through consultations with industry experts and events for financial services professionals. With the help of Salesforce, you will meet your specific needs, especially when the customization features are available.

High Level of Customizability

Financial service companies vary widely, from banking and insurance to wealth management and investing, and each financial services sector operates very differently. For example, financial advisors can leverage Salesforce to deliver personalized relationships to each of their clients. However, bankers can use the platform to gain more insight into their customers and identify possibilities to convert and cross-sell their target market.

More than half of banking customers (57%) have allotted with more than two financial service providers in the past three years when it comes to the banking sector. However, many of them are still using their existing bank while buying from others at the same time. Improvement in technology means that every customer uses digital communication channels; this digital division is combined with customers actively looking at other service providers. It means that traditional banks have to practice the new technology; otherwise, they will lose out to more innovative rivals.

Why Customers Use More than One Bank?

The reason can be the poor customer service, availability of banking channels, fees, and lack of clarity. Suppose traditional financial institutions are to stop losing existing customer sales to their digital competitors. In that case, they need to be at the top of the industry by using the new technology to fulfill their customer's financial needs.

Why Banks Need Salesforce CRM for Customer Retention?

As Salesforce is the world customer engagement platform, banks use it to maximize their purchases across the full size of the bank's financial product holdings. Also, banks needed to establish their customer relationships and improve operational performances.

Salesforce CRM integrations can help banks manage their various business processes, including customer data, business information, customer interaction, and sales. It also helps the banks get an insight into the profile of their customers and their spending habits, and contact them at the right time with the rights products and guidance.

What is Salesforce Finance CRM?

With the help of Salesforce Finance CRM, banks can get a deeper understanding of their customers, and accordingly, they will serve their services to them. Banks can gather data to implement effective strategies to drive sales productivity and competitiveness.

Banks can also create online communities with the Salesforce community cloud, which provides real-time answers to customers' queries across all channels, including mobile devices. It allows the customers to solve their problems online via self-serve or with the help of an advisor. As a result, it is comfortable for the customers, and they don't have to wait a long to speak to a bank executive.

With the help of Salesforce finance CRM, financial agents can view CRM data in the cloud. It means that banks, their customers, and partners such as contract agents can easily access customer and product data. They can then use that data seamlessly and without trouble to create optimal customer experiences, increasing repeat business, brand loyalty, and recognition.

Salesforce provides banks with the ability to examine into customer career milestones, household relationships, preferred channels, and financial objectives. In this way, banks can easily create personalized customer relationships and be a part of their customer's journey to accomplish their goals. Know and understand your critical customers with clear insights into their financial goals.

How can CRM Improve Customer Experience to Increase Recurring Sales?

Nowadays, many customers opt for financial service providers who cannot manage their money but give them the best advice using digital tools and services to help them meet their goals. Banks are using Salesforce Financial Services Cloud to create customer-focused strategies to engage clients and maximize their profit across their financial products and services.

Salesforce CRM and Hearsay Systems' partnership handles the customer experience journey, from the first cooperation until the end, with seamless Salesforce CRM Integrations. The early digital stage for banks and insurers was automated action, including mobile apps and push notifications, email automation, and ad targeting. Now, especially in Sales tech in COVID-19, financial services customers are demanding genuine engagement with their financial advisors, bankers, and insurance agents.

Nowadays, customers want the speed and ease of digital combined with their relationship manager's understanding and trust. Salesforce's 360-degree view of the customer, workflow, and analytics plus Hearsay's compliant last-mile engagement commonly deliver the client experience at a range which advisors and customers want and need now more than ever before.

Need help with choosing which CRM is right for your financial organization? Contact our experts, and they will work and give you the best solution for your problem. Also, they will address and plan that will work with your budget and modern infrastructure.

Rajat Kesarwani
About the Author Rajat Kesarwani is the CEO of Dreamstel Technologies. With over 15 years of experience in maintaining business relations with esteemed companies across the US and Australia, Mr. Kesarwani has earned an excellent reputation in the IT industry. He has been offering advanced technology services to businesses that require any kind of IT solution. His expert services at Dreamstel includes developing and introducing next-generation apps and spreading awareness about Salesforce. His objective is to reach out to companies in need of advanced technology solutions, and he has been successfully moving ahead in the right direction to do so, through Dreamstel Technologies.