Salesforce Financial Cloud

Banks Can Transform Service Engagement with Salesforce
CRM, Salesforce Anywhere, Salesforce Financial Cloud, Salesforce Integration

Five Ways Banks Can Transform Service Engagement with Salesforce

The banking industry has undergone a massive transformation in the past few years. Just a few decades back, the whole system worked in silos. 

However, this is not the case right now. 

With Fintech, AI & several assistive software, banks are now able to reach the last mile customer. 

However, as it’s said, the innovation should never stop, and this is why, to make the sector more inclusive and approachable, we discuss a few ways banks can transform service engagement with Salesforce

So let’s get started!

 

Identifying the Most Common Issues

You might have heard about Pareto Principle. It states that roughly 80% of consequences come from 20% of the causes for many outcomes. The beauty of this principle is it can be applied to virtually any situation and still holds. 

Now in the banking industry, there are several service requests, such as reporting a lost card, blocking the stolen card, or resetting passwords, and so on. These constitute a huge chunk of all service requests and communication between customers and customer service representatives.

You must identify them through Salesforce integration and tools and start introducing self-service and automation. 

 

Salesforce integration and tools

 

Engage Customer Service Agents in More Complex Tasks

After completing the above-mentioned suggestion, the next task is employing self-service and automation tools in online portals and mobile apps. Chatbots and myriad other ways could do this. 

What benefit would it confer? 

It would free up agents from dealing with trivial issues that could be sorted out by AI, and help agents in devoting more time to crucial issues that require human intervention. 

If we analyze the new inventions and innovation, one thing is common- the urge to reduce human involvement in clerical tasks that could be automated. So why not apply the same to banking operations?

Read: How Salesforce Extends Beyond CRM for Banking and Insurance

 

Engage Customer Service Agents in More Complex Tasks

 

Integrating Self-Service with Salesforce Tools

No matter how good the automation technology is, there would be some issues that need to be dealt with by customer service agents. 

Additionally, some customers don’t wish to utilize chatboxes and other tools, as they require someone they could trust, i.e., a human figure. This is particularly true in cases such as lost credit or ATM card, and so on, when anxiety takes over the ability to think sanely. 

Integrating self-service with Salesforce would bequeath 360-degree data to agents, enabling them to get a holistic idea about customer issues and cater to them accordingly. 

 

Hyper Personalized Solutions

We all want to live a convenient life. It would be great if banks could draw schemes and offers based on our profiles and personal banking activities. 

Salesforce provides several integrations through which customer data could be utilized in offering customers such personalization, which deepens their link with the bank. 

 

Hyper Personalized Solutions

 

Engaging with Inactive Customers

Salesforce allows the ability to look out for inactive customers and send them re-engagement mails such as offers, discounts, attractive credit schemes, and so on. 

This not only activates them but prevents them from being poached by another bank. 

As per research, acquiring new customers is 5-25 more expensive than retaining the existing customer. This is why it makes a lot more sense to reach out to existing clients financially. 

 

Conclusion

Salesforce has made its mark on every industry, and banking is no exception. The industry could be made more inclusive and reach the poorest of the poor, making our society a tad bit more prosperous. We hope the above-mentioned five ways help in transforming service engagements. CEPTES is a Salesforce Silver Consulting Partner that can transform your business value through consultation, digitization, and innovation. If you want to advance your business, connect with us or request a consultation here.

Digital Transformation, Financial Industry, Salesforce Financial Cloud

Digital Transformation in the Financial Industry – Digitising the Sales Process & Transformation Frameworks

Before we know about Digital transformation in the Financial Industry first, we have to understand the definition of Digital transformation.

Digital transformation is the cultural, organizational, and operational change of an organization, industry, or ecosystem through the smart integration of digital technologies, processes, and competencies across all levels and functions in a staged and strategic way.

Digital transformation leverages technologies to create value and new services for various stakeholders. Customers in the possible broadcast sense rapidly innovate and get the capabilities to adapt to the changing circumstances.

Digital transformation is not just about the disruption of technology. It is about value, people, optimization, and the capability to rapidly adapt when needed through the intelligent use of technologies and information.

After getting a general idea about digital transformation now, let’s understand the financial industry’s digital transformation.

The finance organization has emerged as a driving force of this transformation. Chief Financial Officers are often leading digital transformation initiatives by serving as first movers of digital solutions and working with functional leads to quantify the benefits and show potential cost savings or efficiency gains.

ALSO READ: How financial service providers can scale up quickly with Salesforce Financial Cloud

Finance may also have the best understanding of what level of digitization will work best with the company’s current operating model, or it needs to be changed to optimize the technology use. The point is demonstrated via four finance-led case studies across a variety of industries.

Digital Finance Framework

The disruption period highlights and amplifies business vulnerabilities. Chief Finance Officers and finance leaders must safeguard the business while anticipating changing trends, addressing market volatility, and establishing long-term financial and operational resilience across the industry.

By embracing digital capabilities and upskilling, Chief Finance Officers can help insulate their business from disruption and allow the finance function to operate at a high level, even in a remote environment. The digital finance framework brings together operations, insights and analytics, systems and architecture, and the stakeholder experience.

RECOMMENDED: Digitizing the Financial Industry: A Requisite for a Customer-centric Approach

Technology Levers

Digital Operations

  • It works automatically without any supervision; it contains intelligent automation software. This is called Smart automation.
  • It provides automated solutions with creative designs, tailored to our customer’s specific needs. This type of automation is called Edge automation.
  • It integrates many processes to work in coordination with each other.

Insights and Analytics

  • The Insights are preventive
  • It contains graphical images or animations which are useful in communicating with each other.
  • It predicts a specific model, which makes our work more comfortable and smooth. 

Stakeholder Experience

  • It automatically processes the finance-related work in a minute and straightforward way.
  • It can be used and can be accessed anywhere, which makes our job very easy.
  • External Stakeholder Portals. It has portals in which external stakeholders can access it to increase the organization’s finance.

Digital Foundation

  • It consists of microservices and APIs, which can make our work easier. We can access data anywhere and any part of the world.
  • It uses Software as a Service as a financial platform.
  • It uses digitization processes like OCR and ICR.

Final Thoughts

Finally, we summarize that nowadays, it is a digital world, and everyone wants to get digital, so the ability to transform using digital solutions, particularly in finance, will help endure the crisis and provide long-term sustainable value. Chief Finance Officers and finance leaders can lead their finance organizations by rapidly embracing technology and adapting to disruption.

CEPTES is a Salesforce Silver consulting partner that can guide you as your strategic partner to speed up the business value of your Salesforce.com investment through consultation, digitization, and innovation. If you are thinking of growing your business using the Salesforce platform, we can help you to know more. Please get in touch.

ALSO READ: Salesforce for Financial Industry: How to Streamline your Sales Process

Salesforce Consulting, Salesforce Financial Cloud

How financial service providers can scale up quickly with Salesforce Financial Cloud

The financial sector is going through a  rapid shift in market conditions and consumer demands. Gone are the days when a standardized, one-size-fits-all approach worked wonders for every client of the banking or financial sector. Today consumers are looking for more from the financial service providers; they’re looking for an intensive approach that meets their customized requirements. Despite the ongoing pandemic, the financial sector has held it’s head high and diligently worked to cater to newer requirements in a changing global scenario. However, this task can be made simpler manifolds through various process automation via integration of Cloud offerings and CRM software tools. 

Increasing productivity across departments

Whether it be the accounting staff or the director of finance, managing multiple departments and a multitude of teams is not an easy task. Lack of transparent communication, irregular data entry, or delayed communication can put a pause on your enterprise’s efficiency. 

Thankfully Salesforce Financial Cloud allows you to streamline all your processes and work on a centralized database. It ensures synergy between all teams, departments, managers, and employees. Any changes in real-time organizational data can be communicated well within time. 

Personalized service

Offering your clients a personalized approach can set you miles ahead of your competitors. Use data to drive innovative solutions and build strong customer relationships in the process. Integrate Salesforce Financial Cloud to gain actionable and valuable insights into your client’s requirements, household, family, and business networks. Deliver a holistic experience and open doors to newer, better ways of connecting with your consumers.

Deliver a better digital experience

Digitalization is needed not only in managing the internal operations of your financial enterprise but also in the methods of delivering service. Whether it be real-time service responses or even simple on-boarding, now you can deliver a digital-first experience. 

Better customer-service

Use the excellent combination of API-enabled connections and a robust CRM software to transcend digital boundaries in customer-service. Owing to the cloud offerings and CRM tools, anytime a customer has a complaint or needs assistance, you can get the entire history of their complaint with a single click. Strengthen organizational data culture and strategy to effectively meet demands, resolve complaints, and boost customer loyalty. 

Seamless experiences (loan/insurance/mortgage)

Loan, mortgage or insurance services shouldn’t seem complicated. Break down walls between insurers and policyholders and ensure transparency with CRM and cloud infrastructures. In times like these, it becomes even crucial for the finance industry to be consumer-centric and deliver a common platform for seamless interaction between borrowers, lenders, brokers, and customers. The more seamless the communication, the faster the engagement, and the better the results. And this is how Salesforce Financial Cloud helps. 

Analytics

Keeping an eye out for changes in real-time organizational data, financial predictions or forecasting is the optimal way of leading change through data. The right CRM software not only allows you to do all of this but also helps you keep a track of inter-departmental data. Getting useful information and forming quick decisions in the face of shifting market conditions can give you the required edge to lead the sector. 

Want to know more, Let’s talk.