Thu. Jul 25th, 2024

Regarding the banking services domain, in comparison with its cloud computing competitors, Salesforce CRM has many unique and significant advantages. This is primarily because the Financial Service Cloud by Salesforce is custom developed to meet the specific needs of financial services by enabling the users to deal with the customers much quickly and personally.

The technological advancement now implies that each of the banking customers is a digital customer now. This mandated even the conventional banks to be technologically innovative or to miss out on their opportunities against their progressively innovative contenders.

Empowering the user experience needs a very innovative and technologically advanced platform that can support all the enterprise-wide procedures. Having an advanced and predictable mode of doing things quicker and easier is also as important as having a platform bound with other existing systems. Each stream of business operations needs to have options to its counterparts to ensure smooth running procedures like operations, marketing, sales, service, etc. by paying respect to the technology platform in place.

What does Salesforce CRM do in banking?

As in any other domain as business-like retailing or manufacturing, Salesforce primarily represents CRM in the banking domain. The Customer Relationship Management approach of Salesforce in the banking domain will help clients manage their clients more effectively by understanding their needs and providing timely solutions. There are also various other advantages of implementing Salesforce into banking.

As of late, Salesforce implementation is proving to be the game-changer in every industry; however, in banking, they specifically associate by conveying a better customer experience in a customized way. As indicated by Accenture in one of their financial services studies, about 67% of the customers are okay to give data to the banks if it implies. About 71% of the users said they would utilize the fully automated support for the financial procedures.

As customers are increasingly prepared for data sharing and technology-based interactions with banks, there is no excuse or the banks for not implementing a relevant CRM system like Salesforce, which can accomplish all these tasks effectively with many accompanying advantages. Let’s explore what Salesforce can do.

Provide a 360-degree customer view

In banking, Salesforce CRM will function in the form of a merged framework that can integrate with other existing financial software and provide a single view of all customer accounts. To make a deposit through an automated teller machine or generate data against a loan, each such pre-decided action a customer makes could be tracked and processed using Salesforce CRM. This will further make it simpler for users to provide a much happier and personalized experience. As FLOSUM points out, Salesforce can also assist the clients by aligning their personal objectives to the right products and services on offer.

Retaining customers

Expanding the customer base is a tiresome activity for banks nowadays. During the pandemic and in this extremely competitive market conditions, retaining the existing customers is a very troublesome affair to the banks, which adds on a lot of stress to the customer service teams. Retaining existing customers values a lot to get a good grasp of the competitive market, and the culture of customer retention should be nurtured with improved customer fulfillment.

Better service experience to the customers

Salesforce CRM comes with many built-in features to provide a more in-depth insight into each customer information and empower the most vital support services to the users. It can offer a foolproof customer service experience by means of automated responses to customer queries and by facilitating personalized services concerning their needs. Salesforce and banks’ technology infrastructure will combinedly offer a better user experience by understanding what they want and building a personalized relationship with each of the customers in the ongoing journey.

Gain insights to fine-tune the sales and marketing strategies

The info available on the Salesforce CRM can be aggregated through its report generating capabilities, with which the banking decision-makers at all level can get an instant and more in-depth understanding of the specific customer they deal with. Using these tools, you can understand the trends, campaign effectiveness, and the regions of development which will help the marketing team to develop strategies and the sales team to pitch in at the right moment. You can also utilize the info availed from the client profiles to identify the opportunities to pitch in for upselling strategically. Say, for example, as the customer interacts with the bank for any need, the teller can also have a complete perspective of that user profile and provide advice on the new products which they may be interested in or qualify for like a premium credit card or a personal loan, etc.

Boosting sales

Like any other domain, no doubt that sales are an integral part of banking now, for which expansion in the CRM development will help. Salesforce can help the banks for proper sales management and develop appropriate sales modules to automate maximum possible steps. It can also recognize the opportunities at the right point and convert the potential leads into business. Salesforce insights can also help in the procurement of new clients based on historical and geographic data.

Better communication

The customer support centers and call centers for banks now utilize Salesforce for many good reasons. Salesforce enables automation of customer interactions to offer quicker and more personalized communication with the clients. Salesforce CRM can also let the service personnel better monitor the discussions about how banks offer various available media. Being custom weaved with CRM in mind, Salesforce provides a myriad of domain-specific tools for banking clients.

Along with these, the usage of Salesforce CRM in banking also helps ensure customer loyalty to various managed loyalty and engagement programs. The banking services domain is broadly changing lately by incorporating multiple activities as insurance to investing and wealth management, so each of these financial services needs to collaborate to ensure a comprehensive approach to banking. This is the objective Salesforce fulfills with its Banking Services Cloud and works efficiently.

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