B2B Guide to Empowering Financial Services Providers with Salesforce
“The financial landscape is shifting, and those who fail to adapt are at risk of being left behind.”
In the financial services industry, the demand for personalized experiences has never been higher. Whether it's banks, NBFCs, asset management firms, or insurance companies, all major players are racing to put their customers at the heart of everything they do. But it’s not just about offering tailored experiences—they’re also juggling strict regulations, guarding against cybersecurity threats, and figuring out how to innovate beyond outdated systems.
To keep up, financial service providers need solutions that are not only advanced but also flexible and scalable. That’s where Salesforce steps in. With powerful tools like Einstein analytics and customizable workflows, Salesforce enables financial institutions to streamline operations, enhance customer engagement, and ensure compliance, helping them not just survive but thrive in the future of finance.
Why Do Financial Businesses Choose Salesforce?
Salesforce’s Financial Services offer everything under one roof. It has excellent automation features, drag-drop capabilities, personalization features, smart analytics, and everything else, you may need to bridge the gap between customer expectations and your service delivery.
Here’s what makes Salesforce for Finance a go-to choice for Banks, NBFCs, Insurers, and Asset Management firms:
1. Its Ability to Deliver Personalized CX is Next to None
Financial customers expect personalized and seamless experiences across all touchpoints. Salesforce enhances it by offering a 360-degree view of each customer allowing financial institutions to anticipate client needs and preferences in advance.
Based on the insights, financial institutions can segment customers and create journey maps to visualize and monitor each customer journey, ultimately improving CX, revenue growth, and brand loyalty.
2. Automated Compliance Checks and Reporting
Regulatory compliance is an essential requirement for all financial businesses. Salesforce addresses this by offering built-in compliance tools, audit trails, and security features that simplify the process of meeting regulatory requirements without sacrificing efficiency.
Moreover, automated compliance checks and reporting capabilities of Salesforce allow financial institutions to stay abreast of regulatory changes and maintain adherence to standards such as GDPR, PCI-DSS, and others, reducing legal risks and establishing trust with customers.
3. Strong Data Security and Privacy Features
With the rise in cybersecurity threats, safeguarding sensitive customer data has become more critical than ever. Salesforce ensures data security and privacy with its advanced security features and privacy policies designed to comply with global privacy laws, ensuring financial service providers can manage customer data responsibly.
Some of the robust security features Salesforce provides to protect financial data against unauthorized access or data breaches include encryption, role-based access controls, multi-factor authentication (MFA), and regular system updates.
4. Saves Time, Reduces Cost, and Brings Operational Efficiency
Legacy systems often hinder financial institutions by causing inefficiencies and increasing operational costs. Salesforce addresses these challenges by automating workflows and integrating disparate systems, enabling organizations to streamline their processes without requiring coding expertise.
By reducing manual processes and enhancing collaboration across departments, financial service providers can operate more efficiently. This operational efficiency not only saves time but also reduces costs associated with outdated systems, enabling institutions to allocate resources more effectively.
5. Flexible Platform, Easy to Scale Solutions
As financial businesses expand and evolve, their technology must scale accordingly. Salesforce offers a flexible, cloud-based platform that can be customized with the help of any Salesforce development company to meet the specific needs of any institution—be it a bank, insurer, or fintech startup.
This scalability allows organizations to adapt quickly to market changes or new regulatory requirements without significant investment in new infrastructure. The platform’s modular architecture supports the rapid deployment of new features and services as business needs change.
Case Study: How Salesforce for Financial Services is Driving Results?
Holmes Murphy
Challenge: Holmes Murphy is one of the largest privately held insurance brokerages in the U.S., specializing in property and casualty insurance, employee benefits, and claims administration. To support rapid growth, they needed to eliminate data silos and manual processes, streamline operations, and enhance client experiences.
Solution: Holmes Murphy implemented Salesforce solutions for financial services, sales, service, and marketing. For their requirements, they:
Created a simplified client intake form and producer desktop to streamline sales processes and reduce data entry.
Developed a client risk indicator system that alerts teams about at-risk accounts through automated emails.
Used Salesforce for Finance to automate compliance tasks such as document generation.
Built a portal for clients to report and track claims in real time, improving transparency.
Results
Saved an estimated $6.9 million and 44,000 hours through streamlined processes.
Increased employee productivity by automating workflows.
Enhanced claims-filing process with 70% of claims submitted online, boosting customer satisfaction.
Mascoma Bank
Challenge: Mascoma Bank, a mutually owned community bank offering diverse financial services, including deposits, loans, and wealth management, faced challenges with disconnected data, leading to missed sales opportunities and inefficient communication.
Solution:
Mascoma Bank implemented Salesforce solutions for AI, Data, and Financial Services through:
The Einstein 1 platform consolidated data from 66 legacy systems into a single source of truth.
With Salesforce solutions for Data and Financial services, bankers could access real-time data for proactive customer communication.
Mascoma also leveraged Salesforce’s automation capabilities for case resolution and onboarding
To improve customer support, they leveraged Salesforce’s solutions for service to unify voice calls across channels, allowing agents to quickly assist customers.
Results:
Automation cut manual data entry by 45 minutes per loan application
Decreased call center hold times by 98%.
They could process 1 year’s worth of loans in 13 days.
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Key Features Salesforce Offers for Financial Service Businesses
Salesforce for financial services includes data security, productivity, client engagement, and management features. Have a look at the top Salesforce Financial Services Cloud features:
1. Actionable Relationship Center: Model complex client relationships like households or corporate entity structures for better financial management.
2. Client Financial Profile: Access real-time account data and track progress toward financial goals in a comprehensive view.
3. Financial Data Platform: Unlock data from core banking and financial planning to create a unified financial profile.
4. Discovery Framework: Manage client onboarding with single-source-of-truth question banks, ensuring a smooth start.
5. Service Process Studio: Deploy automated service experiences across channels with customizable templates for efficiency.
6. Disclosures & Consent Management: Ensure compliance by surfacing the right disclosures and collecting necessary client consent.
7. Flow Orchestration: Automate decision-making in complex onboarding scenarios, reducing manual intervention.
Why do Financial Service Providers Choose Salesforce over other CRMs?
Here’s what separates Salesforce from other CRM competitors:
| Feature | Salesforce | Other CRM |
|---|---|---|
| Centralized Management of Financial Data | Provides a unified view of business data, eliminating duplicate records and personalizing client offerings. | May require manual data consolidation; often lacks real-time access to comprehensive data. |
| Accurate Financial Predictions | Enables informed decisions with timely client data, improving forecasting and risk assessment. | Often struggles with accurate forecasting and may rely on outdated or incomplete data. |
| In-depth Data Analysis and Visualization | Offers real-time analytics and customizable dashboards for deeper insights into customer journeys. | Basic reporting capabilities; may lack advanced visualization tools and real-time analytics. |
| Team Coordination | Facilitates collaboration across departments with a comprehensive view of customer data. | Limited integration between teams; may not support a unified view of customer information. |
| Platform Flexibility | Highly customizable with low-code options for tailored workflows and processes. | Customization can be limited; often requires extensive coding or third-party tools. |
| Security & Regulatory Compliance | Incorporates robust security features, including multi-factor authentication and regular audits. | Security features vary; may not offer comprehensive compliance tools or regular assessments. |
| Smooth Integration with Third-Party Solutions | Integrates seamlessly with over 4,000 add-ons from the AppExchange for enhanced functionality. | Integration capabilities depend on the platform; may require custom coding for third-party apps. |
How Can Financial Institutions Adopt Salesforce?
Salesforce’s Financial Services Cloud is the one-stop solution — for all things finance. Whether you want to streamline financial relationships across banking, insurance, wealth management, or capital markets, the financial services cloud has features to tackle the vast needs of finance players.
So how do you implement it?
Collaborating with a Salesforce Implementation Company
The first approach is to partner with a Salesforce implementation company that provides comprehensive Salesforce implementation services, providing you with a team of specialists to handle everything from technical customization to user training.
Hiring a Salesforce Consultant
This route is best suited for firms that have an in-house/remote team for implementation, however, they need outside guidance to accomplish their goals. A Salesforce consultant can guide you through the entire process, from requirements gathering to final deployment, ensuring the solution aligns with your institution's goals.
Taking Assistance for Managed Services
After implementation, many financial institutions prefer to ensure continuous optimization and maintenance of their Salesforce environment through a managed service provider (MSP). MSPs manage updates, monitor performance, and resolve issues, allowing financial institutions to focus on their core operations without worrying about the day-to-day management of their Salesforce system.
Conclusion
As the financial landscape evolves, staying ahead means embracing technology that enhances both efficiency and customer experience. Salesforce Financial Services Cloud offers a tailored solution, enabling you to streamline operations, automate compliance, and deliver personalized services that meet rising customer expectations—all while safeguarding data with top-tier security features.
Whether you're a wealth manager, banker, or insurer, Salesforce provides the flexibility and scalability to adapt to your unique needs, ensuring your institution remains competitive and future-ready. By leveraging Salesforce's powerful analytics and automation tools, you can focus on what matters most: building stronger client relationships and driving growth.
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