Salesforce is changing the face of the B2B financial services industry. Firms seem to be winning by leveraging Salesforce to increase customer engagement, personalize offers and drive revenue.
With an over 41% increase in sales revenue, Salesforce effectively sells products and services, but they can also be used in other ways that can impact your financials. Salesforce also has much potential for financial technology or FinTech with the Salesforce Sales Cloud.
That's why, in this article, we'll talk about the five ways how to leverage Salesforce effectively to fuel your financial services.
How Salesforce Helps Effectively To Boost Your Financial Growth
Creating A Seamless Omnichannel Experience
Digital-first FinTechs are already offering digitized personalization. This inspires traditional banks and insurers to provide such capabilities from a digital perspective (mainly through the usage of a CRM for financial services).
With face-to-face meetings with customers becoming less common, financial service providers need to provide innovative alternatives to avoid losing out on meaningful engagement with clients and boost customer satisfaction. This is where Salesforce becomes advantageous.
By bringing customer data together from various sources and channels, conversations can move seamlessly from chatbot to Messenger to email and back again. The Salesforce Financial Services Cloud platform brings optimal digital engagement into the mix by giving companies a 360-degree view of their customer.
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Leverage AI To Predict Customer Needs And Identify Gaps
Customers need to feel like they're more than just a number. A single source of truth is one way to put them at ease and foster stronger relationships, but using that same data combined with artificial intelligence can give banks and insurance companies an even more significant advantage as it allows customer service representatives to be more personable during their interactions with clients.
Banking and insurance representatives can get deeper insights into their customers by, for example, being aware of essential changes involving things like mortgages, birthdays, and even moving house. It's the kind of knowledge that allows banks and insurance companies to improve their customer relations by thinking about them ahead of time. This way, businesses might be able to avoid problems in the first place that might come up later on.
Integrated with CRM, Slack can help banking and insurance representatives assist customers in finding the right team that can help resolve an issue. It allows them to pull in the right people and data via channels to begin a conversation around a particular customer's case in the context of a specific opportunity, case, or campaign.
Case swarming is a collaborative approach to customer service, which taps into the knowledge of those who have dealt with similar issues beforehand. This is achieved by pulling together all relevant information and getting everyone involved quickly while maintaining communication throughout the process. The use of channels allows team members to gather information at a pace while navigating their way through a solution collaboratively - ultimately leading to happy customers.
Utilize Automation For Efficiency And Personalization
Automation has a pivotal role in improving efficiencies and the customer experience when it comes to financial services. Whether someone is trying to open a new bank account, apply for a loan, update an insurance policy, or report a stolen card, for example, customers can't stand waiting around for things to happen.
That's why automation is so important when dealing with all of the activities involved in financial service applications, policies, and other things, which can be quite stressful in the hands of those who don't know whether they're doing it right. Technologies like CRM automatically help reduce the burden on one's time by taking over as many duties as possible. It can do things like allowing automatically populated forms with customer data or assigning emails that take customers through any process they're taking part in (like mortgage applications).
Make Personalized Communication
Don't just bomb your customers with offers and messages simply because you can. Instead, use technology to offer relevant communications which will appeal to your target audience at the right time. With over 80% of customers opting to purchase a product or service from a brand that provides personalized experiences, it is highly likely to give positive returns.
The financial services cloud can help businesses nurture interactions with clients' profiles based on personal goals, important life events and business milestones. One of its features is Email Studio, which helps businesses better segment their audiences based on different criteria, such as their needs and goals, resulting in improved communication between them and prospective customers, leading to increased conversions.
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The world of financial services is facing some incredible challenges as new channels and technologies emerge. The great news is that these changes create opportunities for innovators to find new ways to deliver value to clients. The key is finding ways to use these new tools in ways that will help your organization achieve its core goals.
Salesforce has become a key component of many financial services companies because it can help you get the most out of your existing financial data, streamline your business processes, and create new opportunities for client engagement. Use the power of financial tools with automation, AI, and collaboration to create a mix that will fuel your financial services and get your desired ROI.