There has been a rapid change in the banking and wealth management industry, lately. Several modern fintech competitors have stepped in to simplify the ways of how people invest and save their money. The demand for digital financial transactions, along with the smart consultancy from advisors, have increased in recent times.
Financial Services Cloud, a Salesforce product, provides financial organizations a customized CRM experience. Earlier this month, Salesforce announced Einstein Analytics for Financial Services. With this latest introduction, wealth managers and retail bankers now have access to AI-enabled recommendations and insights tailor-made according to their customers. Users of this product can reap actionable insights by amalgamating data from Financial Services Cloud and other sources of data. This can help them achieve a much deeper client relationship.
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Wealth managers and bankers are expected to deliver smart experiences that are personalized, advance, and quick in order to make their services stand out. Banks strive to provide world-class customer relationships but end up struggling with putting together and tying all of their customer data manually from different systems. The foremost requirement that arises from this is the immediate recommendations to meet customers’ expectations.
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Here are some of the wonderful features that Einstein Analytics for Financial Services offers:
- AI-enabled actionable insights (like, ways to increase customer retention) that provide predictive guidance to financial services professionals.
- Industry dashboards that are built in to assist with the collection of data on clients’ financial activities, helping in identifying important opportunities in a better way.
- Better analysis of data from outside sources to provide a complete view of customer requirements.
- Default industry regulation compliance to help in hosting all sorts of data in an encrypted cloud-based platform with strong security, privacy, and auditing built-in tools.
Rohit Mahna, SVP and GM, Salesforce Financial Services, was quoted as saying, “Artificial intelligence is the modern-day gold rush of the financial services industry, and those that get in early will reap the rewards of this next wave of innovation.”
Check out another amazing blog by Algoworks here: 4 Major Advantages of Salesforce Einstein Analytics for Sales Managers
Various financial institutions, like the credit union Elements Financial and the Royal Bank of Canada, are already in awe of this latest service being provided by Salesforce and have started applying it to enhance their customer relationships. Elements Financial implemented Einstein Analytics in the account home pagers in order to offer more on-time insights on members and money flow. On the other hand, the Royal Bank of Canada is using the service to serve its 16M+ clients in a much better and organized manner.
“Our work with Salesforce has allowed our credit union to build a data culture where stronger and more accurate knowledge leads to serving our membership with customization.”, said Lisa Schlehuber, CEO of Elements Financial. “We are proud of the high-tech and high-touch level of service that makes Elements unique and leads to lifelong relationships with members.”, she further added.