Salesforce for Banking

salesforce data migration services

Salesforce for Banking

Posted by Vrinda J Menon

Two years prior, Salesforce presented its first cloud application for the financial services industry. Last October, it propelled Financial Services Cloud (FSC) for Retail Banking. Yet, few understand the critical role that specialist software sellers have played in balancing the usefulness of these Salesforce fintech items. Salesforce wants to accentuate how its recommendation will enable banks to open their full capacity to fortify client loyalty.
Salesforce creates a digital experience that is consistent with your customers expectations from meeting their banker in person. With Salesforce, it’s never been less demanding to convey easy commitment that clients love continuously and over any gadget.
There are four types of banking – Retail Baking, Mortgage Banking, Premier Banking and Finance Banking.
How CRM can help you be the bank your customers love?

  • It can enable you to build up a necessities based client driven plan of action.
  • It can enable you to customize client connections at scale.
  • It can help you deliver digital-first engagements.
  • It can make marketing efforts more effective.
  • It can increase banker productivity.

What are the benefits of CRM in banking?

  1. Boosted Sales
  2. Increased Lead Conversion
  3. Personalized Customer Journeys
  4. Increased Productivity
  5. More Efficient Communication
  6. Inter-Department Data Tracking
  7. Better Service
  8. Improved Customer Experience
  9. Increased Customer Loyalty

The idea of an enterprise-wide deployment of Salesforce for a retail or commercial bank can be a daunting task. When you think about all of the sales and customer care agents the implementation will impact, it’s not hard to see why. While there’s no denying that this type of implementation is a significant undertaking, the appropriate planning can make the process measurably smoother. Whether your bank is implementing Sales Cloud, Service Cloud, Community Cloud or a custom architecture, there are key processes you should work out ahead of time in order to simplify the implementation.

  • Sales Cloud

Whether it’s a financial manager, a loan officer or even a bank teller who is encouraged to recommend basic products to customers, many people within the banking environment have sales responsibilities to some extent. Some of the core functions within the realm of sales processes for banks include lead and referral management, customer and contact management and product and opportunity management.

  • Service Cloud

Beyond sales enablement, customer service is often another major component of Salesforce implementations for banks. This implementation focuses on Service Cloud and the customer care department. It typically consists of a contact center that handles inquiries and complaints from multiple brands and branches that come in via a variety of different channels, including phone, email, web, social and more. A typical Service Cloud implementation includes business processes for case management, knowledge/solution management and various account maintenance functions.

  • Community Cloud

Empowering sales reps and customer care agents to provide stellar service to customers and prospects is great, but what if you could also empower customers to answer many of their questions and perform account maintenance on their own? With Salesforce Community Cloud, you can enhance the customer experience by providing external web access to prospective clients and existing customers directly from your website.
While it’s a given that your bank will have a customer facing website, what’s not as common is integrating your website with your CRM system. However, you can make this a reality with Community Cloud. Your bank can create communities for a number of purposes, for example
to expose bank rates information to show prospective customers the current CD and savings rates per division. Another example is to provide external-facing enrollment forms for checkings/savings accounts and loans or to provide an easy way for customers to contact a branch manager with questions about specific products.
Do you have any queries related to Salesforce Financial Services Cloud? Reach out to our team and we’d love to talk