Role of Salesforce® in the Banking Industry Part- 2

As promised, we are back with a blog full of information for you. In part I of our blog “Role of Salesforce in Banking Industry”, we explained a few of the many issues that traditional banks are facing in the world of digitalization and cloud. In part II of this blog, we are explaining it a bit further! Learn how regulatory bodies, banking fraud, and external pressure is pulling this sector down while Salesforce stands at your rescue. Keep reading to spark your grey cells or to incorporate the same in your working environment. Go ahead!

Pressure from the Regulatory Bodies

Regulatory requirements have always been complex and lengthy. Banks relatively spend their larger part of the discretionary budget on being compliant, investing in building system and processes and to keep up with the escalating requirement. The increasing demand and decreasing fulfillment are creating an unseen, unbreakable wall of threat and degeneration for the traditional banking industry. The only way out is the implementation of cloud technologies and other cloud enforcement to bring the industry back on track.

Banking Fraud                   

Most of the work in traditional banking is manual leveraging great risk of fraudulent. Unlike online banking or the cloud form banking, traditional banks lack Z class security (or rather they are least bothered) that results in massive frauds. What makes this issue more problematic is banks often seems to be reluctant in addressing this issue and reporting about the fraudulent. What do you think is the solution to this declining phase of the banking industry? Do we need to switch to cloud banking (we are already in the process though)? Should we incorporate CRM solutions into the banking industry?

Yes! CRM can greatly influence and alter banking habits. Let’s discuss CRM in detail.

CRM for Banking Industry

One of the most important factors in the business of banking in the digital era is, keeping up with customers’ expectations. When talking about digital banking, although it has got a lot of plus points that attract customers yet it lacks the personal touch that is easier to develop amongst the retail customers. Hence, as a part of cloud banking or the new era of banking, it requires some informational approach to connect with the customers. To build a personal rapport, banks to follow the client-centric approach giving out financial advice, in-depth knowledge about the industry, taking a tailored approach and speed up the procedures (unlike traditional banks). Talking about corporate clients, they are too determined to look forward to the goal-based planning, data-driven insights, customized outreach and much more. And this is exactly what FinTech companies have brought into existence including the banking space, personalized client experience etc. Hence, increased the risk for traditional banks to fall behind.

With all those downfalls and absence of technology, there is still a hope that can get the banking industry back on track, a technologically advanced CRM tool. Salesforce® #1CRM tool is known to create impactful changes in the banking sector.

Customer-centric Business Model

Salesforce® support banks in approaching the customers in a customer-centric business model. Using Salesforce®, bankers can segment their customers, communicate with them on one to one level, get a better understanding of their paying habits and the channel they prefer to pay, understand their financial goals and create a connection with their customers.

Keeping Salesforce® in the center of your business operations makes easier for the banks to anticipate their customers need and better engage with them in their financial journey.

-    Salesforce® keeps a track on customer data across the bank

-    It can customize each customer’s financial journey

-    It can provide a 360-degree view of customers’ expectations

-    Banks can gain lifetime trust of the customer by implementing Salesforce®

Delivering a Digital Engagement

Salesforce® enables the bank to deliver digitally revolutionized banking experience (in sync with customer expectation). With the implementation of Salesforce®, banks can experience an altogether new and digitalized banking. Right from simple on-boarding to real-time service delivery, Salesforce® can embark upon the financial journey and digital transformation that is available both online and offline (just like the mobile banking experience)

Increased Bankers Productivity

Salesforce® provides a snapshot or a single window to view each customers insights, bankers can save a lot on their time. The chaos of managing each data manually and spending time segregating is now over. It is much easier to increase banking products and build a relationship with customers.

Salesforce® CRM help the banks in minimizing the repetitive administrative tasks

• Streamlined customer experience
• More in-sync and informed team
• Better optics into the customer’s need
• Available financial goals on any device

Focused Digital Transformation

We talk about digitalization in almost all aspects of the business era. When talking about banks, we cannot ignore the fact that traditional banking lacks the required digital transformation. Hence, incorporating Salesforce® into the banks can transform the face of the financial industry.

• Banks can create a digital experience without even meeting the customers in person
• Banks can effectively engage the customer into a real-time channel or device
• All the departments can stay connected throughout the banking process
• Simplified transparent reporting

Because Number Counts

Now that you are well versed with the benefits that Salesforce® brings with itself in the facet of the banking revolution, it is also important to throw light on the important numbers.

In a research conducted by Nucleus, the following details were found – a step towards revolutionized banking:

• Salesforce® implementation in banking is expected to reach 37 billion dollars this year
• 74% of the user said Salesforce® gives them strengths in maintaining the right customer data.
• 47% of polled CRM reported that Salesforce® has significantly impacted the customer experience journey
• It significantly proves what great services does Salesforce® brings with itself. If deployed rightly, it can be the face of changing banking sector.

What do you conclude out of this blog? Are we moving towards the world of transformation? Is this the era of change? Or we are heading towards the clouds- not the literal one? Let us know in the comment section below and keep following HyTechProfessionals