SAN FRANCISCO, Oct. 4, 2017 /PRNewswire/
-- Salesforce [NYSE: CRM], the global leader in CRM,
today announced Financial Services Cloud for Retail Banking, a new
industry application that enables retail banks to deliver the
highly personalized, intelligent and connected banking experiences
that consumers expect. Now every bank employee, from the personal
banker to the teller to the mortgage officer, can have a complete
view of their customers and work collaboratively to exceed
expectations.
Banks are facing a loyalty problem. Consumers are becoming
accustomed to having more seamless and connected customer
experiences than retail banks provide today. Banks have struggled
to modernize, bogged down by disparate systems and operating in
silos even within their four walls. As a result, over one-third of
banking customers are "hidden defectors," meaning they purchase
products or services from a competitor of their primary
bank.1 Meanwhile, disruptive new entrants in the
financial services sector, such as Venmo and Earnest, are also
taking slices of business from banks and earning customer
loyalty.
"Banks are no longer just competing against one another. They're
being compared to any company providing a convenient user
experience that builds loyalty," said Rohit
Mahna, SVP and GM of Financial Services, Salesforce. "With
Financial Services Cloud for Retail Banking, Salesforce is making
it possible for customers to love their banks again."
Introducing Financial Services Cloud for Retail
Banking
Two years ago, Salesforce introduced its first
Financial Services Cloud application to transform the way wealth
managers engage with their clients and their families. Today, the
company is reimagining how retail banks engage with customers, with
new innovations including:
- Retail Banking Data Model and Console: All customer
data—such as education background, employment status, the
broader household's financial holdings, bank accounts, loans and
personal identification documents—is surfaced and managed
within a role-based banking console that maximizes productivity and
facilitates highly personalized engagements with customers. The
console also enables bankers to stay on top of critical tasks
throughout the day by aggregating information from multiple systems
to create comprehensive banker to-do lists, including proactive
alerts for referrals and tasks. Additionally, personal bankers can
capture customer needs and intent, enabling immediate routing of
customers to the right bank employee who can recommend relevant
solutions that will help customers achieve their financial
goals.
- Intelligent Needs-Based Referrals, Powered by Salesforce
Einstein: With the power of Einstein's data science and machine
learning capability, bankers can automatically identify and take
action on their highest priority referrals based on intelligent
scoring and insights. New record types, components and referrer
profiles also help bankers manage referrals and collaborate across
different banking divisions to address real financial needs based
on the financial products and services customers have expressed
interest in. For example, if a customer's monthly direct deposits
increase, and they express interest in financial planning, a
personal banker can easily create a referral that will be routed to
a financial advisor within the bank who will immediately have
context about the customer's needs.
- Flexible Banking Platform and Ecosystem: Now, bankers no
longer need to toggle between disparate systems and silos to manage
different banking workflows and processes. With flexible APIs and a
rich partner ecosystem, banks can easily extend the functionality
of Financial Services Cloud to meet their evolving needs. For
example, they can quickly integrate nCino's Bank Operating System
for originating and funding financial products, such as loans and
deposits, with workflow embedded in Financial Services Cloud. Now,
if a customer is interested in applying for a personal loan, a
banker can start the process directly within Financial Services
Cloud. Banks can also leverage the platform to build
customer-facing apps.
About Financial Services Cloud
Built on the world's #1
CRM platform, Financial Services Cloud enables retail banking and
wealth management institutions to bring together disparate lines of
business, geographies, and channels to put customers at the center
of every interaction. With Financial Services Cloud, financial
institutions can take a meaningful step toward collaborating
together as one team to guide customers and their families along
their financial life journeys. For more information on Salesforce
Financial Services Cloud, visit:
http://www.salesforce.com/financialservicescloud
Comments on the News:
- "At PenFed, our mission is to educate our members and help them
meet their full potential," says Sean
Worthy, VP, digital strategy, PenFed Credit Union.
"Financial Services Cloud for Retail Banking will give our bankers
a 360-degree view of members and households, so they can provide
them with personalized advice that maps back to each of our
members' specific goals."
- "Today's connected banking customers and employees expect
speed, convenience and trust from their banks," said Jonathan Rowe, Ph.D., chief marketing officer,
nCino. "By integrating nCino's Bank Operating System with
Salesforce Financial Services Cloud, we can help banks increase
efficiency, transparency, profitability and regulatory compliance
across all lines of business."
- "Nucleus has found that industry accelerators like Financial
Services Cloud for Retail Banking accelerate time to value by
reducing initial consulting costs by 40-60 percent, while also
reducing ongoing administrative burdens," said Rebecca Wettemann, VP, research, Nucleus
Research. "This enables Salesforce financial services
customers to focus on innovations that matter and connections with
customers."
Availability
- Financial Services Cloud for Retail Banking is expected to be
generally available in October
2017.
Additional Information
- To learn more about Financial Services Cloud for Retail
Banking, watch our live announcement:
http://bit.ly/FinancialServicesCloudLIVE
- Discover how Financial Services Cloud for Retail Banking can
help banks unite around their customers via Trailhead:
bit.ly/SalesforceBankingTrail
- Salesforce will announce Financial Services Cloud for Retail
Banking at BAI Beacon. Find out how to connect with us at the
event: https://www.salesforce.com/campaign/bai/
Connect with Salesforce
- Like Salesforce on Facebook http://facebook.com/salesforce
- Follow @salesforce on Twitter
1 Bain, "Customer Loyalty in Retail
Banking: Global Edition 2016," November, 2016
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SOURCE Salesforce