SAN FRANCISCO, Sept. 17, 2018 /PRNewswire/ -- Salesforce
(NYSE: CRM), the global leader in CRM, today announced new
advancements in Financial Services Cloud to unify customer
experiences across consumer and commercial lines of business in
banking, wealth management and insurance. Salesforce introduced
Financial Services Cloud to transform the way wealth managers and
retail bankers engage with clients and their families. Now, with a
new solution for business and commercial bankers, as well as new AI
innovations and integrations, financial institutions can unlock
customer loyalty by delivering smarter and more connected
experiences across every customer touchpoint.
For financial services institutions, customer relationships can
be complex, as each individual's financial needs evolve throughout
their personal and professional lives. A client who needs wealth
management services today may need a loan to grow her small
business tomorrow. In addition, convenience has a growing influence
on her choice of financial services providers, as today's most
popular AI-infused consumer apps are setting a new bar for digital
experiences. With new entrants now lending billions of dollars per
year in business loans, legacy financial institutions are under
immense pressure to adapt. But decades of mergers and acquisitions,
evolving products that grew up in silos, multiple core systems
across different lines of business and an explosion of data have
created redundancy and a fractured view of the customer and their
needs.
"The financial services industry is going through a massive
convergence as disruptive new entrants are forcing financial
institutions to reimagine the entire customer experience across
every line of business," said Rohit
Mahna, SVP and GM of Financial Services at Salesforce. "With
the new innovation in Financial Services Cloud, financial
institutions can now deliver the smart and connected experience
that customers demand."
New Lightning-Powered Innovations Deliver Unified Experiences
Across All Lines of Business
Employees at financial
institutions traditionally have had a fragmented view of their
customer due to siloed and disconnected internal systems. Now, with
new Lightning-enabled features in Financial Services Cloud, they
can unify the entire customer experience across consumer and
commercial lines of business.
- Commercial Banking App gives relationship managers and
product specialists a complete view of every customer's business
and commercial accounts, and empowers them to identify and grow the
most profitable relationships and streamline the onboarding of new
clients. A new homepage provides business and commercial bankers
with a single view of their opportunities, accounts and referrals.
In addition, a new record type and fields for profiling commercial
banking services — such as treasury management — allow relationship
managers to see these services in the context of a customer's
profile. Finally, intelligent business referrals allow relationship
managers to capture clients' expressed interest in products and
services and route referrals to the correct colleagues in any part
of the bank — including other lines of business such as wealth
management or retail banking — to unify the entire banking
experience.
- Action Plans give financial services professionals an
automated and collaborative way to orchestrate tasks on behalf of
clients cross-departmentally in a timely and efficient manner. For
example, a personal banker onboarding a new customer could use an
Action Plan to automatically create and assign tasks to colleagues
in other parts of the bank, such as compliance or
underwriting.
- Lightning Scheduler allows both relationship managers
and clients to easily book inbound and outbound appointments that
are embedded into calendaring and standard Salesforce workflows.
For example, an insurance agent can book a meeting directly with a
customer or on behalf of a colleague, and customers can schedule
appointments with their insurance agent through the channel of
their choice, such as a firm's online portal or mobile app. Meeting
schedules are also visible to that client's relationship managers,
fostering an even more personalized and collaborative banking
experience.
- Salesforce Surveys for Financial Services Cloud capture
customer feedback with easy-to-build branded surveys for both
personal and commercial customer interactions. Relationship
managers can quickly view survey data within their client's profile
or create reports and dashboards and share customer insights
internally. For example, a banker can automatically send a timely
and customized customer satisfaction survey after a meeting and use
the response data to adjust how they engage and deliver services in
the future, helping build more personalized relationships.
New Einstein-Powered Innovations Deliver Intelligent
Experiences for Customers and Employees
With new AI-enabled
innovations, financial institutions can provide smarter and more
impactful services to customers in every aspect of their personal
and professional financial lives.
- Einstein Bots for Financial Services Cloud provide
retail banking customers with intelligent, self-service bots that
help them report lost credit cards or place travel notifications
through a bank's website or mobile app. Einstein Bots will not only
deflect and manage routine service inquiries, but will also route
more complex issues to the right agent at the right time,
delivering the appropriate context so customers don't have to
repeat or re-enter information they already provided through a
digital channel.
- Einstein Next Best Action uses predictive and
rules-based intelligence to deliver real-time contextual
recommendations and offers to financial services professionals and
customers at the point of maximum impact. For example, Einstein
could recommend that an insurance agent reach out to a specific
customer about an umbrella policy based on a combination of life
situation data and recent banking interactions, or a customer may
receive a recommendation in a bank's online portal for setting up
direct deposit after recently indicating a job change.
- Einstein Analytics for Financial Services Cloud includes
pre-built, industry-specific analytics for wealth, retail and
business banking. Financial services firms can accelerate their
time from data to insights with out-of-the-box data integrations,
enriched datasets, curated dashboards, pre-built models and quick
start deployment wizards.
Introducing Powerful New Financial Services Integration
Capabilities
With MuleSoft, financial institutions can bring
together apps, third-party data and devices across multiple orgs
and systems using API-led connectivity. MuleSoft Anypoint Platform™
helps financial institutions modernize legacy systems and unlock
enterprise data, bringing together critical information across
organizational silos to deliver new revenue channels, participate
in new value chains and provide smarter and more personalized
customer experiences. For example, MuleSoft Anypoint Platform
unlocks legacy accounting, transaction and billing data that extend
to wealth managers through Financial Services Cloud and connect to
multiple custodians, allowing financial advisors to grow their book
of business through integration.
Salesforce's Partner Ecosystem Continues to Extend the Power
of Financial Services Cloud
According to an IDC1
study, between 2016 and 2022 Salesforce and its ecosystem of
customers and partners will create more than 548,000 jobs and
enable more than $164 billion in new
business in financial services worldwide. Salesforce partners are
building new applications fully integrated with Financial Services
Cloud that will be available in the Salesforce AppExchange, the
world's leading enterprise cloud marketplace. These solutions
include:
- Blend will offer an end-to-end digital solution built on
Financial Services Cloud which allows a lending organization to
create data transparency across the entire borrower journey from
inquiry to close, providing a robust borrower financial profile
that supports customer needs across multiple products and increases
lenders' total addressable market.
- eMoney will offer bi-directional integration between
platforms to streamline a wealth management firm's financial
planning, analytics and reporting needs.
- Jemstep will provide a digital advice solution to
advisory firms to guide investors through the advisory lifecycle,
providing both home office and advisor views to help grow assets
under management, reduce the cost to serve clients and gain
actionable insights through data and analytics.
- Guidewire offers ProducerEngage and ServiceRepEngage for
Financial Services Cloud to empower captive agents and customer
service representatives to better engage with their customers
through stronger alignment between marketing, sales, and service,
while surfacing actionable insights through the integration of
policyholder data between Guidewire and Salesforce
applications.
- Vlocity Insurance & Financial Services delivers a
complete digital insurance platform on Financial Services Cloud,
including quoting, policy administration, claims management and
digital portals.
- Finxact is integrating their Core as a Service solution
with Financial Services Cloud to facilitate account opening and
real-time financial account balances and transactions.
- Fenergo offers relationship managers a client onboarding
and lifecycle management solution that is integrated into
Salesforce's customer engagement layer to modernize the end-to-end
client experience.
- PrecisionLender will offer a connector solution for
Financial Services Cloud that provides commercial bankers with
actionable, in-the-moment insights and coaching so they can build
relationships that advance profitability and growth while improving
the customer experience.
- Roostify will provide an intelligent consumer lending
platform, powering the customer experience from acquisition through
loan fulfillment and designed to build the ideal service for your
customers in a secure, compliant manner while improving both
customer satisfaction and loan cycle times.
Comments on the news
- "It's in BBVA's DNA to provide a world-class banking experience
for our customers, so it's vitally important that we are using the
most innovative tools to serve them in the best ways possible,"
said Derek White, Global Head of
Customer Solutions, BBVA. "Salesforce Financial Services Cloud
provides modern productivity tools that help our relationship
managers collaborate and personalize the banking experience to
build customer loyalty."
- "This latest round of enhancements to the Financial Services
Cloud sees Salesforce continue to improve its proposition for
institutions offering services in commercial and retail banking, as
well as wealth management and insurance," said Kieran Hines, Head of Industries, Ovum. "In
addition to a strengthened offering for each individual business
line, a process that has been accelerated through expansion in the
partner network, the emphasis on breaking down traditional
organisational silos within an institution – and the benefits this
can bring for customer servicing in particular – is an area that
stands out."
- "Historically, CRM technology in the banking industry was used
by independent lines of business, with little to no collaboration.
Differing customer engagement platforms, conflicting budgets and an
extremely complex spiderweb of technology led to further
separation," said Tanner Shamrock, Partner, PwC. "Today, the
industry is changing and is leveraging solutions like Financial
Services Cloud to break down the silos among business lines, so
that institutions can operate as one bank. Now, armed with
standardized processes and capabilities at the enterprise-level,
including reusable components, out of the box feature sets, and a
focus on reducing technical debt, financial institutions of all
types can coexist in a way they never could have before."
Availability and Pricing
- The Commercial Banking App, Action Plans and Surveys will be
generally available in October 2018
and included with a Financial Services Cloud license.
- Einstein Bots for Financial Service Cloud will be generally
available in October 2018 and
included for customers with Financial Services Cloud Unlimited
Edition and customers with Live Agent licenses.
- Einstein Analytics for Financial Services Cloud will be
generally available February 2019.
Pricing information will be made available at general
availability.
- Einstein Next Best Action will be generally available in 2019.
Pricing information will be made available at general
availability.
- Lightning Scheduler will be generally available February 2019. Pricing information will be made
available at general availability.
Connect with Salesforce
- For more information on Salesforce Financial Services Cloud,
visit: http://www.salesforce.com/financialservicescloud
- For more information on unified banking solutions for
Salesforce Financial Services Cloud, visit:
- Like Salesforce on Facebook http://facebook.com/salesforce
- Follow @salesforce on Twitter
Financial Services at Dreamforce
Learn more about the
latest Salesforce innovations for Financial Services at Dreamforce,
September 25 - 28, 2018. Dreamforce
brings together more than 170,000 Trailblazers, global leaders and
visionaries for four days of inspiration, innovation, equality and
fun. Join the Financial Services keynote to hear about how
financial institutions are unlocking the full power of their
consumer and commercial lines of business to unify the experience
and drive unprecedented customer loyalty.
About Salesforce
Salesforce, the global CRM leader,
empowers companies to connect with their customers in a whole new
way. For more information about Salesforce (NYSE: CRM), visit:
www.salesforce.com.
Any unreleased services or features referenced in this or other
press releases or public statements are not currently available and
may not be delivered on time or at all. Customers who purchase
Salesforce applications should make their purchase decisions based
upon features that are currently available. Salesforce has
headquarters in San Francisco,
with offices in Europe and
Asia, and trades on the New York
Stock Exchange under the ticker symbol "CRM." For more information
please visit https://www.salesforce.com, or call
1-800-NO-SOFTWARE.
1 IDC White Paper sponsored by Salesforce,
"The Salesforce Economy Forecast: 3.3 Million New Jobs,
$859 Billion New Business Revenues to
Be Created from 2016 to 2022," October
2017. Ecosystem includes all companies that provide the
products and services that surround a Salesforce
implementation.
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