The financial services industry is constantly bombarded with innovative data analytics, evolving technology, ever-changing sector trends, and regulatory compliance needs. Attempting to keep up with all of that is a daunting task on its own, let alone trying to maintain and build client relationships.
With Salesforce implementation, you have instant access to client-specific information. Having high-quality data and client insights makes it easier to personalize your interactions and quickly answer their questions. The ability to provide unique insights and projections into your client’s future gives you a base to build a long-lasting partnership. Thanks to Salesforce’s CRM, growing your client base and nurturing your current customers is easier than ever.
Salesforce’s CRM for the financial services industry, Financial Services Cloud, is specifically designed to enhance the banking, wealth management, and insurance sectors. It does that by simplifying data gathering, customized reporting, and client interactions. What used to require multiple platforms is now seamlessly integrated into a single CRM.
Despite being the industry-leading CRM platform, Salesforce recognized the opportunity to improve its services to meet the specialized needs of the financial services community. Financial Services Cloud presents a comprehensive suite of features to advance customer and employee experiences. With Salesforce implementation, you grow sales, lead generation, and functionality.
The CRM for the financial services industry includes several features to improve and simplify the platform, such as:
- Superior Security: The finance industry is held to the most stringent security standards. According to the Federal Deposit Insurance Corporation (FDIC), financial institutions must protect consumer data from cyber threats by following strict guidelines. The CRM ensures financial institutions not only comply with mandated guidelines but also surpass them.. Keeping client data protected is essential. Salesforce tracks data access and protects against fraudulent activity.
- Scalability: As your business grows, you need a CRM with the ability to grow with you. Salesforce’s CRM for the financial services industry provides worry-free scalability so that you’re never left needing more from the platform. Whether you add a few extra employees or break into a new market, Salesforce has the tools you need to grow.
- Visibility: Salesforce delivers higher visibility into each client’s household assets, trusts, business associations, and other relationships to help expand your network. It also allows you to build action plans and improve customer engagement. Consumers want a personalized experience from their financial services providers, and it’s easy to meet their needs when you have instant access to essential demographic information.
- Customizable Templates: Employees can create step-by-step guidelines that help quickly manage basic service requests from clients. You can also easily link accounts, clients, or groups to set up alerts when issues need to be addressed. If you can think of a way to customize your platform, Salesforce can make it happen.
Competition among financial institutions is fierce. Often, deals are won or lost based on the level of customer service stakeholders feel they received. Salesforce’s financial services CRM system allows you to gain insights about your customers. With a clear view of their current financial situation and their goals, you can focus on specific needs-based sales.
Financial Services Cloud lets you track customer relationships, locate and prioritize referrals, and simplify project management and coordination with critical collaborators across multiple devices. It also provides a 360-degree view of the sales process. Salesforce’s CRM software allows your teams to proactively work together to take a potential customer from a lead to a long-term client.
With Salesforce’s CRM solutions for banks, you can also connect commercial and retail banking on the same platform. This allows you to track referrals and gain insights about customers and their entire circle of influence.
Salesforce’s CRM for the financial services industry also improves specific business processes. More so than almost any other industry, financial institutions like banks need to adapt to changing regulations. Salesforce simplifies the implementation process to adapt to changing commercial loan regulations and other industry requirements.
Salesforce implementation delivers more leads, higher lead conversion rates, and increased sales.
Whether it’s commercial or individual, lending needs to be streamlined to avoid confusion and frustration. Salesforce’s CRM for financial services provides a single platform for each borrower’s loan documents, accounts, and applications. The easy, step-by-step process gets loans submitted and approved quickly and efficiently.
With Salesforce, your loan officers become more productive. The streamlined process makes it easier than ever to coordinate communications and milestones between realtors, appraisers, brokers, and other key players in the mortgage industry.
As a financial advisor, you understand the importance of building trust with clients. Salesforce’s wealth management CRM system helps you strengthen relationships through transparency and more significant insights. The centralized CRM platform gives you access to real-time data and Salesforce consulting from multiple teams simultaneously. Your entire team can work together to create a financial planning roadmap that exceeds even the most skeptical investor’s expectations.
The all-encompassing view of a client’s family and personal assets allows you to take a more proactive approach with clients. This heightened access to clients’ unique situations brings more chances to predict their needs and craft personalized solutions. Personalized investment opportunities let clients know you are looking out for them and increase the likelihood of sales.
Salesforce’s Einstein AI helps financial planners accomplish more in significantly less time. Accessing your analytics system quickly and presenting information immediately, along with curated projections, gives you the competitive edge you need to earn more clients. Its predictive analytics give planners a look at a client’s lifetime value, helping prioritize top investors and locate ones to grow.
Financial Services Cloud also makes complying with the exacting regulatory requirements of the investing market a streamlined process. Salesforce’s CRM for the financial services industry standardizes automation to cut down on repetitive tasks and tedious data entry dramatically.
Easily keeping in touch with clients and reaching out to new ones is also a tremendous benefit of Financial Services Cloud. You can set up the CRM to automatically send reminders, emails, and onboarding documents. Sometimes, something as simple as a birthday greeting or follow-up question is all it takes to build a lifetime relationship.
The insurance industry is built on customer relationships. With Salesforce’s CRM for the financial services industry, insurance agencies can scale quickly, allowing them to improve the customer experience through focused interactions.
From initial policy quotes to policy renewal reminders, the financial CRM platform enriches the entire policy lifecycle. The Salesforce’s opportunity feature gives your insurance company the ability to stay connected with potential policy purchasers from your first contact until they sign the dotted line. Whether you want to automate notifications or send out birthday wishes for a personal touch, Financial Services Cloud keeps you connected with your clients.
The centralized database allows employees across the company to access, analyze, and compile all of a client’s information quickly. The increased ability to analyze data, current policies, and past behaviors at once makes it easier than ever to craft life insurance policies or coverage plans proactively.
Insurance agencies utilizing the CRM for insurance agents boost profits by offering customers ideal solutions for their coverage needs. The 360-degree view of a policyholder allows you to address needs that their current policies don’t cover. Even the most seasoned professionals sometimes miss coverage gaps, but Salesforce makes them impossible to overlook.
Financial Services Cloud builds upon what is already the world’s most advanced CRM platform. When you implement the CRM for the financial services industry, you elevate the consumer and commercial customer experience across your entire organization and other lines of business.
Financial services companies increase employee productivity, simplify processes, and open communication across your entire organization. The transparent view Salesforce provides helps your customers realize the value of your products and services more quickly, gain deeper trust, and build closer relationships.
Salesforce’s CRM for the financial services industry gives banks and lending institutions more capabilities:
- Quickly comply with regulatory requirements for lending and mortgages
- Effortlessly track and automate the commercial lending sales cycle
- Exponentially grow customer relationships and experiences
- Predict customer needs and create solutions
The CRM wealth management system allows financial planners to:
- Meet the ever-changing and stringent requirements, regulations, and compliance needs of the industry
- Increase data quality through strengthened analytics capabilities
- Further understand individual clients
- Gain a competitive edge using state-of-the-art AI
- Maximize time spent on helping clients reach their goals
Salesforce’s CRM for insurance agents allows companies to:
- Gain a 360-degree view of their policyholders
- Streamline onboarding tasks
- Further explore customer cycles both before and after coverage begins
Abstrakt Cloud Solutions provides superior Salesforce consulting and implementation services to help maximize your CRM for the financial services industry platform. If you’re ready to find out more about Salesforce’s Financial Services Cloud, schedule a meeting with us today.
As a registered Salesforce Consulting partner, Abstrakt Cloud Solutions specializes in leveraging the power of the Salesforce platform to solve complex business problems with straightforward solutions.
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