Using a customer relationship management (CRM) platform as a financial technology (FinTech) company makes perfect sense. After all, technology is at the core of the FinTech industry. FinTech experts use state-of-the-art software to get ahead of competitors and improve customer experiences.
Why not bolster your cutting-edge FinTech tools with a multi-dimensional view of every business client or customer? Though the industry already uses comprehensive technology, it’s geared toward financial services and not client relationships. CRM platforms like Salesforce can help FinTech firms shift their focus to their customers’ journey.
By using Salesforce to add a client-focused perspective to their work, FinTech firms can get the most value out of their products, services, and employees. Salesforce gives extra insights into client experiences and allows companies to provide consistent, quality service. With a CRM, your FinTech company can connect its internal processes with client relationships and create a cohesive relationship between both.
FinTech companies that combine their own financial technology expertise with Salesforce CRM technology can create a one-of-a-kind customer experience and benefit from client feedback. Well-handled client relationships provide insights that help employees fine-tune your products and services.
Learn how Salesforce can provide an ideal customer-focused solution for FinTech companies.
Transactions are the focus of most FinTech companies. The industry uses technology to support financial transactions and give companies different ways to process payments. There are plenty of statistics to support the relevance of transactions in the FinTech industry, such as:
- Between 2019 and 2020, the total transaction amount of digital payments increased from $4.1 trillion to $5.2 trillion.
- The projected compound annual growth rate (CAGR) for digital payment transactions from 2019 to 2023 is 12.8%, with the value of digital transactions expected to reach up to $6.7 trillion.
The rate of expected digital payment growth is substantial, even for an industry already rooted in transactions. In addition to payments, FinTech companies also develop technology to support fund transfers, case escalation, and changes in customer accounts.
With Salesforce, it’s possible to integrate various CRM capabilities into your existing front- and back-office operations. You can manage customer transactions, log activities, and record financial data with Salesforce software, which reduces human error and streamlines the payment process.
Because FinTech companies focus on numbers and data analysis, they often forget to focus on the customer-facing element of their business. Instead, they focus entirely on the product or service that they offer. There’s a massive problem with this approach—FinTech companies can end up developing strategies that revolve around what’s being sold, not who they’re selling to.
By taking the technological innovation that’s rife in the industry and applying it to customer relationships, FinTech companies can develop personalized products that serve their client base’s needs. Salesforce empowers FinTech companies because it tracks every part of the customer journey and allows you to use customer data to directly influence your services. It doesn’t matter if a given client has worked alongside multiple reps or salespeople; their behaviors are monitored, recorded, and easily accessible.
With Salesforce, you don’t lose any essential client information. Information from past encounters and purchasing decisions can guide every new client interaction. As a result, Salesforce allows FinTech companies to be more predictive. Stored data helps generate valuable insights and identify trends or patterns in customer interactions.
The financial service industry is nuanced, and FinTech companies have to tailor their services to individuals. When FinTech companies use previous suggestions to pinpoint current needs, they can cater their services to each client. FinTech companies can use customer data to identify the right demographic for their service and direct advertisements to that demographic.
Salesforce segments data and breaks it down into usable statistics. FinTech companies take that data and use it to alter their services, which can be incredibly valuable in increasing sales and improving customer loyalty. 91% of consumers are more likely to shop with brands that provide offers and recommendations relevant to them, and Salesforce can help you steer your products and services in the right direction.
Many FinTech companies put in weeks of hard work developing a product, only to find that there was a better way to meet their customers’ needs. To make the most out of their services, FinTech companies should strive to work more efficiently and generate higher profits. They need to avoid following dead-end leads, targeting uninterested market spaces, and developing irrelevant products.
Every piece of customer data matters at a FinTech company. Even when customers don’t move forward with deals, the insights garnered and data generated can help with future interactions. Salesforce collects data that allows FinTech companies to hone their approach. By incorporating relevant data into your business, executives can focus their efforts on interested prospects and spend less time chasing indifferent leads. Executives can find more interested prospects by matching them with a product that perfectly fits their needs.
Using a CRM like Salesforce translates to increased sales conversions and boosted profits. Salesforce data allows your team to spend their time on productive opportunities. Additionally, sales leaders can track employee performance against daily targets and identify places where their sales strategies are falling flat. Target monitoring allows sales managers to match the most successful salespeople with the ideal prospects.
More and more FinTech companies are investing in digital channels such as mobile apps, social media, websites, and email. When these channels connect seamlessly, customers can access straightforward banking and financial management solutions. However, creating seamless, convenient solutions is easier said than done.
Salesforce simplifies the creation of digital solutions by combining multiple channels for FinTech customers. CRMs help build a positive brand image because interacting with a company using its CRM platform is quick and straightforward. Removing all possible boundaries between customers and FinTech offerings means that customers will use them more often and your company will benefit.
In addition to improving the customer experience, Salesforce minimizes menial sales tasks for service representatives. Customers who interact with FinTech companies using comprehensive CRM platforms need less help. When your employees spend less time handling customer issues, they can develop solutions to big-picture problems that lead to long-term benefits.
Email marketing campaigns are an incredibly efficient way for businesses to generate sales. The median email marketing return on investment (ROI) is 122%. Some businesses are significantly above the median ROI, and others won’t come close. To get above the median investment, companies need to focus on execution and information, and Salesforce can help optimize both.
At its most basic level, Salesforce lets you know whether your audience wishes to receive emails in the first place. It also provides data about careers, financial goals, and other customer metrics that help your employees create targeted campaigns and copy that converts.
There are many moving parts in a FinTech company’s email marketing campaign, and they can be challenging to execute. Salesforce automates scheduling, custom report distribution, and data importing, making it easier for your staff to focus on the creative side of marketing campaigns.
Breaking down customers into categories using Salesforce is as simple as dragging and dropping data, and the Einstein AI algorithm pinpoints subscribers who are highly engaged. Your company can send marketing emails to your most interested clients using Salesforce data. Plus, Salesforce collects data from each email marketing campaign and compiles it for future use.
Every industry is unique, and every company within an industry has its own specialization. Your FinTech company might focus on mobile banking, mobile payments, cryptocurrency, insurance, trading, or a combination of multiple services. Salesforce can customize its offerings to fit your company’s needs and alter its capabilities based on your customers and services.
The FinTech industry isn’t one-size-fits-all when it comes to software, systems, and frameworks, which is why Salesforce was built with flexibility in mind. Salesforce uses objects, records, list views, workflow, and processes to enhance customer experiences. Different FinTech companies will have their own definitions of records and workflows.
You can customize the “records” setting on Salesforce to house client data and use the “workflow” and “processes” settings for product innovation and development. With its customizable technology, Salesforce can mold to meet the needs of any FinTech company.
Many FinTech service scenarios can end in a grey area. For example, you might provide an online personal loan to a borrower who makes their payment a day late. This customer could ask you to waive late fees because they made an honest mistake. You might waive the fee without realizing that this client has been consistently late when making payments.
To avoid service grey areas, Salesforce’s in-depth data tracking lets representatives see a customer’s entire service history. Your employees will know whether they’ve waived a late fee before and how frequently a customer misses deadlines.
By accessing customers’ complete service history, your representatives can determine if it’s worth it to waive a fee or penalty. Additionally, the service history can help conceptualize if a customer is worth your company’s time. This information sits in the sales cloud, and it can help take a possible issue with a customer and turn it into a service opportunity that makes them more loyal to your company in the long run.
30% of customers reverse negative reviews when companies make up for bad service experiences. With Salesforce’s full-picture view, you can turn bad experiences into good ones and improve your company’s reputation across social channels.
Companies need their sales and marketing strategies to work together if they want to thrive in their industry. However, 60% of organizations strive for better synergy and alignment between their sales and marketing branches. In FinTech companies, marketing teams create messaging campaigns that draw in interested buyers, and the sales team turns those prospects into sales. If the marketing and sales departments don’t collaborate during the sales journey, your company is less likely to achieve a high number of sales.
An easy and effective way to ensure cohesion between departments is using transparent data from a CRM like Salesforce. Without data accessibility, each department uses its own set of information to inform strategy, often with disjointed results. Salesforce empowers FinTech marketing and sales teams to align their goals and complement one another.
Salesforce is a powerful tool that can play a significant role in your FinTech company’s success. At Abstrakt Cloud Solutions, we teach FinTech clients how they can use Salesforce to increase sales, enhance client satisfaction, and improve their business. We’re a leading Salesforce consulting partner in the FinTech sector.
Partnering with Abstrakt Cloud Solutions will allow you to get the most value out of your Salesforce investment. If you’re ready to experience the many benefits that come from using Salesforce in your FinTech company, 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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