Infosys experts share their views on how digital is significantly impacting enterprises and consumers by redefining experiences, simplifying processes and pushing collaborative innovation to new levels

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January 7, 2020

Empowering financial services with Salesforce Financial service cloud

Financial service domain has evolved in the last couple of decades - the last decade transformed customer expectations with the power of mobility , improved smartphones and competition .More number of financial service companies have risen across the horizon with new business models thus disrupting the market  , hence the overall competition has heated up and there is a steady rise in expectations to differentiate ones business from others .  

Financial service domain advisers whether retail bankers , wealth advisers , mortgage advisers etc have to work more  efficient manner to cross sell and earn more revenue for the bank \ organization . Advisers have to be at their toes to ensure all client expectations are captured and they are serviced with particular timeline. Customers are expecting a lot in terms of personalized service etc and on top of that there are mountains of data to be reviewed to take decision .In insurance industry - insurance sales representatives and agents have to respond to communication from multiple channels and ensure timely updates to their customers . Sales and service teams across financial service industry need to be on their toes and respond to client communication using various platforms including social media and other channels .This is where Salesforce financial service provides a solution which to deliver effortless engagement with customers by capturing all customer requirements, events , conversation in a more better manner and in one application and with the ability to seamlessly integrate with existing backend application to provide a complete view of the customer. 

A premier banking experience can be provided to customers by providing insights based on customer information centered around financial goals , household relationship etc . A Banker will look at information like financial accounts, total bank accounts, total investment accounts, insurance policies, AUM , wallet share ,assets and liabilities in order to plan the customer engagement and probable revenues which will be generated based on the opportunities

The financial service cloud enables the same by building on sales and service cloud platform as the underlying components of the Financial service cloud . This enables to provide customer 360 degree view of the customer.

Imagine a banker starting his day looking at his dashboard and understanding which client he needs to meet today and preparation for upcoming meetings. Before attending the meeting, the banker goes through the client notes , requirements, goals and based on the same prepares himself\herself to attend the meeting . For a  banker it could be investing in mutual funds , opening a new account, planning to fund kids education etc .Also a banker can access information regarding client issues and interject as required to resolve the issue . Salesforce financial service cloud also helps with capturing relationship with people who are involved with the client for example immediate family , lawyer ,other business entities . Financial service cloud can be integrated using Mulesoft platform \other leading platforms with current back end application to capture relevant information into Salesforce Financial service cloud. This helps the banker to have 360 degree view of the customer without having to toggle between multiple application.

Financial service cloud will benefit insurance companies, bankers , mortgage players , new age Financial Service players and current Financial Service players also.

I have been a banker 17 years back and we used to manually capture customer details in an excel and track it , things have evolved with time . I am sure my counterparts in Financial service domain will love to use this application - after all its improving their life .

Time to take the plunge with Salesforce Financial service cloud !

 

 

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