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Salesforce for Fintech Firms – Paving the Way for Rapid Growth

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Phani Madhav Chegu,

August 2, 2023


Salesforce for Fintech Firms – Paving the Way for Rapid Growth

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Salesforce for Fintech Firms - Paving the Way for Rapid Growth

The advent of the COVID-19 pandemic has led to a major transformation in the world of financial services – it heralded the arrival of the golden age of fintech firms that has dramatically altered the way people bank, pay, avail credit, insure and invest. According to a study, the global market for fintech technologies was valued at USD 110.57 billion in 2020 and is estimated to touch the USD 698.48 billion mark by 2030, registering at a very high Cumulative Annual Growth Rate (CAGR) of 20.3% from 2021 to 2030.

Although fintech services existed before the outbreak of COVID-19, their extensive use by people across the world during the pandemic has resulted in a phenomenal increase in their demand; there was a huge spurt in the adoption of digital banking solutions, virtual payment mechanisms and various other novel technology-enabled financial paradigms.

Fintech firms need to capitalize on this tremendous potential for growth, and this calls for the use of robust digital systems and tools that enable these new-age businesses to provide hyper-personalized, smart and fully-connected experiences to their clients.

One of the most popular IT platforms used in the fintech realm is Salesforce. Today, we’ll see how this powerful suite of Customer Relationship Management (CRM) applications enables your fintech organization to provide delightful services and rain growth.

How Does Salesforce Enable Your Fintech Firm to Provide Excellent Services and Multiply Revenues?

Salesforce is power-packed with various innovative features that allow your fintech firm to:

Facilitate Quick, Seamless Access to Credit

Fintech firms have created a major disruption in the banking sector by providing easy access to credit to hundreds of millions of underserved people; however, with most clients of these technology-powered organizations expecting decisions about sanctioning loans in just a few minutes, digital bankers must be able to on-board customers, process applications for loans and pool credit information from third-parties to underwrite the loans – all in near real time.

All members of your team including loan processors, credit score analysts and sales reps must have a single, comprehensive view of the customer. This empowers them to ultra-personalize borrowing experiences at scale, and thereby, ensure the client is engaged effectively throughout his journey.

You can use Salesforce to enable seamless integration with different partners and sources of credit history such as credit bureaus, banking organizations, firms that aggregate accounts, third-party processing companies, loan management tools and other information sources (for instance, feeds on social networking platforms and receipts of payment of utility bills). You can ensure timely, hassle-free flow of data to facilitate rapid underwriting of loans and credit decisions.

Enable Ultra-personalization of Client Interactions

Many wealthy technology firms are utilizing cutting-edge innovations such as robotic advisors and online discount brokers to help their customers manage their money with high efficacy. But as the expectations of clients continue to evolve, many investors demand very high levels of personalization, complete transparency and user-friendly wealth management services that can be accessed anytime, anywhere, without hassles.

Salesforce enables you to meet the expectations of your customers and provide top-notch experiences. You can utilize the robust CRM system to connect with your clientele using any connected device on any digital channel, facilitate micro-moment engagement and offer the right investment advice perfectly aligned to the unique financial requirements of each customer. You can also enhance marketing and selling efficiency by delivering super-personalized communications, automating nurturing of leads and engaging customers across all channels in a delightful manner.

A complete picture of each of your clients enables you to better understand his financial needs and goals. Needless to say, armed with this valuable insight, you will be able to offer perfectly-tailored solutions, while reaching out to the customer whenever he needs you.

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Engage Merchants and Customers Effectively

The arrival of fintech firms altered the digital payments landscape – today, people can make payments effortlessly, in just a few seconds. All they need to do is open an app on their mobile device and transfer money with a few clicks.

Using Salesforce, your fintech firm can manage leads very effectively, monitor pipelines efficiently and sell your payment solutions much faster. The CRM powerhouse provides a 360-degree view of the client to all departments of your organization including marketing, sales and customer support, facilitating excellent engagement.

You can also leverage Salesforce to on-board merchants and clients in an effective manner and enable agents on the field by providing all resources needed to install and repair Point-of-sale (PoS) devices efficiently. You can use the CRM systems’ state-of-the-art analytics capabilities to get the big picture of your payments business in real time to make the right decisions to skyrocket growth.

Deliver Insurance Solutions Seamlessly

For years, customers had to go through a very cumbersome process to purchase and claim an insurance policy. However, all this is set to change with the advent of insurance solutions offered by fintech firms. Many organizations have already digitalized the insurance lifecycle, right from generating quotes and underwriting to settlement of claims and resolution of complaints, making the solutions highly customer-centric.

Salesforce helps your fintech company to provide delightful experiences to both agents and policy buyers. It provides a comprehensive, client-friendly insurance platform that enables you to offer tailor-made products to cater to the unique risk profile of each client.

The feature-rich CRM system comes with several in-built capabilities to serve the millennial customer. You can use the platform to facilitate seamless creation of quotes, administration of policies and handling of claims. You can utilize the front-end insurance console to pull information about various products, claims and events from the back-end to provide the big picture of each customer to sales reps, brokers and customer support personnel.

Provide Excellent Neo-banking Services

Neo-banks are 21st-century banking institutions that are present only online. As these fintech organizations don’t interact with clients in a physical setting, they must ensure high-engaging, seamless and safe digital customer interactions.

You can use Salesforce to integrate Application Programming Interfaces (APIs) to access required information in real time to deliver hassle-free experiences to your clients. Your neo-bank can also develop highly-scalable and intuitive portals and apps and portals for both your clientele and workforce. Furthermore, you can use Salesforce to manage identities effectively, facilitate smooth collaboration between various teams and automate workflows with high efficacy.

Salesforce allows your neo-bank to create communities where your clients can interact and share information with each other and use smart chatbots to provide first-rate customer support 24/7. You can deliver one-to-one, hyper-personalized services from any corner of the globe while ensuring complete security thanks to Salesforce Shield – a novel capability that allows you to encrypt client information easily, control access to key data effectively, implement robust information-safety policies and retain vital data as required by the law.

As you can see, Salesforce helps fintech organizations provide excellent services to their customers in a secure manner, thereby delighting them and earning their trust. At Solunus, we work with your fintech business to unlock the immense potential of Salesforce to enable your growth. We have enabled financial services providers of all sizes to unleash the power of cutting-edge CRM tools to build strong relationships with their clientele and meet their revenue goals. This rich experience coupled with our strong focus on comprehending your unique needs allows us to deliver the perfect solution that provides the best ROI.

Hope you liked this post. How do you use cutting-edge technologies in your fintech organization? We’d love to know.

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About Solunus

Solunus is a leading Salesforce consulting company, based in Dallas, TX, USA. Our proven ‘needs-first’ approach coupled with our unrivaled expertise of the Salesforce platform enables us to provide the perfect solution to help you deliver delightful services to customers and achieve rapid growth.