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What Makes Salesforce FSC the Ideal CRM Solution for the BFSI Sector?

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Phani Madhav Chegu,

July 17, 2023


What Makes Salesforce FSC the Ideal CRM Solution for the BFSI Sector?

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The Banking, Financial Services and Insurance (BFSI) industry is in the midst of a dramatic transformation. The new-age client wants providers of financial services to come up with novel, highly personalized solutions to meet his specific requirements.

Unfortunately, many banks and other financial organizations are unable to meet the demands of their millennial customers, resulting in losing their business to firms offering fintech solutions such as Google, Apple, Amazon, Square and so on. In fact, a survey shows nearly 3 out of 4 young customers are more interested in availing innovative financial solutions offered by technology behemoths than the products offered by traditional banking and financial institutions.

Against this backdrop, how can financial organizations come up with the right solutions to meet the unique needs of each customer with high levels of efficacy? What does it take to deliver excellent experiences to the client of the 21st century? The firms must use a powerful Customer Relationship Management (CRM) platform.

A good CRM system enables BFSI firms to harness the immense potential of marketing and customer information to deliver perfectly-customized solutions that are fully aligned to the financial goals of each of their clients.

One of the most popular CRM platforms used in the financial world is Salesforce Financial Services Cloud (Salesforce FSC). Today, we’ll examine the features of this robust software product and learn how it empowers the success of BFSI organizations.

Why Is Salesforce FSC the Preferred Choice of Financial Services Providers?

Salesforce FSC is a CRM solution designed specifically for the BFSI sector. The cutting-edge Salesforce product comes with a host of innovative capabilities that enable companies in this industry to strengthen customer relationships, provide a wide variety of personalized offerings and comply fully with applicable regulatory norms. The powerful solution allows you to:

Get a Comprehensive View of Each Customer

You can utilize Salesforce FSC to get a 360-degree view of each customer; the CRM solution helps you consolidate data from multiple sources including books of account, investments, insurance products sold and so on. You can also harness data pertaining to each interaction with the client to get a single, big picture of his needs. This will go a long way in delivering first-rate, hyper-personalized customer experiences, delighting the client.

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Manage Customer Relationships with High Efficacy

Developing strong relationships with clients is the key to the growth and success of companies in the BFSI (or for that matter, any) sector. You can utilize Salesforce FSC to empower your team with the right insights to manage and solidify the relationships with your clients. The powerful Salesforce application enables you to track client interactions, schedule and handle appointments and log details of customer conversations, very efficiently. Your customer-facing executives can access all required information about your clientele anytime, anywhere, using any connected device, enabling them to communicate effectively and deliver excellent services.

Facilitate Seamless Collaboration Between Various Teams

Proper collaboration between different teams plays a key role in the smooth delivery of top-notch services to your clients. You can use Salesforce FSC to enable hassle-free collaboration and exchange of information between different teams of your organization. The novel CRM platform, built exclusively for organizations in the financial services industry, allows your people to use various tools to share data in real time and work together on customer accounts, enhancing efficiency in a big way.

Ensure Full Compliance with Applicable Regulatory Norms

We all know banking and financial services providers must meet several well-defined regulatory and data safety standards; any violation of applicable rules will result in harsh penalties and loss of hard-earned reputation. Salesforce FSC enables your business to adhere to prescribed norms very effectively. The solution comes with a host of capabilities built specially for BFSI firms that facilitate absolute safety of your sensitive customer and marketing data and ensure the privacy of your clients. You can also set up robust data access controls, encrypt information effectively and develop comprehensive audit frameworks.

Enjoy High Levels of Flexibility and Scalability

Few CRM tools can match the flexibility and scalability offered by Salesforce FSC. The innovative software product can be used to cater to the requirements of BFSI companies of all sizes. Salesforce FSC provides a wide range of customization options, allowing financial services firms to utilize it to implement workflows of any complexity, enable seamless execution of business processes and meet various branding needs.

Integrate with a Wide Variety of Apps and Data Sources

It’s common knowledge that financial institutions need to access data from various applications and information sources. You can integrate Salesforce FSC with different third-party tools, databases and applications, in a hassle-free manner. You can also easily integrate Salesforce FSC with applications on Salesforce AppExchange to extend the functionality of the CRM system to meet specific business requirements. It isn’t an exaggeration to say no other software platform provides BFSI companies as much flexibility as Salesforce FSC in terms of integrating with external systems.

Leverage the Best-in-the-class Analytics Capabilities

Salesforce FSC provides BFSI organizations unparalleled analytics and reporting capabilities. The CRM solutions comes with several, easily-customizable pre-built data dashboards and reports, which go a long way in providing invaluable insights into customers’ behaviors and financial strength. Salesforce FSC also enables you to evaluate the efficacy of your sales processes and spot opportunities to cross-sell and upsell. You can also use state-of-the-art AI capabilities to predict the financial needs of your clients, estimate churn rates and forecast the growth of your business very accurately.

Automate Workflows in a Rapid and Effective Manner

Business Process Automation (BPA) is one of the fastest-growing trends in the BFSI realm, and Salesforce FSC comes with a wide array of capabilities to automate business workflows very effectively to maximize productivity. The CRM tool has several features that help you streamline and enhance the efficiency of processes pertaining to on-boarding and de-boarding of clients, opening of accounts and other key activities, rapidly, while ensuring full compliance with applicable rules.

Benefit from a Very Large Developer Ecosystem

A vibrant developer community plays a key role in providing users of software platforms with various tools to improve organizational efficiency. Salesforce has one of the largest (if not the largest) and most active developer ecosystems in the IT world. Members of the ecosystem come up with novel, cutting-edge applications. You can access comprehensive documentation and several useful technical resources pertaining to Salesforce FSC, which enable you to use the CRM tool very effectively.

As you can see, Salesforce FSC empowers BFSI organizations to deliver excellent customer service and build solid relationships with their clients. At Solunus, we enable you to make the best use of the Salesforce solution to meet your business goals. Our team of experts has served financial institutions of all sizes. This rich experience, coupled with our strong focus on comprehending your unique needs, allows us to provide the perfect solution that delivers the highest ROI on Salesforce FSC.

Hope you liked this post. How do you use Salesforce FSC? 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.