September 26, 2023
Listen to this articleBoasting over 15,000 active customers, Salesforce still continues to be the leader in the CRM market. It’s the robustness and reliability of the platform that makes it so popular, especially for the financial services industry. The industry giants like American Express and Western Union have been leveraging the Salesforce CRM, achieving impressive ROI. Even small and medium businesses can make the most of it to boost their operations. Just the right Salesforce CRM consulting service is the key.
But what exactly makes Salesforce apt for financial services organizations? What does it offer that helps to build and retain trust?
Salesforce has numerous products that help financial services organizations cater to their unique needs and streamline their operations while delivering exceptional customer service.
In this article, we’ll talk about all the points that make Salesforce the first choice of financial service companies.
When it’s about choosing a CRM solution, Salesforce CRM consulting services is always the top choice for financial services organizations. Whether it is about improving productivity, achieving key insights about business, or streamlining client journeys, Salesforce can do it all.
But those are not the only reasons that make it better than other CRM solutions. So, let’s talk about the key features of Salesforce that make it the best CRM to trust for financial services organizations.
Salesforce enables teams at financial services organizations to access a consolidated view of the business and customers whilst having quick and reliable access to it. It’s normal for such firms to have a plethora of data, but it can certainly be a challenge to get a unified view of it or to access specific information when needed. That’s what Salesforce can help you with.
Salesforce helps to harmonize business processes, enabling teams to easily access data by eliminating any duplicate information. Salesforce CRM consulting even helps with simplifying investment decisions from the customer’s point of view after evaluating all insights.
Common challenges faced by financial services and wealth management professionals are related to inaccurate financial or sales forecasting, inaccurate reporting, and improper renewal management. Salesforce is a big help here, enabling teams to access the right information at the right time and make informed budget forecasts and financial decisions.
This capability of Salesforce helps financial services executives to accurately predict future business opportunities and understand potential risks. This enables them to take the right action at the right time.
Research by Forrester says that companies that use algorithm-driven financial services to make strategic business decisions end up gaining a competitive advantage over other similar businesses.
Trust matters a lot in financial services, and to maintain that trust, companies should be able to conduct thorough, in-depth analyses to find accurate information. That’s where Salesforce allows teams to conduct real-time analytics to empower teams at financial services firms to prepare budgets accurately and get relevant forecast information.
Salesforce provides tools that are powered by artificial intelligence, providing advisors with unparalleled visibility into customer journeys. Salesforce CRM consulting services also offer them critical insights about customer retention, revenue, and churn. That’s how they can help customers by coming up with a personalized approach.
Salesforce also provides data insights, enabling them to view it efficiently through comprehensive reports and dashboards. The team can adjust metrics just the way they want in these reports to view and track data the way they want.
According to a report by Salesforce, 67% of the respondents believe that forecasting in a financial services firm can be improved with effective coordination and communication between the sales and financial teams. This collaboration could easily turn into achieving maximum revenue growth.
If we talk about all other CRM platforms, it would certainly be difficult to find one like Salesforce that can hold such a multitude of records and can still equally service sales, support, marketers, and financial agents in a company.
Not only this, but Salesforce CRM consulting also provides a single view of all customer data, irrespective of the customer and team’s location. It enables teams to connect multiple data sources and helps to enhance profiles for better customer experiences, providing a comprehensive portrait of the audience and thus evaluating their needs in a better way.
Along with the strong customization capabilities, Salesforce has this impressive ability to integrate with multiple applications. Any financial services organization would have been using multiple systems and applications to streamline its operations. However, tracking these applications can be a true challenge. That’s where integrating these applications with Salesforce can be of great help.
Salesforce allows seamless integration with multiple applications without the need to conduct any extra custom coding, thus avoiding any system hiccups. This allows teams at financial services firms to get a combined view of data from multiple applications within their Salesforce.
Considering the criticality and sensitivity of financial information, there’s always a need to have a reliable Salesforce solution to streamline and manage operations. But that’s something that will require expertise and skills to efficiently work with Salesforce products.
That’s why you need to have trusted Salesforce CRM consulting services to implement and manage your Salesforce solution, providing you with the ease to manage your operations while ensuring customer satisfaction. Contact us to discuss the challenges in your financial services organization that you want to overcome.
What of the following Salesforce capabilities makes it the best CRM solution?
a). Integration capabilities
b). Better collaboration between teams
c). Reports and dashboards
d). All of the above
Show Answer: d) All of the above
What are the top benefits of using Salesforce for financial services?
The extensive capabilities of Salesforce are helpful in almost all industry sectors. However, there are some features that make it effective for financial services organizations. There are numerous benefits that the platform tends to offer to such companies. In such firms, it is essential for financial teams to be aligned with other teams, and Salesforce helps to achieve this kind of collaboration.
Evaluating financial reports can be quite a complex task, but Salesforce makes it easier by providing customizable reports and dashboards. It even makes it easier for firms to maintain regulatory compliance and keep practices in check.
What are the major use cases of Salesforce for financial services?
Salesforce has three main use cases when implementing it in a financial services organization- banking, insurance, and wealth management. With online banking getting so popular, the banking sector needs a CRM solution to maintain customer information and engagement centrally. That’s where Salesforce can be of big help.
For insurance companies, Salesforce provides a unified platform that helps to enhance the visibility of customer information and make tracking easier. This data would ultimately help in providing better guidance to customers. The same is true with wealth and asset management. Salesforce provides financial advisors with a holistic view of financial goals and accounts of customers, making data analysis and decision-making easier.
