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Give customers what they want with Salesforce’s future-ready solution

Rishi Vijay
August 5, 2020

The future is here, and according to Ashok Vaswani, Barclays’ Global Consumer and Payments head,in a digital world, it’s all about the peopleRelationships are still the heart of the banking industry, but digitization has made things more impersonal and faceless than ever.

However, Salesforce’s future-ready solution gives banks a 360º customer view, enabling them to build contextual experiences, offer smart products, and create personalized, exceptional relationships with their customers.

What’s happening now?

At present, banks usually have siloed products and solutions that are expensive, require a large infrastructure, and are difficult to maintain. This means that their operations team only has a partial customer view, dated transaction information, and no way to cross-sell and upsell products and services.

This is a problem according to Anirban Bose, CEO of Capgemini’s Financial Services and Group executive board member, because, “consumers expect a seamless digital experience from their financial providers, as they’ve grown accustomed to BigTechs in other parts of their lives.” He adds that, “traditional banks are being challenged to meet these expectations given that new entrants are already digitally native and are able to focus on customer experience from day one.”

What the future looks like …

Capgemini’s World Retail Banking Report 2020 states that 57% of all consumers now prefer to bank online (up from 49% last year). In addition, 55% prefer banking on mobile apps, compared to 47% previously.

This trend continues to grow, as consumers see banking apps as the ideal solution to meet their banking needs. The report suggests that banks need to evolve into platform-based models to fuel the growth and innovation needed to stay competitive in the ever-evolving banking world, and that embracing Open X will be critical to long-term success.

However, there are significant obstacles stopping bank executives from making futuristic platform-based models a reality. According to Capgemini’s World Retail Banking Report, 2020, 80% of bank executives stated that cybersecurity and privacy concerns, outdated data management processes (68%), and identifying the right partners (73%) were the primary barriers to readying their banking models for the market of tomorrow. This means that overcoming these challenges should be a top priority if banks want to truly leverage the capabilities possible in the next Open X era of digital banking. But how can this be achieved?

Salesforce is revolutionizing personalization

Banks already leverage many tools to serve new-age customers, including implementing Salesforce’s Financial Services Cloud (FSC) platform into their technology ecosystem – with the help of Capgemini. This platform creates connected applications that enable banks to offer exceptional, personalized customer experiences, which ensures the era of Open X banking will be 100% focused on the customer – as it should be.

It does this by gathering data from peripheral systems, leveraging the Einstein platform to access advanced analytics capabilities, and pushes an omnichannel strategy with a mobile-first approach to offer fully contextualized experiences to customers. This helps banks acquire a full 360º customer view, gain insights into customer behavior, improve their operations team’s productivity, accelerate sales revenue, and provide better customer services and experiences.

What are the benefits?

Banks that implement the FSC platform notice a definite uplift in business overtime. Terri Williams, president, One United Bank, recently told us that, “with our banking apps built on Salesforce, we can deliver more services to better understand communities.” United Bank leverages this platform and Saleforce’s mobile app – and has already seen an 89% conversion rate increase among mobile users. But others are striving to ensure their bank is future-ready too:

  • ABN Amro: Implemented the FSC platform to acquire business intelligence capabilities and leverage its 360º customer-view dashboard,
  • Bank of Tokyo Mitsubishi: Leveraged this platform to create and better manage business forecasting and its pipeline to offer its customers more relevant products,
  • HSBC bank: Implemented Salesforce’s dashboard to help sales teams and improve operational parameters.

In conclusion

Rohit Mahna, SVP and GM of Financial Services, Salesforce recently said that, “with FSC for retail banking, Salesforce is making it possible for customers to love their banks again.” The customer of tomorrow will demand even more than they do today, so implementing the FSC platform now will ensure that banks are able to take the next step in the journey towards Open X.

This platform leverages proven sales, marketing, services, and commerce capabilities, and provides operational data and actionable insights to create the capacity banks need to acquire, onboard, and service customers effectively – all while setting them up for further success in the rapidly approaching Open X era of digital banking.

If you would like to know more about how Salesforce’s FSC platform will improve your financial offerings, please reach out to Rishi Vijay to find out more.