- Although the Salesforce product line is non-industry specific, the company has made efforts to enter the verticals market with new products for the financial services industry
- Most recently, the company announced Financial Services Cloud for Retail Banking, a product designed to help banks improve their customer service
- Here is a quick rundown of what it promises to do for retail bankers
Aside from being the world’s number one CRM platform, Salesforce’s product line has always set itself apart for being horizontal, in that the entire suite of Salesforce tools can be used in virtually any industry. The company offers users, partners, and developers the autonomy to tweak and add industry-specific features on the Salesforce platform.
This approach, however, changed ever so slightly in 2015, when the company expanded its cloud solutions into vertical industries, beginning with Salesforce Financial Services Cloud. Fast-forward to today, the company has announced a new product—Financial Services Cloud for Retail Banking—designed to help banks improve and manage their customer loyalty.
Here’s what you need to know about the new Salesforce offering.
It’s Not Really a New Single Cloud Product
Although it’s marketed as a single cloud product, Salesforce Financial Services Cloud for Retail Banking is actually a combination of different Salesforce tools, such as Service Cloud customer service and Sales Cloud CRM, with the addition of third-party tools specifically designed to help retail bankers service their clients.
It’s a Welcome Relief for Banks
The new Salesforce offer should come as a relief for banks, which are under mounting pressure to better serve their customers. With a consolidated toolset from one vendor, banks can provide better services to their customers by unifying their customer view.
Salesforce Financial Services Cloud for Retail Banking does this by facilitating information sharing between bank departments, giving them a singular view of where their customers are, whether they’re using the bank website, the bank app, an ATM, or talking to a teller or customer service representative.
This could very well be a watershed moment for banks, which, in recent years, have been beaten to the punch by sleeker and faster online financial services like Venmo and PayPal.
It’s Compatible with Legacy Systems
This isn’t to say that banks are completely hopeless when it comes to banking; many of them have legacy systems that predate cloud technology but still work in some degree. The good news is that Salesforce says it can import data from these systems to produce a unified customer view, though it remains to be seen how well the company does this.
Of course, if banks intend to use this new Salesforce product effectively, they need to have Salesforce pros in place first. If you don’t have the resource and time to hire Salesforce talent on your own, let the experts do it for you. Contact The Crevalle Group today to get access to our curated pool of Salesforce professionals just waiting to be hired.