4 Key Ways Salesforce Drives Change for Financial Service Companies

Jenna Trott  |  OCTOBER 12, 2023  |  5 Minute Read

Since its inception in 1999, Salesforce has consistently held the mantle of innovation and acted as a catalyst for transformative change. Over the past 25 years, this defining truth has remained unwavering as Salesforce’s products and solutions have continued to transform innumerable enterprises of all sizes and across industries. The outcome for many has translated into reduced costs, heightened productivity, and a faster return on investment, all while nurturing more profound and meaningful connections with customers.

Within the intricate landscape of the financial services sector, which has historically grappled with the challenges of digital transformation, Salesforce has emerged as an indispensable strategic asset for achieving success, aiding companies in their ability to adapt to the rapidly changing digital landscape and stay ahead of the competition. Let’s look at the four key ways that Salesforce drives meaningful change for financial service companies.

1. Salesforce’s Cutting-Edge AI Innovations

When it comes to AI-powered solutions for financial service companies, Salesforce stands at the forefront of innovation with their recent introduction of Einstein GPT. This latest innovation has the potential to transform the landscape for financial advisors, presenting an invaluable tool that expands their traditional role boundaries.

A significant area where Einstein GPT can be a game-changer is in personalized communication and recommendations. By integrating both public and private AI models with CRM data, Einstein GPT empowers users to formulate natural-language queries directly within the Salesforce CRM. The result is a continuous stream of AI-generated content, dynamically tailored to evolving customer information and preferences. This forward-looking approach translates into significant time savings, rendering manual content creation obsolete. Furthermore, the inclusion of Salesforce’s private AI models and OpenAI’s ChatGPT technology underscores the versatility and depth of Einstein GPT. This fusion bridges the divide between customized proprietary models and off-the-shelf generative capabilities, further enhancing its value.

Picture what this would mean for financial advisors: they are no longer burdened by the laborious task of crafting individual responses or recommendations, enabling them to channel their expertise toward more strategic endeavors. With Einstein GPT at their disposal, financial advisors can foster deeper, more personalized client relationships, harnessing AI to facilitate conversations that precisely align with individual needs and aspirations. This strategic shift has the potential to redefine how financial advisors operate, aligning their efforts with client-centricity and strategic growth.

2. Delivering World-Class Client Services with Salesforce

These days, 62% of customers said they would switch financial services providers if they felt treated as a number, not a person, and 73% expect companies to understand their unique needs and expectations. Bottom line? It is imperative for financial services companies to truly connect with the people they serve.

One of the key features of Salesforce is its ability to provide a 360-degree view of the customer. This means that all customer information is stored in a single platform, making it easier for financial service companies to access and manage customer data. With this information, financial service companies can provide personalized and targeted services to their clients, which can lead to increased customer loyalty and retention.

This, coupled with Salesforce’s range of tools and features, can help financial service companies deliver exceptional client services. For example, the platform includes a knowledge base that can be used to provide clients with self-service support and access to relevant information. It also includes a range of communication tools, such as email and chat, that can be used to provide clients with real-time support and assistance.

3. Building Resilience and Cutting Costs with Salesforce

As the world’s #1 CRM, Salesforce has helped companies across industries and regions achieve significant cost savings and increase employee productivity. According to a recent survey of over 3,500 customers, companies are seeing an average of 25% savings on IT costs and a 26% increase in employee productivity using Salesforce. This is due to the digital transformation that Salesforce provides, which enables companies to automate processes, reduce manual labor, and streamline operations. By automating routine tasks, such as data entry, financial service companies can reduce the risk of errors and increase efficiency, allowing them to focus on high-value activities that drive growth.

Salesforce’s platform also provides financial service companies with the tools they need to build resiliency and adapt to change. With the ability to quickly scale up or down, financial service companies can respond to changing market conditions and customer needs, ensuring that they remain competitive in a rapidly changing landscape.

4. Innovation Unleashed: Salesforce’s Ongoing Transformation

Salesforce is known for its unwavering commitment to driving advancements and enhancing their suite of products and services. They regularly roll out updates and introduce cutting-edge features three times annually, providing their customers with access to state-of-the-art tools. This ongoing commitment not only cements Salesforce’s position as an industry leader but also plays a pivotal role in initiating transformative changes for financial service firms.

One of the primary avenues through which Salesforce fosters improvement is their IdeaExchange platform. This interactive channel empowers customers to propose innovative features and suggest enhancements to existing ones. Salesforce takes these suggestions very seriously, frequently incorporating them into upcoming updates. This demonstrates that Salesforce truly cares about the success of their customers.

Salesforce’s commitment to progress is also evident in their integration of artificial intelligence throughout their products and services with the new release of Einstein. This will equip financial service companies with predictive analytics, natural language processing, and robust machine learning capabilities, allowing them to make data-informed decisions and enhance their customer experience.

Complementing their core offerings, Salesforce provides a diverse array of add-ons and integrations through their AppExchange. These encompass solutions for accounting, billing, and invoicing, as well as seamless connections with popular applications such as Microsoft Outlook and Google Drive. This remarkable flexibility empowers financial service companies to customize their Salesforce experience to align with their specific needs and workflows.

In a world where change is the only constant, Salesforce has consistently proven itself as a leader of innovation and transformation. For over two decades, its unwavering commitment to progress has reshaped countless enterprises, large and small, across a multitude of industries. The impact of Salesforce’s dynamic products and solutions reverberates as reduced costs, heightened productivity, and a swifter return on investment. The journey forward is exciting, and we can’t wait to see what other innovations are in store for financial service companies.