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7 Ways Salesforce Improves Efficiency in Financial Services During a Recession

  • colm_barry

As businesses in all sectors around the world try to deal with the effects of a global economic slowdown, it’s become imperative to find ways to improve efficiency and streamline processes.

In a recent 2022 CEO Outlook Survey conducted by KPMG, nearly 9 out of 10 CEOs in Financial Services believe a recession will happen over the next 12 months, but 3 out of 5 feel it will be mild and short, with 76% having plans in place to deal with it. Furthermore, CEOs seem to be following their current investments and doubling down:

  • 72 % of CEOs say they have an aggressive digital investment strategy, to help them secure first-mover or fast-follower status
  • 70% of CEOs agree they need to be quicker to shift to investing in digital opportunities

According to CrunchBase, VCs are also still backing fintech companies, as investment in 2022 reached $81 billion as of Dec. 14 — down 41% so far from the peak of 2021 at $137 billion. That $81 billion total, however, still surpasses the amounts for 2020 by more than $30 billion.

Given this, there is much cause for optimism. Furthermore, Salesforce's platform can be instrumental in the rapid digitalisation of these institutions.

However, some companies may be hesitant to switch to Salesforce, as it may seem like an unnecessary expense at a time when the economy is slowing. Nonetheless, implementing Salesforce can provide a number of real benefits. Salesforce makes it easier to optimise operations and processes, monitor activities related to sales and marketing, and improve the management of client relationships.

Salesforce can also be integrated with a wide range of other apps and software. Through the seamless transfer of data, you can access siloed customer information and ensure your data is accurate and up-to-date. This also lets you personalise your sales, marketing, and customer service efforts to meet the needs of your customers.

Existing customers of Salesforce can also take advantage of the platform to cut costs and increase productivity. This can be done through the use of automation and workflows, which allow businesses to tailor the platform to their specific needs. Also, businesses can use Salesforce's reporting and analytics tools to learn more about their operations and identify areas for improvement.

How businesses in financial services are leveraging Salesforce.

In a volatile economy, Salesforce is helping financial services companies stay ahead of the competition. There is now a strong push toward automating middle and back office processes, including underwriting, document gathering, and issuance. Furthermore, alleviating manual tasks to enable staff to focus on strategic work is a major priority and leads to increased efficiency and a better customer experience overall.

Institutions are also improving their customer service. Using chatbots, automated email responses, and unique customer/broker portals provides faster responses to customer inquiries and resolves issues more efficiently, leading to increased customer satisfaction and loyalty.

So, how can Salesforce help businesses in Financial Services streamline operations during an economic slowdown? Here are five ways:

  1. Automated workflows and approvals using Salesforce can greatly reduce the need for manual intervention and speed up processes. By automating tasks such as verifying customer identity, collecting the necessary documentation, as well as running KYC/AML compliance checks, companies can save time and resources that would have been spent on manual efforts. Additionally, by automating risk assessments and compliance checks, organisations may lower the possibility of errors and make sure they are adhering to regulatory requirements.
  2. Functionality within Salesforce’s Financial Services Cloud (FSC) can be used to manage customer relationships better and identify opportunities for cross-selling or upselling during a slowdown. FSC can be used across Banking, Lending, Insurance, Fund & Wealth Management and more. FSC comes out of the box with all the core Sales Cloud features, plus new custom fields and objects for modelling financial accounts, assets, liabilities, and goals for both individual clients and across entire households. For instance, in wealth management, FSC can help identify new opportunities within a household, therefore, increasing wallet share.
  3. By integrating Salesforce with other financial services software and external applications, businesses can streamline processes across different departments and systems. Using a solution like Mulesoft to manage APIs, for example, a lender can integrate with their Loan Management System, offering visibility inside of Salesforce of balances, payments, debts, charges, schedules, etc.
  4. Implementing customer service and support using Salesforce's Service and/or Experience Cloud can greatly increase efficiencies and reduce the need for in-person interactions.  Institutions, such as Building Societies, are now using Salesforce's platform to handle inquiries and complaints through portals by providing self-service knowledge hubs, FAQs and online support, reducing the capacity on call centres or for in-person visits to a branch.
  5. Another exciting possibility is the implementation of a self-service portal for clients and brokers. Using Experience Cloud allows customers to manage investments and access financial statements, reducing the need for back-and-forth communication with financial advisors. For Brokers, adding their opportunities and referrals to an easy-to-use portal enables them to follow up on the client /prospect / referred business, track any issues and cases, etc.
  6. By using Salesforce's Dashboards and Analytics tools, businesses can identify areas of inefficiency in their processes and make data-driven decisions on how to streamline operations. A bank, for example, can begin identifying and analysing the spending pattern and trends of a customer, offering tailored solutions based upon this insight. This might entail offering products and services, such as low-interest loans, or receiving perks from a credit card that are related to the spending of the customer (like health discounts).
  7. Additionally, Salesforce eSignature can provide a secure and compliant way for financial services companies to obtain electronic signatures on documents such as contracts, loan applications, and other forms. It provides tamper-proof records of signatures and tracking options that can provide an extra layer of security and compliance for financial service companies, reducing the risk of fraud and non-compliance issues.

Partnering with Experts.

It can be challenging and complex to implement a new system or update an existing one. The process can be simplified by working with a Salesforce partner with experience in that industry. 

As experienced professionals, consultants help businesses customise and optimise the platform to meet their specific needs. Partners can also provide ongoing support and training to ensure that companies are getting the most out of the platform.

Overall, Salesforce can be an invaluable tool for businesses looking to reduce costs and boost productivity during a slowdown. Simplifying processes, increasing output, and maintaining competitiveness in a challenging economy are all possible with the help of the Salesforce platform and an experienced Salesforce partner.

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