The world of banking, wealth management, financial services, and insurance is complex and intricate to an extent where it seems like the industry is like a palace made up of cards. Only in this case, people’s hard-earned money is at stake. We have to consider the fact that real-time transactions happen and sensitive data is exchanged. With that in mind, the BFSI industry needs cutting-edge tech to keep the economy running. But with Salesforce, this sector can go a long way in streamlining operations, shortening the queue, and providing a better experience. And here’s how we can do it.

The big problem statement of the BFSI sector

Like almost every other industry, BFSI is no different when it comes to a sudden influx of requests during a certain time of the year. So processing all these requests means depleting the bandwidth of the back office. During these times, addressing the deluge of paperwork, outbound sales, and incoming support tickets becomes an arduous task. For all the field agents, carrying and maintaining the paperwork and spreadsheets while being on the move might take its toll on the most valuable asset of the company, the data. That is where technology comes into the picture.

Simplifying banking with Salesforce

In this day and age, personalization is the key to turning a customer into a legacy customer. And to get the necessary insights, a CRM system goes a long way in capturing all the relevant data points and turning them into solid actionable insights that help banks figure out the exact financial needs of their customers. When it comes to processing new loan requests, having the credit history handy goes a long way in speeding up the process. Processes like mortgaging can also be simplified using Salesforce. Using cutting-edge analytics to study the repayment behavior of customers to avoid risk and act as a collaborative platform for various stakeholders like real estate agents, brokers, and borrowers.

Insurance Industry Powered by Salesforce

The growth of an insurance company is directly related to the synergy it maintains with its customers. Delivering a personalized experience by knowing their needs and providing services accordingly. Managing and streamlining the claims lifecycle and its adjacent processes becomes significantly efficient thanks to the speedy ticket processing of Salesforce.

Financial advisory and wealth management with Salesforce

Just like any other industry in the world, the BFSI sector is adopting digital transformation and tech to innovate processes in order to fortify security measures and provide a seamless experience. With the cutting-edge security of Salesforce, financial companies can meet various regulatory compliances regarding customer data. Apart from the security aspect of Salesforce, the data visualization and custom dashboards based on real-time data help the companies monitor key financial metrics and get insights on vital parameters like expected returns, time horizons, and risk factors.

Conclusion

For an industry that revolves around number crunching and dealing with heaps of paperwork, Salesforce with its AI-powered insights and analytics goes a long way in reducing the queue in banks, adding a virtually impenetrable layer of security. To sum it up, Salesforce helps in improving sales coordination, building an all-round customer profile, improving client relationships, and improving agent productivity.

Emergys Blog

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