Use the Salesforce Luke… for your retail banking
Salesforce has unleashed “Financial Services Cloud for Retail Banking”, a new application that lets bank employees have a “complete view” of their customers and work collaboratively.
New features in the application comprise a retail banking data model and console. This includes all customer data – such as bank accounts and personal identification documents – which is surfaced and managed within the console.
Rohit Mahna, SVP and GM of financial services, Salesforce, says: “Banks are no longer just competing against one another. They’re being compared to any company providing a convenient user experience that builds loyalty.”
Salesforce cites Venmo and Earnest as examples of those “taking slices of business from banks and earning customer loyalty”.
Another feature of the application is a needs-based referrals system, powered by Salesforce Einstein. Via Einstein’s data science and machine learning, bankers can identify and take action on their highest priority referrals based on scoring and insights.
For example, if a customer’s monthly direct deposits increase, and they express interest in financial planning, a personal banker can create a referral that will be routed to a financial advisor within the bank who will have context about the customer’s needs.
The platform also has APIs and a partner ecosystem. For example, users can integrate nCino’s Bank Operating System for originating and funding financial products, such as loans and deposits, with workflow embedded in Financial Services Cloud.