How does Salesforce CRM deliver superior CX for Financial Services

‘To stay ahead of the competition, retail banking digital leaders must leverage vertical-focused CRM as a foundation for their CX efforts.’ Forrester

As customers continue to demand an exceptional customer experience, financial services firms are feeling the pressure to deliver or risk falling behind the competition. This transformational shift is disrupting the evolving role of CRM within the financial services industry. It’s clear that vertical-focused CRM is no longer an option – it’s now the key to long-lasting success.   

Defining the need for CRM

Technological advances have resulted in a number of unique challenges for financial services professionals, and finding ways to meet shifting customer expectations is at the forefront. As more people go digital, there is a marked increase in demand for a fast, seamless approach that is tailor-made to specific customer needs and offers an effortless experience. 

 Today, traditional players are competing against digital innovators and fintechs in a battle for customer attention and retention. CRM is no longer a “one-size-fits-all” solution – the market is now vertical, opening the doors for industries like retail banking to implement customer-centric strategies and stay in the game. Financial services organisations must either adapt and innovate or accept defeat. 

 ‘Over one-third of banking purchase influencers said that improving CX was a high or critical priority for their organisation in the coming year.’ Forrester 

Leveraging CRM for financial services

So, how can your organisation leverage CRM to improve CX and grow revenue? Salesforce CRM has a wide range of features that we here at redk use to drive organisations’ digital transformation.  

 Here are some compact solutions that digital process automation (DPA) through Salesforce can offer for financial services: 

Personalised onboarding journey

The long, convoluted onboarding process that banks have traditionally offered is no longer an option for customers today. Salesforce consolidates the process and turns it into a rich, personalised journey. The software provides valuable insights, allowing financial services organisations to get to know each customer in a more efficient way and give recommendations on their next best step. 

 Easing credit or debit card transaction disputes

Through DPA, customers can now skip the long line to customer service and enjoy a fully automated transaction dispute process. It cleans up repetitive phrases and allows organisations to provide real-time results. This move ensures that customers consistently get fast, efficient and – more importantly – empathetic results from financial services. 

Ramping up speed to market

DPA offers low-code/no-code solutions that can help organisations launch products faster. It drives down the need to find scarce, specialised talent while providing various tools to ease the digital transformation process. 

Benefits of Salesforce CRM

With all of the CRM solutions available on the market today, making a strategic selection can seem overwhelming. With that in mind, we at redk have outlined the ways in which Salesforce CRM can benefit your financial services firm:

Leveraging a 360-degree customer view

A consolidated CRM system integrates with other banking software to provide insights into every customer. From loan requests and ATM deposits to customer care requests, the CRM records every interaction, making it easier to develop an up-to-date and comprehensive view of customer preferences and habits. 

Improving customer retention

The shift to online banking makes it harder for financial services to foster long-term relationships with their customers. Salesforce CRM brings the data to your fingertips, proactively ensuring the delivery of personalised services.   

Increasing sales and revenue

Excellent CX depends on employees who can actively engage existing customers and win over prospective ones. Salesforce CRM solutions provide every resource organisations need for improved performance. This enabling environment is a great catalyst for sales and revenue – ultimately leading to business growth.  

 Transforming financial services

The increased adoption of CRM has been incredibly beneficial to the financial services sector. It has infused new life into tired traditional practice and paved the way for continued innovation and growth. 

 Here at redk, we have more than 15 years’ experience in digital transformation, providing the expertise and digital capabilities to implement the tech that works best for your business. Our lasting partnership with Salesforce ensures that your organisation’s digital transformation will be seamless. Talk to us to find out the impact we could have on your processes.