A 360 Degree Customer Experience In Banking Using Salesforce.Com


By Rews Shah, Sr Business Consultant, Quadrafort Technologies

Date: August 07, 2022

The strength of retail banks around the world is that they provide their customers an immersive experience into the multi-faceted banking products and services. It would be rare for customers to go back with a single service availed, because they are made to deep dive into a pool varied options, where they recognize that non-banking related products are so relevant to their needs.

Now that we have touched upon “non-bank”, I would want to expand a bit on it. Insurance policies, asset management services, pensions, and trustees, to name a few, are some of the services that many institutions provide, to interact with their customers in their relevant life moments. However, when a core banking institution sets foot into this domain, their objective to fulfill the 360-degree needs of the customer. Often, this part is called the “non-bank” branch of a bank.


The issue with consistency

Financial institutions want to exploit their full capacity to fortify the scattered client needs. What a bank was back in the day, has seen many developments. With digitization booming, the banks have to provide their customers with an entire package of products and services. They want to become more accessible and scalable. But one issue that they face is, in the want to keep up with technology, they have spread their arms so much, that they are no longer able to provide a consistent experience to their customers. We are talking of customers increasing manifold, due to which the bankers need to employ more executives, customer-care staff, managers and so on.

Managing data becomes a challenge. The deep-rooted processes established for one domain need to be replicated for the emerging ones, but to ensure that this implementation is done in a consistent and optimized manner, the banks need more than their internal experts.

There should be a transition to an ecosystem, where the business model of the bank is enhancing as new revenue streams are getting added. Enter a CRM tool which would handle commercial activities, customer information, product and service details, complaint management system, etc. It delivers value across the lifecycle of a customer’s journey with the bank.

A customer success platform

Salesforce is a CRM tool and software that helps companies in effective customer communication. The experts of technological implementations like Salesforce, spend a hefty amount of time in understanding the smallest requirements of the business, before laying out a carefully curated customized plan.

The job of such implementation partners is two-fold:

How the things have been working

How the things should be working

By understanding how the Salesforce platform can be beneficial for the business, consultants suggest how the processes should enhance, by keeping the core objective in place. For financial institutions, the goal is to be consistent with the customers’ expectations from meeting their banker in person.

The ease with which enormous amount of data is managed using techniques of augmented intelligence and the output is simplified for employees and customers to make sense out of it. Customer journeys can be defined for each customer, by identifying the various stages they cross in their lifecycle of being an esteemed customer of the bank Loyal customers can be given special privileges by consistent interactions, reminders, and personalized experiences. The agile methodology that this platform provides is the need of the hour for banks and financial institutions to adapt to the ever-changing needs of the customer.

A CRM tool which is a complete package- flexible, easy to understand for a layman, cloud-based, scalable, interactive, can easily be integrated with the core platforms of a bank, and the features go on, is what banks need to look for as an investment into the future of digitization. Salesforce is a global leader that empowers companies to connect with their customers in an exemplary way.