It’s no surprise that consumers’ expectations are soaring as technology changes the way they interact with businesses. Accustomed to ordering an Uber with the click of a button or paying a friend back for dinner with the touch of a thumb, customers have come to expect the same convenience and personalized experiences from all businesses they interact with -- including their banks. Unfortunately, bogged down by disparate systems and silos, banks struggle to keep up. And, as a result, banks are facing a loyalty crisis. In fact, more than one-third of consumers are purchasing products or services from a competitor to their primary banks.
For 18 years, Salesforce has been on a mission to help companies bridge gaps across all channels, lines of business, data systems and processes to empower them to put their customers at the center of everything. Two years ago, after listening to feedback from our own customers, we set out on a journey to reimagine the way wealth managers engage with their clients and their families with the launch of our first industry specific product --- Financial Services Cloud. Today, we are excited to unveil the newest addition to our industry solution lineup with the launch of Financial Services Cloud for Retail Banking, which will enable banks to unlock their full power.
Generally available later this month, the solution was built based on feedback from dozens of leading banks with a focus on fundamentally transforming the way bankers engage with their customers. Now, every employee -- from the teller to the loan officer to the personal banker -- will have a 360-degree view of every customer with insights into their financial accounts, employment history, education background and more.A modern, role-specific console also enables bankers to stay on top of critical tasks throughout the day by aggregating information from multiple systems to create to-do lists, including proactive alerts for referrals and tasks, so they can minimize time spent on administrative tasks and maximize time spent with customers.
Additionally, we are making banks smarter by embedding artificial intelligence (AI) and machine learning into the product. With Salesforce Einstein, bankers can now identify their highest priority referrals, so they know who to reach out to first. New record types, components and referrer profiles also help bankers manage referrals and collaborate across different banking divisions to address real financial needs based on the financial products and services customers have expressed interest in. For instance, if a customer’s monthly direct deposits increase and they express interest in financial planning, a personal banker can easily create a referral that will be routed to a financial advisor within the bank who will immediately have context about the customer’s needs.
Of course, we are not doing this alone. To create a solution that truly meets the complex needs of the retail banking industry, we worked with customers and listened to their challenges, feedback and wishlists. Additionally, we continue to partner with leading independent software vendors (ISVs) to extend the functionality of the product even further. For example, our partnership with nCino allows bankers to originate and fund financial products, such as loans and deposits, within Financial Services Cloud. Banks can also leverage our platform to build customer-facing apps.
And, this is just the beginning. With three seasonal product releases every year, we will continue to improve the product to ensure it is meeting the changing needs of retail banks.
Interested in learning more? Discover how Financial Services Cloud for Retail Banking can help banks unite around their customers via Trailhead: bit.ly/SalesforceBankingTrail