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Salesforce Expands Financial Services Cloud Platform to Unify Experiences Across Consumer and Commercial Lines of Business
New Einstein-Powered Innovations Deliver Intelligent Experiences for Customers and Employees
With new AI-enabled innovations, financial institutions can provide smarter and more impactful services to customers in every aspect of their personal and professional financial lives.
Einstein Bots for Financial Services Cloud provide retail banking customers with intelligent, self-service bots that help them report lost credit cards or place travel notifications through a bank’s website or mobile app. Einstein Bots will not only deflect and manage routine service inquiries, but will also route more complex issues to the right agent at the right time, delivering the appropriate context so customers don’t have to repeat or re-enter information they already provided through a digital channel.
Einstein Next Best Action uses predictive and rules-based intelligence to deliver real-time contextual recommendations and offers to financial services professionals and customers at the point of maximum impact. For example, Einstein could recommend that an insurance agent reach out to a specific customer about an umbrella policy based on a combination of life situation data and recent banking interactions, or a customer may receive a recommendation in a bank’s online portal for setting up direct deposit after recently indicating a job change.
Einstein Analytics for Financial Services Cloud includes pre-built, industry-specific analytics for wealth, retail and business banking. Financial services firms can accelerate their time from data to insights with out-of-the-box data integrations, enriched datasets, curated dashboards, pre-built models and quick start deployment wizards.
Introducing Powerful New Financial Services Integration Capabilities
With MuleSoft, financial institutions can bring together apps, third-party data and devices across multiple orgs and systems using API-led connectivity. MuleSoft Anypoint Platform™ helps financial institutions modernize legacy systems and unlock enterprise data, bringing together critical information across organizational silos to deliver new revenue channels, participate in new value chains and provide smarter and more personalized customer experiences. For example, MuleSoft Anypoint Platform unlocks legacy accounting, transaction and billing data that extend to wealth managers through Financial Services Cloud and connect to multiple custodians, allowing financial advisors to grow their book of business through integration.
Salesforce’s Partner Ecosystem Continues to Extend the Power of Financial Services Cloud
According to an IDC1 study, between 2016 and 2022 Salesforce and its ecosystem of customers and partners will create more than 548,000 jobs and enable more than $164 billion in new business in financial services worldwide. Salesforce partners are building new applications fully integrated with Financial Services Cloud that will be available in the Salesforce AppExchange, the world’s leading enterprise cloud marketplace. These solutions include:
Blend will offer an end-to-end digital solution built on Financial Services Cloud which allows a lending organization to create data transparency across the entire borrower journey from inquiry to close, providing a robust borrower financial profile that supports customer needs across multiple products and increases lenders' total addressable market.
eMoney will offer bi-directional integration between platforms to streamline a wealth management firm’s financial planning, analytics and reporting needs.
Jemstep will provide a digital advice solution to advisory firms to guide investors through the advisory lifecycle, providing both home office and advisor views to help grow assets under management, reduce the cost to serve clients and gain actionable insights through data and analytics.
Guidewire offers ProducerEngage and ServiceRepEngage for Financial Services Cloud to empower captive agents and customer service representatives to better engage with their customers through stronger alignment between marketing, sales, and service, while surfacing actionable insights through the integration of policyholder data between Guidewire and Salesforce applications.
Vlocity Insurance & Financial Services delivers a complete digital insurance platform on Financial Services Cloud, including quoting, policy administration, claims management and digital portals.
Finxact is integrating their Core as a Service solution with Financial Services Cloud to facilitate account opening and real-time financial account balances and transactions.
Fenergo offers relationship managers a client onboarding and lifecycle management solution that is integrated into Salesforce’s customer engagement layer to modernize the end-to-end client experience.
PrecisionLender will offer a connector solution for Financial Services Cloud that provides commercial bankers with actionable, in-the-moment insights and coaching so they can build relationships that advance profitability and growth while improving the customer experience.
Roostify will provide an intelligent consumer lending platform, powering the customer experience from acquisition through loan fulfillment and designed to build the ideal service for your customers in a secure, compliant manner while improving both customer satisfaction and loan cycle times.
Comments on the news
“It's in BBVA's DNA to provide a world-class banking experience for our customers, so it's vitally important that we are using the most innovative tools to serve them in the best ways possible," said Derek White, Global Head of Customer Solutions, BBVA. "Salesforce Financial Services Cloud provides modern productivity tools that help our relationship managers collaborate and personalize the banking experience to build customer loyalty."
“This latest round of enhancements to the Financial Services Cloud sees Salesforce continue to improve its proposition for institutions offering services in commercial and retail banking, as well as wealth management and insurance,” said Kieran Hines, Head of Industries, Ovum. “In addition to a strengthened offering for each individual business line, a process that has been accelerated through expansion in the partner network, the emphasis on breaking down traditional organisational silos within an institution – and the benefits this can bring for customer servicing in particular – is an area that stands out.”
"Historically, CRM technology in the banking industry was used by independent lines of business, with little to no collaboration. Differing customer engagement platforms, conflicting budgets and an extremely complex spiderweb of technology led to further separation,” said Tanner Shamrock, Partner, PwC. “Today, the industry is changing and is leveraging solutions like Financial Services Cloud to break down the silos among business lines, so that institutions can operate as one bank. Now, armed with standardized processes and capabilities at the enterprise-level, including reusable components, out of the box feature sets, and a focus on reducing technical debt, financial institutions of all types can coexist in a way they never could have before."
Availability and Pricing
The Commercial Banking App, Action Plans and Surveys will be generally available in October 2018 and included with a Financial Services Cloud license.
Einstein Bots for Financial Service Cloud will be generally available in October 2018 and included for customers with Financial Services Cloud Unlimited Edition and customers with Live Agent licenses.
Einstein Analytics for Financial Services Cloud will be generally available February 2019. Pricing information will be made available at general availability.
Einstein Next Best Action will be generally available in 2019. Pricing information will be made available at general availability.
Lightning Scheduler will be generally available February 2019. Pricing information will be made available at general availability.
Connect with Salesforce
For more information on Salesforce Financial Services Cloud, visit: http://www.salesforce.com/financialservicescloud
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Financial Services at Dreamforce
Learn more about the latest Salesforce innovations for Financial Services at Dreamforce, September 25 - 28, 2018. Dreamforce brings together more than 170,000 Trailblazers, global leaders and visionaries for four days of inspiration, innovation, equality and fun. Join the Financial Services keynote to hear about how financial institutions are unlocking the full power of their consumer and commercial lines of business to unify the experience and drive unprecedented customer loyalty.
1 IDC White Paper sponsored by Salesforce, “The Salesforce Economy Forecast: 3.3 Million New Jobs, $859 Billion New Business Revenues to Be Created from 2016 to 2022,” October 2017. Ecosystem includes all companies that provide the products and services that surround a Salesforce implementation.