U.S. Bank is actively positioning itself for the future. A key part of that strategic effort is adopting a “one bank” mindset to eliminate silos and create a unified customer experience across all business lines. That effort received an important boost from Salesforce.
In the past, customer relationships were built within individual business units, despite the fact that a customer might do business with multiple divisions such as banking, mortgage, investment or payments. By approaching customer relationships as a single company, with a single view of “the truth,” employees now have an aligned and complete view of their customers’ interactons with the company. This has been a game-changing shift for the nation’s fifth-largest commercial bank.
The move to Salesforce started after the company’s Small Business Banking group began looking for a new vendor to support mobile applications. The old system relied on separate databases that each required individual updates and hardware that required constant upgrades. This meant data was siloed and could not intermingle, which prevented U.S. Bank from getting a complete picture of its customers. With Salesforce, all customer data collected from every branch lives in one system.
“Customers are at the center of everything we do,” said John Bilden, head of enterprise customer relationship management. “Having a unified view of our customers enables us to deliver a more unified customer experience.”
With a single, unified database of all its customer information, U.S. Bank has the data it needs to understand its customers, and, with Sales Cloud Einstein, it has the tools it needs to turn that information into results. For example, the bank was able to use Einstein to build a model to predict lead conversion by searching through customized historical lead data. By sharing the insights gleaned from Einstein, U.S. Bank employees can work more effectively across the company’s entire network. Wealth managers, for example, can use retail banking insights to offer relevant products to customers in the wealth division.
“We work to build high-quality, personalized relationships between our customers and their financial advisors or commercial bankers. There is nothing that replaces that person-to-person interaction,” Nallasivan said. “What AI allows us to do is augment that relationship. We can provide our teams with better data and smarter insights, which helps them establish stronger relationships.”
The next step in U.S. Bank’s deployment of customer relationship management (CRM) is personalization. The bank is partnering with Salesforce to personalize its financial offerings and strengthen the complicated, high-touch relationships that involve a mix of banking services.
“Salesforce allows us to more effectively serve our customers in the moments that matter most,” Bilden said. “The Salesforce Platform gives our employees who are handling our relationships access to what they need to know, regardless of our internal division, so we’re one bank, one company to our customers.”
One example of this new approach is Salesforce’s “team room” concept, where up to 50 employees who work on a single customer account can see the information they need, when they need it.
After eight years with Salesforce, and success with Sales Cloud Einstein, U.S. Bank was ready to see what else Salesforce Einstein had to offer. Despite requiring an AI solution customized to its unique needs, U.S. Bank nonetheless found there were many use cases for artificial intelligence. With myEinstein, U.S. Bank has the ability to predict anything in CRM — an ability that is powering many of its current projects. For one initiative, Einstein helps U.S. Bank solve a problem shared by all banking institutions: customer churn. The team uses Einstein Discovery to understand and explain the causes of churn and predict the likelihood of customer retention.
“The volume of information and quality of data that comes with AI and machine learning allows us to see patterns and make connections that the human eye cannot,” Nallasivan said. “That enhancement to our analytics capabilities is huge, and bringing it down to the frontline level is game changing. There is tremendous potential that we are just now beginning to fully realize.”