Salesforce’s research found that 72% of leaders in financial services are very confident that their customers are happy. However, this confidence doesn’t quite match up with what customers are saying. Customers are pointing out big gaps in how well financial institutions understand their needs, focus on their financial health, and let them manage their own data. This big difference between what executives think and what customers actually feel shows a serious disconnect and highlights a big chance for improvement and new ideas in how customer service is done.

This situation brings up an important question: How can financial institutions bridge this gap and better meet their customers’ real needs and expectations? The solution involves using the latest technology to change the way financial services are provided. Salesforce Financial Services Cloud is built exactly for this purpose, offering a direct way to tackle these issues.

What is Salesforce Financial Services Cloud?

Salesforce Financial Services Cloud is a powerful platform designed by Salesforce, a Gartner Magic Quadrant leader in customer relationship management (CRM) solutions. This particular platform is tailored specifically for the financial services industry, including sectors like banking, insurance, and wealth and asset management. Its primary goal is to help these institutions better understand and serve their customers through advanced data management, automation, and personalised service delivery.

Core Components and Features of Salesforce Financial Services Cloud

Unified Customer View

One of the standout features of Financial Services Cloud is its ability to consolidate customer data from various sources into a single, coherent view. This means that financial advisors, bank representatives, or insurance agents can access comprehensive profiles of their customers, including past interactions, preferences, financial goals, and more. This unified view allows for more personalised and informed customer service.

Automation and Efficiency

64% of FSI service organisations use automation, compared to 58% in all industries. This platform leverages automation to streamline complex processes, from loan applications in banking to claim processing in insurance. This not only speeds up operations but also reduces the chances of error, ensuring customers receive timely and accurate service.

AI-Driven Insights

With built-in artificial intelligence (AI), Financial Services Cloud can analyse vast amounts of data to uncover insights about customer behaviour, predict future needs, and identify opportunities for cross-selling or upselling. This intelligence allows financial institutions to proactively meet their customers’ needs, often before the customers themselves have identified those needs.

Regulatory Compliance and Security

Given the sensitive nature of financial data, the platform also emphasises security and compliance with regulatory standards. It helps institutions manage and protect customer data, ensuring they meet industry regulations and maintain customer trust.

Enhanced Collaboration

Financial Services Cloud fosters better collaboration among team members by providing shared access to customer data and insights. Whether it’s a wealth manager working with a client service team or an insurance agent coordinating with underwriters, the platform facilitates seamless communication and coordination, enhancing the overall effectiveness of customer service.

Impact on the Financial Services Sector

By adopting Salesforce Financial Services Cloud, financial institutions can transform how they interact with their customers. It enables more tailored, efficient, and responsive service, which can lead to higher customer satisfaction and loyalty. For the institutions themselves, it translates into increased productivity, better compliance posture, and potentially higher revenues through more effective service offerings and stronger customer relationships.

Salesforce Financial Services Cloud is a specialised CRM platform designed to meet the unique needs of the financial services industry. It combines customer data management, automation, AI insights, and regulatory compliance support to help institutions offer superior customer service and drive business growth.

Challenges and Opportunities in the Financial Service Sector 

  • Banking: Personalisation is non-negotiable in banking, with executives recognising the critical need for integrating services and enhancing digital experiences. However, only 40% report high levels of customer satisfaction, indicating a pressing need for strategic investment in technology and personalisation to retain competitive advantage against fintechs.

  • Wealth and Asset Management: Trust and personalised advice are the most significant factor in the wealth management sector. Despite a generally higher satisfaction rate in this sector, there is a clear opportunity for advisors to leverage data more effectively to proactively meet client needs and deepen relationships. Learn more about asset management digital transformation.

  • Insurance: Consistency and proficiency are essential in insurance, where 70% of customers rate self-service options highly. The challenge for insurers is to expand these self-service capabilities while ensuring agents are equipped with the knowledge and tools to provide education and guidance, ultimately enhancing customer understanding and satisfaction. Download the recent report on digital transformation in the insurance sector and the top 50 firms’ performance.

Strategic Imperatives for FSIs

To bridge the satisfaction gap, FSIs must embrace a multifaceted strategy that not only leverages digital transformation but also places focus on customer-centricity and data analytics. This entails:

  • Investing in Digital Capabilities: Enhancing web and mobile experiences, as well as self-service options, to meet the digital-first expectations of modern consumers.
  • Adopting a Customer-First Mindset: Aligning service offerings with customer needs, leveraging feedback to drive continuous improvement, and embedding personalisation across all customer interactions.
  • Utilising Data Analytics: Utilising data to gain insights into customer behaviours and preferences, thereby enabling more targeted and effective service strategies.

The Path Forward with Unify

As financial services institutions navigate the complexities of evolving customer expectations, the path forward demands agility, innovation, and a commitment to excellence in customer service. By addressing the critical gaps in service delivery with Salesforce Financial Services Cloud, institutions can not only meet but exceed customer expectations. 

We are Unify, a global Salesforce Agency with a breadth of experience in helping FSIs in implementing cutting-edge solutions like Salesforce Financial Services Cloud. We offer expert guidance to drive digital transformation, optimise customer experiences, and achieve operational excellence. Our expertise as Salesforce partners empowers us to deliver bespoke strategies that bridge the gap between your current service offerings and the elevated expectations of your customers. Our tailored approach ensures that your digital transformation initiatives are aligned with your business goals, delivering measurable improvements in customer satisfaction, operational efficiency, and competitive advantage.

Are you ready to bridge the gap in customer service and lead the way in financial services innovation? Contact Unify Data & Analytics today to discover how our expertise can transform your customer service strategy and position your institution as a leader in the industry.




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