Accelerating Agility and Innovation with Salesforce Financial Services Cloud

Evolving customer expectations

Uncertainty is the name of the game in 2021. The surge and ebb in markets drive the financial sector to look for technology solutions that keep them anchored. The disruption unfolded by the COVID 19 pandemic brought to light some stark realities. Customer expectations are shifting goalposts, and the trick to be ahead is being well informed. Artificial intelligence, advanced analytics, and automation make it easier to leverage insights and meet customer expectations. But to leverage those capabilities requires a solid underpinning technology foundation.

How upgrading to Salesforce Financial Services Cloud can enable transformation.

Salesforce Financial Services Cloud brings advanced capabilities to stitch together marketing, sales, and services and break down silos to deliver a seamless customer experience. If you haven’t done so already, migrating to Financial Services Cloud should be one of your top priorities in 2021. However, before you make a move, reflect on these three key considerations:

Objective Assessment of Existing Systems

Financial institutions have been running on a relatively limited set of standard technology solutions historically. As the complexities of markets increase, constant customization to meet evolving business needs has become a limiting factor to business growth. A move to the cloud to leverage tools that offer increased flexibility is a clear path to take, but how best to chart this journey? You may decide to take an incremental migration route and integrate legacy systems or completely move to FSC. If you are an existing Salesforce user, you have an edge as the updates are likely more straightforward. However, it is important to have a thorough assessment of your current CRM and IT landscape to arrive at a migration strategy that balances the operational challenge of completing the migration promptly with the objective of ensuring a platform that empowers support for strategic business needs over a longer-term. Just getting on FSC is one thing — it is another thing to get on FSC in a manner that will support long term business needs effectively.

Clear Strategy and Executable Plan

Demands of instant gratification from an increasingly digital-savvy clientele drive banking, insurance, and wealth management institutions towards solutions tailor-made for their needs. The urgency makes it all the more important to have a well-defined plan that delivers on the promise. A clear strategy to make a move to FSC keeps you anchored and allows you to build a thorough execution plan. Given that businesses have realized a 41% increase in customer satisfaction, 37% uplift in productivity, and accelerated decision making by 40%, the benefits of FSC are well established. However, your move to FSC must be guided by your business goals, and the timeline you set for the migration must deliver to business expectations.

Strict Evaluation of Security Requirements

The financial sector has been at the receiving end of security breaches and cybercrime. In 2020, 71% of cyberattacks were directed at financial institutions. Security of systems, applications, and data is thus, non-negotiable. Salesforce Financial Services Cloud comes with advanced security features to alleviate your concerns. However, you must map your security requirements and define metrics to suit your business priorities. With FSC, you have the opportunity to revisit your security posture with advanced encryptions and better access control.

Creating value with the cloud

Salesforce Financial Services Cloud is a force multiplier. It equips your teams with the right insights and better collaboration. Your advisors deliver quality advice to clients, and your retail touchpoints win customer delight. However, you must decide on the right partner with proven capabilities to steer the migration to optimize your path to these objectives.

What next?

Tavant has won the trust of financial institutions across the globe, delivering them an unmatched cloud advantage with custom made migration strategies and comprehensive managed services. To learn more about how we can help you gain a competitive edge with Salesforce Financial Service Cloud, visit here or mail us at hello@tavant.com.