CRM company Salesforce announced Financial Services Cloud for Retail Banking, an application for retail banks to deliver personalized, intelligent and connected banking experiences.
Salesforce said Financial Services Cloud for Retail Banking is an advanced version of the Financial Services Cloud application, which was introduced by Salesforce two years ago to assist wealth managers to engage with their clients and their families.
Retail Banking Data Model and Console enables bankers to stay on top of critical tasks throughout the day by aggregating information from multiple systems to create comprehensive banker to-do lists, including proactive alerts for referrals and tasks.
Sean Worthy, VP, digital strategy, PenFed Credit Union, said: “Financial Services Cloud for Retail Banking will give our bankers a 360-degree view of members and households, so they can provide them with personalized advice that maps back to each of our members’ specific goals.”
Personal bankers can capture customer needs and intent, enabling immediate routing of customers to the right bank employee who can recommend relevant solutions that will help customers achieve their financial goals.
Powered by Salesforce Einstein, bankers can take action on their highest priority referrals based on intelligent scoring and insights. New record types, components and referrer profiles help bankers manage referrals and collaborate across different banking divisions.
For example, 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.
Flexible APIs and partner ecosystem allow banks to extend the functionality of Financial Services Cloud to meet their needs. They can integrate nCino’s Bank Operating System for originating and funding financial products, such as loans and deposits, with workflow embedded in Financial Services Cloud.
Jonathan Rowe, chief marketing officer, nCino, said: “By integrating nCino’s Bank Operating System with Salesforce Financial Services Cloud, we can help banks increase efficiency, transparency, profitability and regulatory compliance across all lines of business.”
Nucleus Research says Financial Services Cloud for Retail Banking can accelerate time to value by reducing initial consulting costs by 40-60 percent, while also reducing ongoing administrative burdens.
“This enables Salesforce financial services customers to focus on innovations that matter and connections with customers,” said Rebecca Wettemann, VP, research, Nucleus Research.