If there is one industry that has the reputation of being old-fashioned and boring, it would be Banking! Although it is a crucial component of our global economy, it has lost popularity over the years and people have become very sensitive to the way banks collect their information, especially the bureaucracy that follows.

With the technological evolution as well as the increased customer demands and sophistication of both markets and customers, banks are forced to keep up-to-date. Therefore, there is a need for banks to implement a proper CRM System for Client Onboarding.

Salesforce provides the possibility for banks to build relationships with their clients by allowing access to their profiles across all products and business lines. Using smart insights, employees can get a deeper understanding of their leads and prospects and identify new opportunities.

Why Use Salesforce?

The answer to this question is simple! There are, among others, four main reasons why Salesforce should be used by banks for client onboarding:

1. It is on the Cloud and Reliable: Because of its open architecture and the app-exchange available, banks can customize and configure Salesforce according to their specific needs. In addition, trust.salesforce.com provides real-time information on system performance and security.

2. It is scalable: Although it is not expected from a bank to change its business model and processes very often, it is important to have the flexibility to do so, when required. Salesforce provides the possibility to scale as fast as their customers require, and therefore, there is no need for seeking for new solutions in moments of crisis.

3. It is always up-to-date: Especially in the banking Industry, where bureaucracy and onboarding procedures might take longer than in other industries, Salesforce scalability provides banking the opportunity to get rid of that “stigma”. Since the financial situation of a customer might change from one day to another it is important for the bank to be able to continuously keep track of these changes.

4. Easy Integration: Salesforce can be easily integrated with other technologies commonly used in the banking Industry to obtain more visibility for customer data and accelerate the Client Onboarding process.

Onboarding with Salesforce

Salesforce provides features that can facilitate the client onboarding process for banks and increase their customer satisfaction. The most important of those features are the following:

1. Marketing Cloud: The biggest challenge for every organization is that most leads are often ignored and, thus, never followed up on. Using Salesforce, banks can plan, personalize and automate customer journeys and help their customers achieve their goals.

They can gather and manage their leads centrally and prioritize them so that they can follow up with relevant actions. In addition, employees can easily identify and scrub the duplicates inserted from different sources like the bank’s website, call center and branch office.

2. Sales Cloud: Studies have shown that there are more possibilities of qualifying a lead if the prospect is contacted within the first five minutes. Real-time performance charts, account insights, and intelligent alerts, help bank employees drill into a loan and get details for every deal, get instant insights of the “hottest” leads and route them to the appropriate person. Plus, bankers can now update their pipeline at any time, and keep track of their most important customer support cases.

3. Financial Services Cloud: This feature provides the opportunity to develop one-to-one long-lasting relationships with customers, with rich profiles, acquiring knowledge about their financial accounts, personal relationships or financial life goals so that they can offer tailored solutions.

4. Service Cloud: With Live Agent Help, banks can now provide smart, one-to-one support to their customers in real time. The Agents see exactly what the customer sees in order to immediately provide them with a solution and reduce administrative burdens.

Using the Service Console, they can route cases to the appropriate agents, reducing the response time. Meanwhile articles, similar cases and macros, can enhance customer help and productivity. Following this, they can publish the issue to a knowledge base for future reference.

5. Analytics Cloud: With Salesforce Analytics Cloud, different departments of the bank can access data from Salesforce and Legacy systems which is relevant for them to get a 360 view of their customers and simplify mortgage and loan processes.

They can also leverage this tool to get a better insight of which channel or product is more successful in a specific group of people and use customer satisfaction to improve their services and acquire new leads.

6. Community Cloud: Banks can now directly connect with their customers at any time and build deeper relationships with a Customer Community. Customers can also interact with each other, exchange opinions and even make a purchase through the community.

Additionally, employees can collaborate with a Loan Community, keeping everybody up-to-date and proactive with loan information, reducing the loan initiation and approval process.

7. Salesforce Einstein: This is an Artificial Intelligence tool that can predict future outcomes and recommends proactively the next actions to improve your Client Onboarding process. Banks can leverage this tool in order to provide clients with updated articles and recommendations in every stage of their mortgage or loan process.

8. Chatter: With this collaboration platform, bankers can “follow” people and account updates to collaborate easier on new leads and opportunities. Using hashtags (topics) employees from different departments can easily share information and significantly reduce response time in processes like loan approvals or documentation signing.

Only the beginning…

Of course, Client Onboarding is only the beginning of the whole customer journey. Salesforce can provide everything a bank needs to achieve customer satisfaction and regain trust in every step of this journey.

Are you looking forward to accelerating your Client Onboarding process? Please do not hesitate to contact us so we can get you on the right track!