Financial services CRM to improve the efficiency of business processes and customize financial services

51% of customers feel that their bank does not understand and meet their specific needs and objectives 

[Salesforce Connected Banking Customer Report]

A relationship based on trust with clients in the banking and financial services industry undoubtedly rests on the ability of sales staff and consultants to obtain a 360-degree view of the data in order to provide genuinely personalized consultancy and build a long-term relationship.

A single integrated view of the client's information, significant life events, accounts and financial goals, alongside the Artificial Intelligence capabilities of the most advanced CRM systems, allows identification of the most important and concrete new investment opportunities for them.

With Salesforce's banking and financial services solutions, it is indeed possible to structure the AI to automate the consultancy activities, with suggestions of the actions to propose to the end users directly or via the consultants, in any case allowing the human resources involved to dedicate more time to client relations or other strategic tasks.

Financial services companies need CRM solutions which allow the consultants to effectively manage enormous quantities of investment data and to establish more collaborative and proactive relationships with their clients, relationships based on objective data and which help build trust and loyalty.

42% of consumers are willing to share transaction data with trusted third parties in return for a more personalized service [Mulesoft’s Consumer Connectivity Insight Report]

Facilitating joint and uniform sales activity for the different Business Units with clients (corporate and non-corporate), managing the sales forecast and allowing pipeline management through views customized by Business Unit and commercial segment are must-haves in order to improve the efficiency of the sales force and consulting team in the Banking and Financial Services industry.

These requirements led to Lutech's project with one of the most important banking groups which gave a concrete and measurable boost to internal collaboration thanks to an internal hub allowing users to share sales information and activities, supporting first and foremost joint action by the sales and consultancy staff which is in line with client information and data. The result? Personalization and efficient proposal of cross-sell services and products, with real-time monitoring of the group's pipeline.

A single tool was created for the various stakeholders, sales personnel, product consultants and managers to give an integrated view of client master data and information, based on the Salesforce Sales Cloud, which offers:

• Matrix-based visibility model for product specialists and managers
• Dynamic portfolio management to provide managers with a complete overview of their clients
• Commercial planning and forecast analysis

The project also involved the implementation of functionalities that allow sales staff and consultants to configure different products and services offerings, with an advanced shopping cart integrated both with the banking systems for sharing data and documentation, and with the external systems of information providers for collecting and evaluating procedure data.

The KPIs for each client, with a genuine snapshot of their financial situation, are presented through reporting thanks to the implementation of a data warehouse integrated in Salesforce CRM: the sales and client information can thus be monitored by the consultants in order to provide timely tips and customized offers.

An advanced dashboard also allows for continuous interaction between customer service operatives, a proactive view of commercial marketing activities, and above all extends the cross-selling relationships to other sales Business Units, creating new commercial opportunities.

The digital transformation project has allowed for a significant increase in cross-selling turnover and financial return on sales activities, thanks to the increase in collaboration and access to a single client view.

The relationship with the end customers, who are now offered personalized and timely opportunities, is thus constantly strengthened, providing the foundations for further development and confirming how unified data access and analysis are able to improve the customer experience and back-end processes at the same time.