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Salesforce.com Offers Financial Industry Solutions

Written By: Predrag Jakovljevic
Published On: May 28 2014

Salesforce.com announced Salesforce1 for Financial Services, with the idea to better help retail banks, wealth management companies, and insurance providers attract, connect with, and retain customers. The cloud platform leader expects significant demand for customer relationship management (CRM) solutions from private enterprises and governmental organizations operating in the following six global industries: financial services/insurance, healthcare/life sciences, retail/consumer products, communications/media, public sector, and automotive/manufacturing.
 
Having dealt with its customers’ business issues for 15 years and having recently delivered the “mobile first” and integration-friendly Salesforce1 Platform, salesforce.com has lately been delivering solutions to address specific industry problems by growing teams of industry experts, developing an ecosystem of partners, and creating transformational industry solutions.
 
The first solution for Salesforce1 for Financial Services is a new lead and referral engine for retail banking to automate the process of identifying and nurturing prospective clients across every interaction with customer service reps, lenders, bank officers, and sales and marketing teams. Leads across any channel including social, mobile and Web will be captured automatically and tracked to give retail banks a single view of all prospective customers in order to build 1:1 experiences.
 
In addition, leveraging the aforementioned Salesforce1 Platform, independent software vendors (ISVs) and system integration (SI) partners are building new industry-specific technologies to help financial services companies manage their business in the cloud and leverage social, mobile, and connected apps. Deloitte has introduced BankApp, a banking CRM accelerator, which, with its onboarding and origination offering, aims to help clients in their efforts to improve customer experience and increase branch productivity. For its part, nCino is delivering a cloud-based enterprise resource planning (ERP) system for banks with its Bank Operating System for Salesforce1. The new solution sits alongside a bank's core system and replaces existing point solutions and manual processes across the entire organization and all lines of business.
 
While the vertical focus should help growth, it usually comes with increased headcount and marketing spend. With the pressure to be more profitable and have stronger cash flow, this industry move looks like a “go big or go home” strategy. Many industry best practices are morphing, and Salesforce.com believes that by leveraging partners wisely, it will not necessarily have to shift tech resources away from innovation as a whole in order to solve the problems of the few in a given industry.
 
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