Take Your Financial Services to the Next Level with Salesforce

By Swatil Binte Mahmud, Lava Protocols

We are in the era of online financial services. Remember there used to be a time when we split bills with friends with physical cash? Now, within seconds and the click of a button, we can transfer money to friends. We are also paying our gas, electric, and other bills online. This means customers today prefer digital transactions over traditional cash transactions. The pandemic has significantly shifted customer behavior in the last two years. As we were ordering groceries online, financial service providers upped their game and improved their digital experience in a short time. This is why as we move towards 2023, we need to rethink our customer journey to provide top-notch digital-first services to our customers.

The market is competitive, as customers do not hesitate to switch providers. Over one-third of banking, wealth management, and insurance customers in the ASEAN region switched providers this year. They want the best experience and will not settle down for anything else. Customers want ease of experience, transparency, and personalized services. If you are a financial services provider, here are three ways you can take your financial services to the next level:

1. Provide Seamless Digital Services and Customer Journeys

39% of customers in Singapore switched providers as they wanted an easy-to-use digital interface and optimized user experience. Hence, most financial service providers opt for contextualized and personalized insights and human and digital advice at interactions across all channels. We are noticing a mindset shift. Before, it was believed that digital media were great for efficient transactions and that human interactions were better suited to handle complaints and inquiries. In this new era, businesses invest in an omnichannel customer journey that bridges human and digital solutions and interactions.

The best way to transform is by making a strategic approach to automation. Automation enables customers to get service faster and more comprehensively by integrating multiple platforms and instant payment transfer services. Now, customers can attain products such as travel and health insurance in one click, without going through an agent or physically visiting an office. Hence, many big, medium, and small companies are leaning towards Salesforce, the world’s largest Customer Relationship Management Software provider.


2. Prioritize Personal Interaction

Don’t you love it when Netflix recommends shows and movies precisely according to your taste? This is because Netflix pays attention to your choices, past watched list, and what you browse on their apps. They make a map of the things we want and strategically show personalized options to us. We know Netflix and your financial service-providing company are not the same. However, you are more similar than you think. This is because you both have customers who want the best digital services. Did you know 31% of Singaporeans switched their providers because they want attentive and personalized customer services? Many traditional banks are losing business as they do not focus on improving their digital experiences. You need to invest in getting a 360-degree view of your customer to give them personalized experiences online. If you plan on sticking to your traditional data collection, storage, and analysis methods, you are at a high customer retention risk.

Delivering up-to-date, relevant, and personalized experiences that customers expect requires customer data to be readily accessible and easily managed. Hence, a cloud-based CRM like Salesforce Customer 360 can provide a shared view of the customer journey. It enables different teams to work together to deliver connected customer experiences and build strong relationships.


3. Build the Trust of your Customers

With data comes responsibility. To provide seamless customer services, you must collect data at every step of your customer journey. There is a lack of customer trust in financial providers as customers are questioning service providers’ ability to use their data to provide proactive service. As customers share sensitive and personal data, they expect their financial service providers to ensure high security. They also want providers to care more about their economic well-being and journey. 

You can start by regularly highlighting how you protect and use customer data, comply with industry regulations, and provide easily understandable terms and conditions. You can send monthly emails or text messages to let your customers know that you care about protecting their data. Some companies send quarterly newsletters highlighting how much time, effort, and resources are used to ensure customer protection. Regular communication with customers about safety and security can increase customer trust, especially in the digital sphere.

The tip of the day is investing in technology, like Salesforce, to lift your company’s digital capabilities. To retain, attract, and satisfy customers in a post-pandemic economy, successful financial service providers of the next decade will need to invest and excel in digital interactions.

Lava Protocols is an authorized Salesforce Partner. Want to manage your CRM better? Drop us an email to: hello@lavaprotocols.com. 

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