Salesforce launched Personalized Financial Engagement, a new solution to help financial institutions use AI, real-time data and CRM to manage customers’ financial plans and deliver intelligent, personalized financial insights at scale.
And with Financial Services Cloud, Marketing GPT and Data Cloud, marketers at financial institutions can now “deliver automated, personalized customer experiences powered by generative AI and trusted first-party data.”
Why it’s relevant: Company data is often “dispersed across multiple disconnected systems, making it difficult to provide the personalized experiences that financial services customers expect.”
In a new Salesforce survey, 62% of customers said “they would switch financial services providers if they felt treated as a number, not a person, and 73% expect companies to understand their unique needs and expectations.”
Data from another Salesforce study “shows 76% of financial services employees believe generative AI will help them better serve their customers.”
Personalized Financial Engagement enables financial institutions “to connect disparate data systems by creating a unified profile of each customer and delivering more automated and intelligent customer journeys at scale with generative AI.”
Personalized Financial Engagement “empowers financial institutions with real-time signals to anticipate customers’ financial behaviors and offer actionable insights at the right moment in time.”
Innovation in action: Salesforce’s new Personalized Financial Engagement solution draws upon the full power of the Salesforce Customer 360 and includes:
- Data Cloud for Financial Services connects and integrates customer data, such as interaction, behavioral, and transactional data across systems to give financial institutions a unified profile of each customer and real-time insights. For example, a banker can be alerted if a prospective customer has a loan with a different financial institution so they can proactively reach out to offer a better loan term.
- Financial Plans and Goals uses data to help bankers and wealth advisors identify their customers’ financial goals and track progress. For example, a banker can be alerted when their customer is getting close to their goal of saving $50,000 for a house down payment. At that point, an automated message can be sent congratulating the customer on their milestone and connect them with the banker who can guide them through their home purchase journey.
- Marketing GPT for Financial Services uses generative AI and trusted first-party data from Data Cloud to automatically generate personalized emails and create audience segments quickly. Now, a marketer at a financial institution can put potential first-time home buyers into a specific segment based on their financial profile, then generate an email to the segment and engage them on a journey toward their first home purchase.
- Marketing Cloud Engagement for Financial Services provides a set of prebuilt templates that enables marketing teams to launch personalized journeys faster. For example, marketers can send a welcome email for a client who just opened a new checking account for their small business using a pre-built template.
- MuleSoft Direct for Financial Services Cloud provides banking standards-based integration templates to connect and access core banking data like customer and account addresses and customer balances and transactions, in days rather than months. Now, when a customer service representative needs to perform a transaction, like reversing a fee, all the information is in one place, eliminating the need to switch to another application.
For more details on this update, check here.