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Salesforce lays out its vision for Financial Services Cloud one year in and introduces AI-powered Einstein capabilities

Scott Carey | Oct. 12, 2016
Salesforce’s first vertical-only cloud offering is one year old, and the company used a Dreamforce keynote to celebrate its first year’s success with two customer case studies, and lay out the roadmap for the future

Charlie Richey, head of product at Bank of America said: "We pay attention to the data we have access to, so transactional data like if their pay cheque deposits are rising, and listening on social channels like LinkedIn to see if they got a promotion."

By pulling this information into Marketing Cloud, Bank of America can start to deliver tailored messaging to, say, enter their rewards programme, or increase monthly deposits into a savings account.

If the client shows interest in these offers a new lead is created and directed to a relationship manager who will be given a lead score for that opportunity and some suggested follow up options that align with that customers preferred contact methods.

Case Study: Farmers Insurance

Major US insurer Framers is another launch customer, and they rebuilt their claim submission app with Salesforce App Cloud and Community Cloud, which allows their 19 million policy holders to file a claim quickly.

If the customer come across any issues during the claims process they can contact a customer service agent via video conference within the app using Service Cloud. Customers then get push notifications to see the progress of their claim, with all of this data feeding into the Salesforce CRM so that agents can deal with claims quicker.

Agents subsequently get a fuller view of their customers and, by using the predictive analytics capabilities Einstein brings, can pre-empt their propensity to purchase additional cover or to push relevant marketing materials to avoid customer churn.

For example, Salesforce says it can track a customer's shopping habits, such as the purchase of a new car, and alert agents so that they can push products like car cover. Using the new predictive lead scoring this would rank as a high probability lead within the Salesforce CRM.


Expanding into vertical specific products is a key part of chief operations officer Keith Block's master plan for reaching a $20 billion run rate at Salesforce, with Block saying during the keynote that Financial Services Cloud is "just the tip of the iceberg."

These vertical specific clouds may be the same old CRM wolf dressed in sheep's clothing, but the difference is the vendor is now speaking the language of big enterprise customers in these industries who are looking for innovative ways to engage and retain customers without having to rebuild their infrastructure or put the kind of account management work in which is normally reserved for elite customers.


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