The financial services industry sits on a mountain of data. From customer transactions, investment histories, investment preferences and more. Financial institutions have a wealth of information at their fingertips. This data deluge offers a golden opportunity to personalize financial services, tailoring products and recommendations to each customer’s unique needs.
Yet, many institutions struggle to translate this data into truly personalized experiences. A customer might receive generic product pitches or irrelevant financial advice, leaving him/her feeling like just another number.
But harnessing this data effectively is no easy feat. Data in disparate systems, data quality, siloed information systems, and ever-evolving customer needs all pose significant challenges.
In this blog, we’ll dive into the data challenges and personalization roadblocks that financial services companies face today and how COMPASS – Salesforce AI + Data Cloud accelerator developed by our team can help financial services institutions to overcome them,
Financial Services Industry Data and Personalisation challenges:
- Data Siloes and Integration Issues leads to fragmented data that makes it hard to tailor recommendations and service offerings.
- Disparate data systems in financial services scatter customer data across core financial systems, wealth management tools, customer call logs, and more.
- Incomplete data & disunified systems hinder financial institutions from generating a holistic view of customers, leading to inefficient business insights.
- Absence of customer’s online behaviour tracking systems hinder financial institutions from understanding their customers completely.
- Lack of a unified customer view hamper personalisation of services and product offering to customers.
The Solution Provided:
We addressed these challenges by developing an accelerator powered by Salesforce AI & Data Cloud. Salesforce Data Cloud acts as a central hub, seamlessly unifying customer information from disparate systems. By consolidating this data, we’ve unlocked the power of personalization, which allows financial services institutions to serve their customers better and campaign/serve to each customer’s unique needs. Additionally, AI-driven insights empower data-driven decision-making, optimizing operations and driving significant customer success.
- Implemented website tracking, to gain deep insights into customer online behaviour and interactions. This allows to analyse customer engagement, understand their preferences and habits, and track their website transactions.
- Customer data from Salesforce, 3rd party case call logs is brought in along with website tracking data into Salesforce Data Cloud, which gives unified customer information and helps with 3600 views of the customer. All this rich data empowers data-driven decision-making, enabling personalization of customer experience and develop new products and services that cater to their specific needs.
- With Marketing Cloud Connector for Data Cloud, we capture valuable insights of customer behaviour. This includes recording email actions like clicks, opens, and unsubscribes. This data will help personalize and tailor marketing campaigns with laser focus.
- By combining AI-powered insights with customized interactions and precisely targeted marketing, allows to craft personalized customer experiences. This resulted in a significant boost in conversions, sales, customer retention, and upsell/cross-sell opportunities, ultimately driving measurable success for our business.
- With real-time buyer insights collected by the accelerator business teams are empowered to act with greater agility. This translates to immediate access to valuable customer information, enabling data-driven decisions that enhance overall customer engagement and drive successful outcomes.
- A custom component which gives a quick snapshot of all the important information of the customers is developed for the business users which efficiently improves the way the business users interact with their customers.
Solution outcome:
- 3600 view of the customers unified customer information.
- Comprehend the actions and interactions of customers across website and emails.
- Empowered marketing teams to deliver personalised campaigns
- Use data-driven strategies to improve interactions with customers.
- Provide real time AI insights about customers to business teams.
- Provide quick service to customers with ready access to their information from custom component.
In the dynamic world of financial services, Salesforce AI along with Data Cloud can act as a powerful catalyst for transformation within the financial services industry. By seamlessly integrating data from diverse sources, it creates unified customer profiles, eliminating information silos and empowering businesses to make data-driven decisions. Fragmented and outdated data becomes a relic of the past, replaced by real-time insights that fuel informed actions. Financial institutions can leverage this solution to unlock the power of predictive analytics, ensuring effortless scalability and personalized customer experiences that cater to the unique needs of every individual.
Are you ready to transform your business?
If you are ready and interested in learning more about Data Cloud and how it can help your business, please contact us at info@megnity.com. We would love to hear from you and discuss your challenges and needs.
Interested to discover how Salesforce AI & Data Cloud can transform your Business – Click here to try Your free AI & Data Cloud POC Discovery
Thank you for reading this article. I hope you found it useful and informative.
