# Salesforce Announces Financial Services Cloud for Retail Banking—Unlocking the Full Power of the Bank to Strengthen Customer Loyalty Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2017-10-11 Category: BANKING Category URL: https://financedigest.com/category/banking Meta Title: Transform Your Bank with Salesforce Financial Services Cloud Meta Description: Transform the retail banking experience with Salesforce's industry application. Give your bankers a holistic view of customers for personalised, connected URL: https://financedigest.com/salesforce-announces-financial-services-cloud-for-retail-banking-unlocking-the-full-power-of-the-bank-to-strengthen-customer-loyaltyhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/fd111017-1-1-1736843408584-compressed.jpg) _Built on the world’s #1 CRM platform, Salesforce’s newest industry application gives every banker a holistic view of the customer and a complete platform for delivering highly personalized, intelligent and connected banking experiences_ Salesforce \[NYSE: CRM\], the global leader in CRM, today announced Financial Services Cloud for Retail Banking, a new industry application that enables retail banks to deliver the highly personalized, intelligent and connected [banking](https://www.financedigest.com/emerging-global-trends-in-digital-finance-and-banking-innovation.html) experiences that consumers expect. Now every bank employee, from the personal banker to the teller to the mortgage officer, can have a complete [view of their customers](https://www.financedigest.com/insurance-marketing-is-more-targeted-with-the-single-customer-view.html "Insurance marketing is more targeted with the single customer view") and work collaboratively to exceed expectations. [Banks are facing a loyalty](https://www.financedigest.com/how-will-the-introduction-of-digital-banking-impact-customer-perception-and-overall-loyalty.html "HOW WILL THE INTRODUCTION OF DIGITAL BANKING IMPACT CUSTOMER PERCEPTION AND OVERALL LOYALTY?") problem. Consumers are becoming accustomed to having more seamless and connected customer experiences than retail [banks provide today](https://www.financedigest.com/stress-testing-why-did-my-bank-go-bust-today.html "STRESS-TESTING – WHY DID MY BANK GO BUST TODAY? "). Banks have struggled to modernize, bogged by disparate systems and operating in silos even within their four walls. As a result, over one-third of [banking](https://www.financedigest.com/emerging-global-trends-in-digital-finance-and-banking-innovation.html) [customers](https://www.financedigest.com/the-bank-of-me-why-banks-need-to-be-totally-customer-centric.html "The bank of me – why banks need to be totally customer centric") are “hidden defectors,” meaning they purchase products or services from a competitor of their primary bank. [\[1\]](#_ftn1) Meanwhile, disruptive new entrants in the financial services sector, such as Venmo and Earnest, are also taking slices of business from banks and earning customer loyalty. “Banks are no longer just [competing](https://www.financedigest.com/digital-trends-for-banking-leaders-looking-to-compete-in-2022.html "Digital trends for banking leaders looking to compete in 2022") against one another. They’re being compared to any company providing a convenient user experience that [builds](https://www.financedigest.com/how-do-you-build-customer-loyalty-3-steps-to-follow.html "HOW DO YOU BUILD CUSTOMER LOYALTY? 3 STEPS TO FOLLOW") loyalty,” said Rohit Mahna, SVP and GM of [Financial](https://www.financedigest.com/financial-literacy-what-is-financial-literacy-and-why-is-it-important.html) Services, Salesforce. With Financial Services Cloud for [Retail Banking](https://www.financedigest.com/transforming-the-retail-banking-ecosystem-its-all-about-technological-innovation.html "TRANSFORMING THE RETAIL BANKING ECOSYSTEM: IT’S ALL ABOUT TECHNOLOGICAL INNOVATION"), Salesforce is making it possible for customers to love their banks again. **Introducing Financial Services Cloud for** [Retail Banking](https://www.financedigest.com/how-effective-talent-management-could-disrupt-the-retail-banking-sector.html "HOW EFFECTIVE TALENT MANAGEMENT COULD DISRUPT THE RETAIL BANKING SECTOR") Two years ago, Salesforce introduced its first [Financial](https://www.financedigest.com/financial-literacy-what-is-financial-literacy-and-why-is-it-important.html) Services Cloud application to transform the way [wealth managers](https://www.financedigest.com/annual-survey-of-wealth-managers-2022.html "Annual Survey of Wealth Managers 2022") engage with their clients and their families. Today, the company is reimagining how retail banks [engage with customers](https://www.financedigest.com/chatbots-the-secret-weapon-to-customer-engagement.html "Chatbots: The secret weapon to customer engagement?"), with new innovations including: - **[Retail Banking](https://www.financedigest.com/insight-into-tomorrows-retail-banking-customers.html "INSIGHT INTO TOMORROW’S RETAIL BANKING CUSTOMERS") Data Model and Console:** All customer data **—** such as education background, employment status, the broader household’s [financial](https://www.financedigest.com/financial-literacy-what-is-financial-literacy-and-why-is-it-important.html) holdings, bank accounts, loans and personal identification documents **—** is surfaced and managed within a role-based [banking](https://www.financedigest.com/emerging-global-trends-in-digital-finance-and-banking-innovation.html) console that maximizes productivity and facilitates highly personalized engagements with customers. The console also enables bankers to stay on top of critical tasks throughout the day by aggregating [information from multiple systems](https://www.financedigest.com/the-cardiovascular-information-systems-market-is-expected-to-grow-on-a-persistent-note-in-the-future.html "The Cardiovascular Information Systems Market is expected to grow on a persistent note in the future") to create comprehensive banker to-do lists, including proactive alerts for referrals and tasks. Additionally, personal bankers can capture customer needs and intent, enabling immediate routing of [customers to the right bank employee who can recommend relevant solutions that will help customers achieve their financial](https://www.financedigest.com/financial-companies-delivering-better-value-for-customers-in-loyalty-programmes-compared-to-other-sectors.html "Financial companies delivering better value for customers in loyalty programmes compared to other sectors") goals. - **Intelligent Needs-Based Referrals, Powered by Salesforce Einstein:** With the power of Einstein’s [data science](https://www.financedigest.com/crowdsourcing-of-data-to-drive-the-life-science-market.html "Crowdsourcing of data to drive the Life Science Market") and machine learning capability, bankers can automatically identify and take action on their highest priority referrals based on intelligent scoring and insights. New record types, components and referrer profiles also help bankers [manage referrals and collaborate across different banking divisions to address real financial needs based on the financial products](https://www.financedigest.com/geometric-progression-based-on-digitization-to-be-witnessed-by-reproductive-management-products-market.html "Geometric Progression based on Digitization to be witnessed by Reproductive Management Products Market") and services customers have expressed interest in. For example, if a customer’s monthly direct deposits increase, and they express interest in financial planning, a personal banker can easily create a referral that will be routed to a financial advisor within the [bank who will immediately have context about the customer’s needs](https://www.financedigest.com/knowing-your-customers-needs-is-essential-for-banking-innovation.html "KNOWING YOUR CUSTOMERS’ NEEDS IS ESSENTIAL FOR BANKING INNOVATION"). - **Flexible Banking Platform and Ecosystem:Now, bankers no longer [need to toggle between disparate systems and silos to manage different banking](https://www.financedigest.com/change-is-inevitable-how-banks-need-to-adapt-to-customers-new-banking-habits.html "Change is inevitable – how banks need to adapt to customers’ new banking habits") workflows and processes. With flexible APIs and a rich [partner ecosystem](https://www.financedigest.com/volkswagen-to-partner-on-indonesia-ev-battery-ecosystem-minister.html "Volkswagen to partner on Indonesia EV battery ecosystem -minister"), banks can easily extend the functionality of Financial Services Cloud to meet their evolving needs. For example, they can quickly [integrate](https://www.financedigest.com/why-embedded-finance-will-be-integral-in-the-future-of-b2b-marketplaces.html "Why embedded finance will be integral in the future of B2B Marketplaces") nCino’s Bank Operating System for originating and funding financial products, such as loans and deposits, with workflow embedded in Financial Services Cloud. Now, if a customer is interested in [applying for a personal loan](https://www.financedigest.com/questions-to-ask-when-applying-for-a-bad-credit-personal-loan.html "Questions to Ask When Applying for a Bad Credit Personal Loan"), a banker can start the process directly within Financial Services Cloud. Banks can also leverage the platform to build customer-facing apps.** [\[1\]](#_ftnref1) Bain, “ [Customer Loyalty in Retail Banking: Global Edition 2016](http://www.bain.com/publications/articles/customer-loyalty-in-retail-banking-2016.aspx),” November, 2016 --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---