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Salesforce Announces Financial Services Cloud for Retail Banking—Unlocking the Full Power of the Bank to Strengthen Customer Loyalty

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 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 and work collaboratively to exceed expectations.

Banks are facing a loyalty problem. Consumers are becoming accustomed to having more seamless and connected customer experiences than retail banks provide 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 customers are “hidden defectors,” meaning they purchase products or services from a competitor of their primary bank.[1] 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 against one another. They’re being compared to any company providing a convenient user experience that builds loyalty,” said Rohit Mahna, SVP and GM of Financial Services, Salesforce. With Financial Services Cloud for Retail Banking, Salesforce is making it possible for customers to love their banks again.

Introducing Financial Services Cloud for Retail Banking

Two years ago, Salesforce introduced its first Financial Services Cloud application to transform the way wealth managers engage with their clients and their families. Today, the company is reimagining how retail banks engage with customers, with new innovations including:

  • Flexible Banking Platform and Ecosystem:Now, bankers no longer need to toggle between disparate systems and silos to manage different banking workflows and processes. With flexible APIs and a rich partner ecosystem, banks can easily extend the functionality of Financial Services Cloud to meet their evolving needs. For example, they can quickly integrate 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, a banker can start the process directly within Financial Services Cloud. Banks can also leverage the platform to build customer-facing apps.

[1] Bain, “Customer Loyalty in Retail Banking: Global Edition 2016,” November, 2016

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