Salesforce updates Financial Services Cloud for retail banking
Salesforce is launching a new edition of its Financial Services Cloud that targets the retail banking segment.
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The Financial Services Cloud initially was aimed at large firms looking to land more assets and improve productivity by eliminating the need to toggle between systems. The platform also claimed to help firms focus on the most profitable clients.
With the addition of retail banking capabilities, Salesforce is creating a product that's more focused on a bank's customer-facing staff. The platform aims to cut across operational, data and technology silos that separate tellers, personal bankers and mortgage officers to provide single view of the bank customer.
Key to the platform's new capabilities is a new data model and console that collects a bevy of customer data points including education background, employment status, financial holdings, checking accounts, loans and personal identification documents, and then surfaces the data for bank employees to help them recommend personalized products.
The system also taps into the data science and machine learning capabilities of Salesforce Einstein to offer intelligent referrals based on customer preferences and activity.
On the systems front, Salesforce said the cloud is now better integrated with the company's ecosystem of partner applications and services. This will allow banks to extend the functionality of Financial Services Cloud through the use of Salesforce APIs and partner-built integrations, the company said.
"Banks are no longer just competing against one another. They're being compared to any company that provides a convenient user experience that builds loyalty," said Rohit Mahna, SVP and GM of Financial Services for Salesforce. "With Financial Services Cloud for Retail Banking, Salesforce is making it possible for customers to love their banks again."
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