Propelling BFSI through Cloud
Banking, Financial Services and Insurance industry entails a lot of diverse processes and operations worldwide. On one hand, banks are required to manage and maintain the accounts of retail and corporate customers, while on the other hand, insurance firms scout to market their policies varying from life and term insurance to something as niche as insurance from COVID-19. In the wake of the pandemic itself, banks in India have been compelled to cut savings account interest rates by 1% or more, and the example just points towards the high level of fluidity that the BFSI industry keeps experiencing from time to time.
As an industry, BFSI spans across functions as diverse as wealth management, retail banking, insurance, loans and credit risk management to name a few. Salesforce.com is a premier CRM-on-cloud solutions provider that holds deep expertise in enabling financial institutions and corporations to streamline and automate their key processes and operations through a well-assessed use of technology, consulting, implementation, adoption and support. Your CRM-on-cloud consulting partner plays a key role in ensuring that you get the most out of your financial services cloud implementation. We take a look at how Salesforce helps the BFSI sector customize and personalize customer and employee experience through the sheer power of financial services and related clouds.
To begin with, Salesforce for BFSI lets you deliver a personalized financial services experience to your clients and employees. With a single unified platform that is regularly updated and integrated with your other IT systems, your financial services advisors can extend banking, loans, insurance and other related services to your clientele in a more effective manner. Not just customer-orientation, your enterprise also achieves process efficiency, effectiveness, agility, quality and the knack for continued innovation as a result. Your relationships with your key stakeholder base soar to an all-time high as a result. Your operational bottlenecks stand minimized, while you mitigate business risks and make your key processes smarter with the help of BFSI cloud.
The best part about you having a dedicated technology consulting partner is that you get consultation on your business problems, while it becomes the responsibility of your consulting partner to translate those functional requirements into technical specifications. Effectively, your CRM consultant takes care of streamlining and automation your financial services processes, so you can focus on what matters the most – bringing more business and strengthening your relationships with your key customers. The cloud gives you a complete view and control over your customer information, data as well as necessary actions. Both the turnaround time as well the process quality improves as a result. Especially in case of banking which is the biggest sector in the BFSI industry, your customers experience a more-than-positive environment working with you and feel encouraged to engage themselves better with your business and your employees.
Your brand too improves as a result, and you’re much more likely to bring in repeat business as well as fresh customer referrals. Your business and key products could begin to expand across geographies and industries, in case you choose to effectively leverage upon the power of BFSI CRM-on-cloud. Internally, your enterprise becomes digitally united across lines of business, channels and geographies, so you waste little time doing activities that don’t matter and your employees too feel engaged and motivated to put the customer at the centre of every interaction. Such a seamless and personalized experience is much less likely to be found elsewhere, and that’s how Salesforce and its cloud add value to your business and organization. Inter-functional conflicts and customer surprises / escalation too come down as a result, and you steer ahead of your competition to march towards a leadership position in your market in multiple ways.
BFSI being a vast industry requires a lot of collaboration, both an intra- business and inter-organizational level. The CRM cloud lets you manage data points and process actions across the customer journey. In case of insurance, for example, a customer could walk in to select and purchase a policy of choice and preference, or could choose to perform the entire procedure online, be it life insurance, health insurance, vehicle insurance or property insurance. In any case, right from policy purchase to underwriting to premium payment to claims processing, Salesforce cloud ensures that the experience becomes seamless and hassle-free for both your employee and the customer. As such, the digital system of customer on-boarding, policy underwriting, risk assessment, policy initiation and premium payment is all taken care of by the cloud.
Same goes for banking, investment management, investment banking, portfolio advisory and all other types of financial services. The cloud allows you to take an integrated and customized approach to every customer’s unique business and product / service requirement. Salesforce.com is a leading CRM-on-cloud solutions provider that has established its reputation over the past many years as a reliable customer service facilitator with its own set of solutions and offerings.
ABSYZ is a trusted Salesforce partner that has extensive experience in streamlining the financial services operations of businesses and functions across industries and verticals. Our deep BFSI vertical expertise would certainly keep you ahead of your competition, while equipping you to establish a strong market reputation and close relationships with your customers.
To learn more about the ABSYZ approach to financial services cloud and that how we can be your valued consulting partner, contact us.