How to Implement Salesforce in the Banking and Finance Industry?


Manish Kumawat

Last Updated on: 16 May 2024

Salesforce has been changing the overall scenario in the banking and finance industry as time goes by. Banks and financial services companies really experience that Salesforce is an important resource for navigating their business growth. You may think:

  • Why do these many companies prefer Salesforce?
  • How Salesforce helps banking and finance companies
  • How do they implement i?

Here we discuss all these topics in detail. Let’s start!

Which Type of Financial and Banking Businesses Implement Salesforce Financial Services Cloud?

Salesforce Financial Services Cloud meets the diverse requirements of different financial industry businesses:

1. Wealth Management Firms: Wealth managers and financial advisors have access to a thorough understanding of their clients' financial profiles, risk tolerance, and investment objectives.

2. Retail and Commercial Banks: By using the Financial Services Cloud, banks that provide both retail and commercial banking services can improve customer engagement through omnichannel experiences and personalized messaging.

3. Insurance Companies: Insurance industry personnel can automate procedures like policy renewals and streamline the claims process by utilizing the Financial Services cloud.

4. Asset Management Companies: Asset managers use cutting-edge data analysis technologies to obtain insightful knowledge about client portfolios.

5. Financial Advisors and Planners: By automating repetitive operations within the platform and maintaining client interactions, financial advisers and planners on an individual basis can increase their efficiency.

6. Credit Unions: Credit unions can use targeted incentives and individualized messaging to increase member involvement by utilizing the cloud. In order to meet each member's specific demands, they can also provide individualized financial services and expedite the financing procedure.

7. Hedge Funds and Private Equity Firms: With the help of the platform's sophisticated analytics features, hedge fund managers can oversee client relationships, keep an eye on portfolios in real time, and make data-driven investment decisions.

8. Financial Technology (Fintech) Companies: Fintech companies can use cloud computing to improve client experiences by providing customized services and cutting-edge financial solutions.

9. Brokerage Firms: Brokerage firms can better manage client relationships, optimize trading procedures, and give their clients real-time market trend knowledge.

If you have any of the above-mentioned businesses and do not have a Salesforce partner, this is the right time to tie up with a top Salesforce service provider.

Uses of Implementing Salesforce for Financial and Banking Services Businesses

Find Out How Salesforce Can Help:

1. How Banks Make Use of Salesforce

Salesforce Financial Services Cloud (FSC) is the platform of choice for banking and lending organizations looking to transform consumer engagement. For the banking industry, Salesforce Financial Services Cloud offers the following main advantages:

Automated Commercial Lending Tracking:Salesforce Financial Services Cloud reduces human labor and increases efficiency by automating and tracking the development of commercial lending activities.

Enhanced Customer Service in Retail Banking: It ensures that customers have a consistent and individualized experience by standardizing high-quality customer service in retail banking.

Customer Journey-Based Service Forecasting: This method matches services to customers' requirements and preferences by projecting service requests according to the customer's journey.

Regulatory Compliance for Consumer Lending and Mortgages: Banks have no trouble adjusting to changes in consumer lending and mortgage regulations, which reduces the difficulty of complying with regulations.

2. How the Insurance Industry Uses Salesforce

Salesforce Financial Services Cloud transforms insurance businesses and satisfies policyholders' unique needs. Customer support representatives and agents can have a thorough insight of policyholder milestones with 360-degree Views. Coverage recommendations are guided by insights, real-time data, and intuitive dashboards. Prominent advantages consist of:

Effective Onboarding Workflows: Simplified onboarding procedures increase productivity while lowering administrative demands.

Next Best Offer: In order to increase upselling prospects, Salesforce recommends the best deals to policyholders.

Enormous Customer Journeys: In-depth post-transaction and pre-transaction customer journeys offer information for customized interactions.

AMS/PAS Integration: A 360-degree perspective of the customer is guaranteed by a seamless integration, which encourages comprehensive customer care.

3. How Wealth Management & Investment Firms Use Salesforce

Investment and wealth management organizations are changing the game with Salesforce for wealth management. It guarantees compliance, improves client involvement, and streamlines procedures.

Portfolio Management: Salesforce makes managing and tracking a portfolio easier. Well-informed investment decisions can be made by advisors with the help of their real-time data into asset performance.

Financial Planning: Investment companies use Salesforce to draft and maintain customer financial plans. Agents are assisted by this solution in creating customized financial plans.

Reporting and Compliance: Salesforce makes sure that all industry rules are followed. Businesses go with regulatory obligations by generating reports and audits using this.

Integration with Third-Party Products: Investment firms can obtain market data, research, and trading platforms through Salesforce's smooth integration with other products.

See Some Successful Salesforce Implementations in the Banking and Finance Industry

Company Profile Success Story
JPMorgan Chase JPMorgan Chase is one of the top banking institutions. JPMorgan Chase gets benefits of salesforce through providing comprehensive profiles for advisors, resulting in improved satisfaction and cross-selling opportunities.
Bank of America Bank of America is a leading banking firm Bank of America integrated Salesforce and got automated lead processes, prioritizing prospects, leading to increased conversion rates and revenue.
UBS Wealth Management UBS is a leading global wealth manager UBS advisors got real-time insights, enabling effective collaboration and personalized financial planning, by integrating Salesforce resulting in increased satisfaction and assets.
Charles Schwab Charles Schwab is a major brokerage and wealth management firm Charles Schwab achieved automated client onboarding, reducing paperwork accelerating processes, and improving client satisfaction by using Salesforce.
American Express American Express is a top American bank company Salesforce Service Cloud empowered American Express with personalized customer support across channels, resulting in higher satisfaction and retention rates.
Wells Fargo Wells Fargo is a famous banking and financial services company Wells Fargo's mortgage process became smooth, reducing paperwork and processing times, leading to improved customer satisfaction and increased submissions.

These success stories show your business in banks and the financial industry needs Salesforce solutions.

Steps to Implement Salesforce in the Banking and Finance Industry

Implementing Salesforce in the banking and finance industry requires a step-by-step approach to address the unique challenges and regulatory requirements of this sector.

Assess Business Requirements: Identify specific banking and finance processes that need improvement, such as customer relationship management (CRM), loan origination, wealth management, and compliance. Determine regulatory requirements such as GDPR, Dodd-Frank Act, and Basel III that must be addressed.

Customization and Configuration: Customize Salesforce to meet the industry's needs by creating custom objects, fields, and workflows tailored to banking processes like loan origination and wealth management. Set up security settings. Implement role-based access controls (RBAC) and field-level security.

Integration with Existing Systems: Integrate Salesforce with core banking systems, wealth management platforms, and payment gateways for seamless data exchange. APIs and middleware solutions are useful in this stage.

Customer Data Management: Centralize customer data within Salesforce to gain a 360-degree view of clients' financial profiles. Implement data quality processes for accuracy and consistency of customer data.

Lead Management and Sales Automation: Set up lead management processes to track and prioritize leads from various channels, such as referrals and marketing campaigns. Opportunity management and forecasting make smooth sales processes.

Financial Planning and Portfolio Management: Use Salesforce for financial planning, including creating and maintaining customized financial plans for clients. Portfolio management and investment decision-making are easy with this.

Compliance and Reporting: Ensure compliance with industry regulations by generating reports and audits directly within Salesforce. Implement automated compliance checks and alerts to proactively identify and address regulatory issues.

Training and User Adoption: Provide specialized training to employees on using Salesforce for banking and finance operations. Permanent support is to be offered to ensure smooth user adoption and encourage feedback.

Continuous Improvement: Regularly review and refine processes based on feedback from users and changes in regulatory requirements. Stay updated on new Salesforce features and best practices specific to the banking and finance industry.

How a Salesforce Partner Assist You in Implementing Salesforce in the Banking and Finance Industry

  • Custom objects, fields, and page layout creation.
  • Ensure seamless data synchronization and workflow automation.
  • Build complex workflows, automation, or integration solutions.
  • Ensure data integrity, accuracy, and compliance during the migration process.
  • Stage Assistance Provided
    Requirements Gathering
  • Conduct in-depth discussions to understand the bank's specific needs, regulatory requirements, and business objectives.
  • Solution Design
  • Design a tailored Salesforce solution, considering aspects like CRM, lead management, and data security.
  • Platform Configuration
  • Configure Salesforce to align with the bank's processes, workflows, and data models.
  • Integration with Existing Systems
  • Integrate Salesforce with the bank's existing systems such as core banking platforms, CRM systems, and third-party applications.
  • Custom Developmen
  • Develop custom solutions using Salesforce's capabilities like Apex, Visualforce, or Lightning Web Components.
  • Data Migration
  • Assist in migrating data from legacy systems to Salesforce.
  • Training and Change Management
  • Provide comprehensive training to bank staff on using Salesforce.
  • Conduct workshops and provide documentation.
  • Compliance and Security
  • Ensure Salesforce implementation complies with industry regulations such as GDPR, HIPAA, and PCI-DSS.
  • Set up security measures like role-based access control, encryption, and audit trails.
  • Testing and Quality Assurance
  • Advanced testing of the Salesforce implementation
  • Ensure that the system meets the bank's requirements and functions as expected.
  • Go-Live Support
  • Provide support during the go-live phase to address any last-minute issues or concerns.
  • Assist in transitioning to the new system smoothly and minimize disruptions.
  • Post-Implementation Support
  • Offer ongoing support and maintenance services.
  • Provide assistance with troubleshooting, system updates, and enhancements as needed.
  • Optimization and Continuous Improvement
  • Continuously monitor and evaluate the Salesforce implementation to identify areas for optimization and improvement.
  • Recommend enhancements and updates to ensure the system evolves with the bank's changing needs.
  • Collaborate with Fulminous for Successful Salesforce Implementation

    Fulminous Software has been providing Salesforce Implementation Solutions across the globe. By hiring our team, you can guarantee that your Salesforce implementation will be successful and beneficial.


    Manish Kumawat

    IconVerified Expert in Software & Web App Engineering

    I am Manish Kumawat, co-founder of Fulminous Software, a top leading customized software design and development company with a global presence in the USA, Australia, UK, and Europe. Over the last 10+ years, I am designing and developing web applications, e-commerce online stores, and software solutions custom tailored according to business industries needs. Being an experienced entrepreneur and research professional my main vision is to enlighten business owners, and worldwide audiences to provide in-depth IT sector knowledge with latest IT trends to grow businesses online.

    Let’s discuss your project

    Fulminous Software is an elite tech service provider company.

    Partner with Top-Notch Web Application Development Company!

    Discuss your Custom Application Requirements on or call us on + 1 803 310 5187.

    15 Days Risk-Free Trial