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Whitepaper Preview: Personalizing Financial Services Client Onboarding Experiences

Whitepaper Preview: Personalizing Financial Services Client Onboarding Experiences

A Millennial-aged woman is finally in a position to make significant contributions to her 401K. Quickly realizing she doesn’t know enough about wealth management to determine where to send her funds, she decides to work with a financial advisor.

She’s a busy mom who prefers the convenience of conducting business on her mobile devices, but she wants her financial advisor to be local so she can visit the advisor in person if necessary.

A quick Google search shows her all financial advisors within a 50-mile radius of her home. After clicking through several websites, she finds some offering online appointment scheduling, but none of the advisors allow her to register without visiting an office.

So, she sacrifices her preference for the occasional in-person visit by choosing a financial advisor offering a completely digital experience.

Salesforce Financial Services Cloud

Updating Financial Services Processes for Consumers of Today

Financial services companies are responding to an industry-wide evolution by changing the way they manage clients while unifying disparate systems. From the global leaders in enterprise-level digital transformation, Salesforce Financial Services Cloud empowers financial services firms to stay ahead of industry trends by unifying internal systems in a secure cloud-based CRM platform.

Salesforce Financial Services Cloud creates personalized experiences for companies and consumers through seamless digital and human-to-human interactions. That’s because the Salesforce platform is highly customizable allowing for the development of applications and features that satisfy the unique requirements of financial services companies and the clients they serve.

As shown in the example, the first interaction with a financial services brand impacts the prospect’s decision to stay or go elsewhere. Complicating the situation even further, the method each prospect uses to initiate the first interaction varies depending on his or her preferences.

Having an unsuccessful first interaction stops a high percentage of prospects from converting to clients. Prospects at the top of the funnel will keep searching for companies to use until they find one that allows them to interact in a way that fits their needs.

Increasing Salesforce ROI with Automated Client Onboarding Processes

Financial Services Best Interest Compliance with Salesforce

Financial Services companies completing client onboarding using traditional methods leave a trail of paperwork for prospects to complete before they are converted to clients.

The process involves a range of know-your-customer (KYC) and regulatory compliance tasks that include collecting financial and personal documents, asking prospects to complete a series of forms, contacting credit reference agencies, and verifying customer identities. These KYC tasks add up and cause a drain on resources for financial institutions.

When client-facing financial services employees spend less time completing manual tasks that can be automated on the Salesforce platform, they gain more time to build relationships and solve problems for clients. Automation also reduces the risk of human error and accelerates the entire client onboarding process. As a result, banking institutions, wealth management firms, and insurance companies alike will succeed in the new marketplace when they digitize and unify customer onboarding experiences.

Implementing Salesforce Client Onboarding Strategies

Salesforce Einstein AI for Financial Services Cloud

The best strategy for any financial services institution is to be where the clients are. While older clientele may still be the current focus of the institution, younger clients are increasing in number and expect personalized digital experiences.

CRM platforms, like Salesforce Financial Services Cloud, allow financial services institutions to provide experiences that can be tailored to any clients’ needs. Digital natives, like Millennials, can use self-service tools to onboard with an institution in a way that makes sense to them. And, Gen Xers or Baby Boomers who may want a mix of digital and traditional onboarding services can have it their way, too.

Most importantly, however, is the organizational efficiency that comes with digital client onboarding processes. Data is systematically collected over time to keep client burnout to a minimum while ensuring regulatory compliance and maximized profit margins for all financial services institutions.

To start optimizing the client onboarding process, gaining stakeholder support by presenting an evaluation of current processes is essential. In addition, stakeholders will show more support for an implementation project after seeing a well-thought-out plan. Read our whitepaper, Financial Services Client Onboarding: Going Digital to Personalize Relationships, to learn what data to gather and key indicators to look for when determining whether to implement a digital onboarding strategy.

Download the Whitepaper

Contact CRM Science Salesforce Consultants

Implementing a digital client onboarding and unifying siloed systems is no easy task. So, leave it to the CRM Science Salesforce consultants.

The team implements and optimizes Salesforce Financial Services Cloud at enterprise financial services companies. We’ve even developed an app to streamline the migration process. Click to tell us about your financial services client onboarding puzzles.

CRM Science Salesforce Consultants

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