Companies that provide financial services are always on the lookout for ways to make their complex workflows smoother and simpler. They aim at gaining a holistic view of their clients, and implementing stringent regulations regarding privacy, regulatory compliances and security.
But when faced with so many bottlenecks to deal with, which when paired with a consistent dependence on legacy systems, are not only difficult but also present complex issues when integrated with other systems, it is only logical that financial companies try to find solutions that can ease their issues and reduce their load so that their road towards digital transformation clear.
This is where Salesforce comes in.
With its suite of core cloud solutions and industry solutions, it offers an innovative way towards the future.
The only software solution that comes in handy, in these complex situations, is Salesforce. It provides various features and tools to assist any business or enterprise in making better and informed decisions so that they are able to meet their goals.
However, Salesforce implementation can prove to be a difficult task in itself, for any financial business. This is especially true for companies that are dealing with Salesforce’s complex tools and features.
Let us discuss the challenges faced by financial businesses and developers and how through the implementation of Salesforce possible solutions can be offered.
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Privacy and security concerns, in companies that provide financial services, are immensely dangerous since the data is involved.
All the data that is secured with the company is at the risk of being compromised if any breach in the security of the company occurs. Client data such as the personal and financial information of the client are at risk.
This data requires the highest level of protection in order to maintain the client’s trust in the company. Moreover it is crucial for the maintenance of industry regulations and best standards.
Multi-Factor Authentication (MFA) is a security measure that must be implemented to ensure security. Many other such measures can be implemented to make sure that unauthorized access is prevented to safeguard sensitive data, such as access controls, encryption, and many more.
But it’s not just the security measures that ensure data protection. Government Policies pertaining to data play an undeniably vital role to ensure impeccable client data privacy.
1. Establishing government data policies clearly is easier with Salesforce.
It guarantees adherence to the said policies and keeps a check throughout all the platforms and applications, consistently.
Implementation of Salesforce offers instructions on data organization, access, sharing, and retention to manage sensitive information effectively.
2. Industry regulations and best practices are followed through with the implementation of Salesforce, such as, PCI DSS (Payment Card Industry Data Security Standard) and GDPR (General Data Protection Regulation).
This is done by setting up stringent safety measures such as encryption, access control and multi-factor authentication.
The PCI DSS manages security issues relating to payment card details whereas the GDPR looks over the usage of individual data within the (EU) European Union.
3. Businesses can establish policies that correspond to the government norms and regulations so that adherence is ensured throughout all platforms and departments of the organization. Salesforce can be a helpful platform to achieve this.
It is vital that organizations take necessary steps to ensure adherence to these regulations. This will help in avoiding any damages or consequences which may include not only reputational damages but also involve fines.
For financial businesses that are moving forward with Salesforce implementation in their organization, the process of integration of third party solutions with legacy systems can appear to be a major challenge. In the area of finance, legacy systems are heavily relied upon.
The process of integration can prove to be complex and confusing, especially with Salesforce which is a platform that is not only modern, but also cloud-based in nature.
This happens due to the complex, tightly coupled and large nature. Integrating Salesforce with legacy systems is further complicated because Since legacy systems store data in structures or formats that are different from that of Salesforce, the integration of Salesforce with legacy systems turns out to be a much more complicated process.
This in turn makes data integration and migration an effortful and tiring task.
To address this issue, financial organizations need to assess which of the legacy systems need Salesforce integration and whether they are ready and compatible to go through with the integration process.
Although, before going through with the process, the company must consider strategies for data migration and the possible impact on the current processes and workflows.
1. As part of Salesforce’s integration process with legacy systems, middleware can be used to facilitate effortless and smooth data exchange between legacy systems and Salesforce by creating APIs and integrating platforms.
By using this approach, the legacy system can be connected to Salesforce through APIs that provide a means for communication between the two systems.
2. In addition to that, data warehousing can be used to extract legacy data, transform it into standard formats, and before Salesforce integration happens, get it loaded into a central repository. The use of this method can simplify the integration process and improve accuracy of the data, however it requires a significant amount of resources and expertise to be successful.
The biggest advantage with Salesforce is that it is one of the most versatile platforms available in the market. It has the ability to be personalized and customized as per the individual requirements of every single company.
Nevertheless, every pro comes with its own set of cons. With Salesforce’s complex regulations and processes, new challenges are created for the finance industry.
To handle this issue, it is imperative that finance businesses define their business needs and identify areas where personalization or customization might be required. This can be done by examining the individual needs of clients, the competitive environment and the regulatory landscape. Also, the impact on the maintenance costs, performance of the system and future updates needs to be taken in consideration.
1. For personalizing and customizing Salesforce for financial enterprises, one approach is to use the original customization tools, such as fields, workflows and custom objects to meet their unique and individual needs. For example, organizations can develop custom fields that set up automated workflows that streamline their business processes or record unique data points.
2. Salesforce allows a business to gain a holistic view of clients.
This enables companies to engage with the clients individually and personally ensuring a more intimate relationship between the business and the customer. This also promotes trust in the organization.
Highly sensitive data is dealt with in the finance industry, including financial and personal client information. The implementation of Salesforce within a finance business can help in better understanding the customer needs and preferences, leading to increased customer satisfaction and enhanced relationships.
3. One of the biggest plus points of Salesforce is that it is versatile beyond imagination. Its ability to be customized specifically for the individual needs of each and every business. With successful implementation of Salesforce, a finance business can meet the unique needs of every client as well. This can also result in an increased adoption rate, improved user experience and boost overall performance of the business.
In the financial sector, many institutions are faced with the challenge of continually evolving their operations, which often requires engaging and training new employees on Salesforce. A lack of proper training can negatively affect productivity, technology ROI, and the growth of an organization. The good thing about Salesforce is that it is a scalable tool, allowing businesses to easily meet customer demands and add additional application servers to accommodate the growing number of users.
Meanwhile, though scalable, Salesforce may not have the capacity for the guidance and personalization needed for peak employee growth and productivity.
Proper analytics play a major role here. Since user challenges are revealed with this and you are able to analyze when the user needs assistance.
1. To enhance their results, it is a must for any business to use Salesforce in financial services. This helps in analyzing and identifying areas for improvement.
To gain personalized guidance and valuable insights for employees, complementing Salesforce with additional tools can prove to be the best option. This also ensures maximum outcome and shows growth in the company and its employees.
2. Salesforce can transform finance industry business operations by automating the tasks, providing real-time insight into company performance and reducing manual effort.
Successful Salesforce implementation can better costs, improved operational efficiency and increase productivity all can be achieved through successful implementation of Salesforce. It also allows organizations to work on strategic initiatives and hence, drive in growth.
In the current world, uninterrupted and seamless experiences are the bare minimum that a company can offer its clients, and this statement therefore applicable to the financial sector as well.
To stand out in this competitive environment, financial businesses must realize the importance of prioritizing customer experience. Providing world-class client services that surpass the expectations of the customers is what makes a business reach new heights. To achieve this goal, Salesforce is an invaluable tool. By offering comprehensive insights and customer data, Salesforce ensures that your clients have their needs met. But, employee performance is also a key element in ensuring proper customer satisfaction, since the accuracy of client data and update of data is dependent on the staff.
1. Remote work culture has been adopted by many organizations, in today’s world. This has become more common after the recent pandemic that hit globally. In this remote work environment, it is a challenging task to ensure employee involvement and data accuracy. Additionally, it is essential to handle these issues and ensure that Salesforce users maintain the highest standards of compliance and data accuracy in order to maintain customer confidence.
2. To make sure they achieve this, financial companies should develop a clear strategy and plan for the Salesforce implementation, which includes employee training and educational initiatives, measures for data validation, as well as additional tools and technologies aimed at empowering employees and improving the accuracy of data.
3. Investing in the accuracy of a financial organization’s data and leveraging Salesforce’s capabilities can allow them to deliver a top-notch digital experience for their customers, thus allowing them to set themselves apart from their competitors.
To ensure proper solutions to the above mentioned issues, and to ensure a successful implementation process for Salesforce in financial services, any organization must follow the following best practices:
This step involves establishing clear goals, identifying key stakeholders, and establishing a project plan outlining the timeline, scope, and budget for the implementation of the strategy.
In order to achieve the best possible implementation of Salesforce, multiple departments and stakeholders must work together, including IT, sales, marketing, customer service, and financial institutions. All teams must be aligned effectively in order to accomplish an effortless implementation process.
For a Salesforce implementation to be successful, both technology and people need to work together. Investing in adoption programs and training is crucial if financial companies are to get maximum value from Salesforce, since all users will be able to take full advantage of it.
It is important for financial companies to evaluate and improve their Salesforce implementation on a regular basis in order to identify areas for improvement and to ensure the implementation is optimized. Salesforce implementation is not a one-time, one-and-done endeavor.
To stay ahead of the competition and keep up with the ever-changing financial market the financial services organizations can leverage Salesforce to revolutionize their operations.
Despite this, implementing Salesforce in financial services does not come without its share of challenges that have to be overcome before it can be harnessed to its full potential.
For a successful win over these challenges, organizations need to come up with a strategic approach.
As a trusted Salesforce consulting partner, TIS certified consultants can guide your organization in dealing with these challenges that occur during implementation to enhance the overall (ROI) return on investment.
In the ever-evolving financial market, organizations can make effective use of our expertise to navigate challenges and drive growth. Reach out to us today for assistance on any Salesforce product or platform such as: Salesforce Sales Cloud, Einstein Analytics, Health cloud, Salesforce Service Cloud, Salesforce Marketing Cloud and much more!
About the Author:
This blog is authored by Nandini Pathak with an area of expertise in technology. Uniquely blending her legal background to create engaging content, she is passionately involved in emerging technology trends. An avid dog lover, her warmth and empathy enrich her writing style. Nandini’s passion for learning and her SEO proficiency ensure her work stays relevant and visible, making her an impactful content creator who seamlessly integrates personal pursuits with professional expertise in the technology domain.
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