3 Benefits of the Salesforce CRM for Banking | Core10 (2024)

Salesforce is a powerful tool for the financial industry, especially for mid-size banks that strive to compete with larger institutions. With core banking integrations, banks can create a seamless user experience while capturing important customer data. This allows a bank to keep up with the capabilities of its larger competitors.

So, how exactly do these core banking integrations help?

First, make sure you’ve correctly implemented Salesforce with your organization’s processes. If you need help with implementation, check out this article on how to get the most out of Salesforce.

Next, let’s look at how core integrations can affect the interactions of a bank customer. Take for example, Sarah Thomas, a customer at Save Money Bank, where she has a car loan. As we walk through Sarah’s relationship with her bank, we’ll review the three benefits of setting up core banking integrations with the Salesforce CRM.

Benefit #1: An Enriched Single View of the Customer

Today, customers expect personalized banking experiences. This is only possible if employees have access to all the customer information, including loans, account balances, etc. To make that possible, Salesforce needs to be integrated with your bank’s core.

When Sarah visits her bank to discuss her loan, the team at Save Money Bank knows she recently bought a house. They advise her on how to focus her payments and which loan she should try to pay off first. As a result, Sarah feels confident she can trust her bank to help her make smart financial decisions.

And, for Save Money Bank, core integrations give them a better understanding of who their customers are, what needs they have and how they can provide solutions to create a better business-to-consumer relationship.

Benefit #2: Workflow Automation

Back in the “good ol’ days,” manual entry and evaluation of data required hours of bank employees’ time. Not only that, but someone also needed to be responsible for finding issues or outliers and then addressing that information.

Let’s go back to Sarah and her car loan. Here’s how core integrations with Salesforce could help identify problems and create solutions:

1. Sarah is late making her car loan payment.
2. Data from Save Money Bank syncs with Salesforce.
3. Salesforce finds that Sarah has missed a payment on her car loan and an automated late payment message is deployed to Sarah.
4. Sarah receives the missed payment message and quickly pays her car loan.

This automation benefits both parties:

• Save Money Bank maintains contact with their customer when she misses a payment, minimizing financial disruption due to negligence.
• Sarah avoids large late fees and stays on track with her payments thanks to reminders from her bank.

Benefit #3: New Sales Opportunities

Core integrations with Salesforce improve a bank’s ability to cross-sell products and services to their customers. Bank employees can view a customer’s balance changes, account uses and transactions to help them understand what services might interest them.

When Sarah applied for her car loan, team members at Save Money Bank noticed she didn’t have a checking account with the organization. With the help of Salesforce functionality, an automated message offering personal banking options to help her make prompt payments was deployed to Sarah.

A win for Sarah. A win for Save Money Bank.

Time to Implement Salesforce CRM for Banking

Gone are the days of moving manual data from the core to a CRM, spreadsheets, etc.

Is your bank team ready:

• To see a full view of your customers,
• To access all consumer data to help grow business, and
• To create a positive banking experience for your customers?

Core10 is well-versed in core banking software and Salesforce. We can help you build your Salesforce core integrations and start working with your customers today. Schedule a meeting now.