International Finance

Salesforce announces financial services cloud for retail banking

Salesforce’s newest industry application gives every banker a holistic view of the customer and a complete platform for delivering highly personalized, intelligent and connected banking experiences

Salesforce, a global leader in CRM, announced Financial Services Cloud for Retail Banking, a new industry application that enables retail banks to deliver the highly personalized, intelligent and connected banking experiences that consumers expect. Now every bank employee, from the personal banker to the teller to the mortgage officer, can have a complete view of their customers and work collaboratively to exceed expectations.

Banks are facing a loyalty problem. Consumers are becoming accustomed to having more seamless and connected customer experiences than retail banks provide today. Banks have struggled to modernize, bogged by disparate systems and operating in silos even within their four walls. As a result, over one-third of banking customers are “hidden defectors,” meaning they purchase products or services from a competitor of their primary bank. Meanwhile, disruptive new entrants in the financial services sector, such as Venmo and Earnest, are also taking slices of business from banks and earning customer loyalty.

“Banks are no longer just competing against one another. They’re being compared to any company providing a convenient user experience that builds loyalty,” said Rohit Mahna, SVP and GM of Financial Services, Salesforce. “With Financial Services Cloud for Retail Banking, Salesforce is making it possible for customers to love their banks again.”

Introducing Financial Services Cloud for retail banking

Two years ago, Salesforce introduced its first Financial Services Cloud application to transform the way wealth managers engage with their clients and their families. Today, the company is reimagining how retail banks engage with customers, with new innovations including:

  • Retail banking data model and console: All customer datasuch as education background, employment status, the broader household’s financial holdings, bank accounts, loans and personal identification documentsis surfaced and managed within a role-based banking console that maximizes productivity and facilitates highly personalized engagements with customers. The console also enables bankers to stay on top of critical tasks throughout the day by aggregating information from multiple systems to create comprehensive banker to-do lists, including proactive alerts for referrals and tasks. Additionally, personal bankers can capture customer needs and intent, enabling immediate routing of customers to the right bank employee who can recommend relevant solutions that will help customers achieve their financial goals.
  • Intelligent needs-based referrals, powered by Salesforce Einstein: With the power of Einstein’s data science and machine learning capability, bankers can automatically identify and take action on their highest priority referrals based on intelligent scoring and insights. New record types, components and referrer profiles also help bankers manage referrals and collaborate across different banking divisions to address real financial needs based on the financial products and services customers have expressed interest in. For example, if a customer’s monthly direct deposits increase, and they express interest in financial planning, a personal banker can easily create a referral that will be routed to a financial advisor within the bank who will immediately have context about the customer’s needs.
  • Flexible banking platform and ecosystem: Now, bankers no longer need to toggle between disparate systems and silos to manage different banking workflows and processes. With flexible APIs and a rich partner ecosystem, banks can easily extend the functionality of Financial Services Cloud to meet their evolving needs. For example, they can quickly integrate nCino’s Bank Operating System for originating and funding financial products, such as loans and deposits, with workflow embedded in Financial Services Cloud. Now, if a customer is interested in applying for a personal loan, a banker can start the process directly within Financial Services Cloud. Banks can also leverage the platform to build customer-facing apps.

About Financial Services Cloud

Financial Services Cloud enables retail banking and wealth management institutions to bring together disparate lines of business, geographies, and channels to put customers at the center of every interaction. With Financial Services Cloud, financial institutions can take a meaningful step toward collaborating together as one team to guide customers and their families along their financial life journeys.


  • Financial Services Cloud for Retail Banking is expected to be generally available in October 2017.

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