With this integration, Carrington Labs empowers financial institutions to confidently manage credit risk while optimizing their Salesforce workflows—paving the way for faster decisions, deeper insights, and enhanced operational efficiency.
One effective way to accomplish this is by using the Document Matrix element in Discovery Framework–based OmniScripts. This approach allows you to streamline the assessment process and ensure that the advisor uploads the correct documents.
Remember When Salesforce First Launched Financial Services Cloud in 2016? The managed package introduced a standardized data model that transformed how banks, credit unions, and implementation partners utilized Salesforce. It was a game-changer! But Salesforce hasn’t stopped innovating. Since 2019, they’ve been enhancing the core platform to meet demands for greater performance and flexibility. Now, in 2024, Salesforce has rolled out its biggest core release yet: Financial Account Management Standard Objects. This strategic update could redefine how financial data is managed within Financial Services Cloud (FSC). Understanding these updates is essential for all FSC users. The introduction of standard objects signals a major shift in the platform. Staying informed ensures that your institution remains innovative and fully leverages Financial Services Cloud. Let’s explore what’s changing and why it matters. 1. A New Era for Financial Accounts Say goodbye to limitations and hello to flexibility! The core platform introduces a modern way to manage financial accounts: The elimination of financial account triggers is a huge win for performance. Salesforce’s new data model is designed to handle real-time integrations, which can be a game-changer for many institutions. But real-time integration isn’t necessary for everyone. Depending on your organization’s needs, you might find that a combination of batch integration, on-demand integration, and data visualization works best. If you’re dealing with slow nightly batch data loads due to financial account triggers, exploring the new standard objects could be the solution to your performance woes. 2. Core Offers Benefits for Everyone 3. The FSC Managed Package is Still Supported Salesforce has reassured customers that the FSC Managed Package will continue to be supported. However, with Core advancements, Salesforce is re-evaluating its long-term strategy to provide more streamlined and scalable solutions. While migration to Core isn’t mandatory, Salesforce’s ongoing focus on this new architecture suggests that aligning with the core platform may offer increasing benefits over time. To stay ahead of the curve and access the latest features, it’s wise to explore the potential advantages of migration. Tectonic can help assess your current environment, weigh the benefits of moving to Core, and develop a strategy that aligns with your business goals. 4. Exciting Core Enhancements Core introduces powerful new features that simplify financial data management, such as: 5. The Future Is Core, and You Need the Right Partner to Chart Your Course Salesforce’s shift toward Core highlights the platform’s future direction. While the managed package remains relevant for now, Core offers a more modern, flexible solution for managing financial data. To make the most of these changes and ensure a smooth transition, partnering with an experienced team like Tectonic is crucial. Transitioning to Core requires careful planning. Here’s a roadmap to guide you: Ready to Explore the Power of Core? Contact Tectonic today to learn how we can help guide your transition to Core and capture the full potential of these new features to drive your business forward. Like1 Related Posts Salesforce OEM AppExchange Expanding its reach beyond CRM, Salesforce.com has launched a new service called AppExchange OEM Edition, aimed at non-CRM service providers. Read more The Salesforce Story In Marc Benioff’s own words How did salesforce.com grow from a start up in a rented apartment into the world’s Read more Salesforce Jigsaw Salesforce.com, a prominent figure in cloud computing, has finalized a deal to acquire Jigsaw, a wiki-style business contact database, for Read more Health Cloud Brings Healthcare Transformation Following swiftly after last week’s successful launch of Financial Services Cloud, Salesforce has announced the second installment in its series Read more
Salesforce’s latest data reveals a complex challenge for banks: while digital excellence is now essential for customer satisfaction, a fully digital experience risks alienating customers who value human connections at critical moments. Banks often feel torn between scaling digital capabilities and preserving the personal touch that fosters customer loyalty. How can they strike the right balance?
From Science Fiction to Reality: AI’s Game-Changing Role in Service and Sales AI for service and sales has reached a critical tipping point, driving rapid innovation. At Dreamforce in San Francisco, hosted by Salesforce we explored how Salesforce clients are leveraging CRM, Data Cloud, and AI to extract real business value from their Salesforce investments. In previous years, AI features branded under “Einstein” had been met with skepticism. These features, such as lead scoring, next-best-action suggestions for service agents, and cross-sell/upsell recommendations, often required substantial quality data in the CRM and knowledge base to be effective. However, customer data was frequently unreliable, with duplicate records and missing information, and the Salesforce knowledge base was underused. Building self-service capabilities with chatbots was also challenging, requiring accurate predictions of customer queries and well-structured decision trees. This year’s Dreamforce revealed a transformative shift. The advancements in AI, especially for customer service and sales, have become exceptionally powerful. Companies now need to take notice of Salesforce’s capabilities, which have expanded significantly. Agentforce – AI’s New Role in Sales and Service Some standout Salesforce features include: At Dreamforce, we participated in a workshop where they built an AI agent capable of responding to customer cases using product sheets and company knowledge within 90 minutes. This experience demonstrated how accessible AI solutions have become, no longer requiring developers or LLM experts to set up. The key challenge lies in mapping external data sources to a unified data model in Data Cloud, but once achieved, the potential for customer service and sales is immense. How AI and Data Integrate to Transform Service and Sales Businesses can harness the following integrated components to build a comprehensive solution: Real-World Success and AI Implementation OpenTable shared a successful example of building an AI agent for its app in just two months, using a small team of four. This was a marked improvement from the company’s previous chatbot projects, highlighting the efficiency of the latest AI tools. Most CEOs of large enterprises are exploring AI strategies, whether by developing their own LLMs or using pre-existing models. However, many of these efforts are siloed, and engineering costs are high, leading to clunky transitions between AI and human agents. Tectonic is well-positioned to help our clients quickly deploy AI-powered solutions that integrate seamlessly with their existing CRM and ERP systems. By leveraging AI agents to streamline customer interactions, enhance sales opportunities, and provide smooth handoffs to human agents, businesses can significantly improve customer experiences and drive growth. Tectonic is ready to help businesses achieve similar success with AI-driven innovation. Like Related Posts Salesforce OEM AppExchange Expanding its reach beyond CRM, Salesforce.com has launched a new service called AppExchange OEM Edition, aimed at non-CRM service providers. Read more The Salesforce Story In Marc Benioff’s own words How did salesforce.com grow from a start up in a rented apartment into the world’s Read more Salesforce Jigsaw Salesforce.com, a prominent figure in cloud computing, has finalized a deal to acquire Jigsaw, a wiki-style business contact database, for Read more Health Cloud Brings Healthcare Transformation Following swiftly after last week’s successful launch of Financial Services Cloud, Salesforce has announced the second installment in its series Read more
State Loan Processing Software: A Salesforce-Powered Solution Introduction In today’s fast-paced financial environment, efficient loan management is critical for lending institutions to succeed. Traditional loan processing methods are often inefficient, prone to errors, and unable to meet the demands of modern financial services. These outdated techniques lead to delays, compliance issues, and lost revenue. The answer lies in adopting advanced loan management software that leverages technology to streamline processes and enhance customer experiences. Current Challenges Many lenders continue to rely on outdated tools like spreadsheets and manual workflows, hindering productivity and increasing the potential for human error. A study by the National Association of Federal Credit Unions found that 60% of credit unions reported inefficiencies in their loan processes, negatively impacting member satisfaction. Key challenges faced by lending institutions include: Types of Loan Management Software To address these challenges, a variety of loan management software solutions have emerged, each designed to optimize specific aspects of the lending process. Loan Management Software Description: Automates essential loan processes like origination and payment processing. Main Features: Customer Relationship Management (CRM) Software Description: Platforms like Salesforce enable lenders to efficiently manage borrower relationships. Main Features: Compliance Management Software-State Loan Processing Software by Salesforce Description: Ensures lending practices adhere to state and federal regulations. Main Features: Analytics and Reporting Tools Description: Offers data-driven insights to guide strategic decision-making. Main Features: Integrated Payment Solutions Description: Streamlines payment processing across various channels. Main Features: Final Thoughts Adopting modern loan management software brings a host of advantages, including enhanced efficiency, improved compliance, and higher customer satisfaction. Platforms like Salesforce enable lenders to revolutionize their loan processing and management, making their operations more competitive in an evolving market. For lenders seeking to transform their approach to loan management, innovative solutions like Salesforce and Tectonic offer a path to operational excellence and business growth. Like Related Posts Salesforce OEM AppExchange Expanding its reach beyond CRM, Salesforce.com has launched a new service called AppExchange OEM Edition, aimed at non-CRM service providers. Read more The Salesforce Story In Marc Benioff’s own words How did salesforce.com grow from a start up in a rented apartment into the world’s Read more Salesforce Jigsaw Salesforce.com, a prominent figure in cloud computing, has finalized a deal to acquire Jigsaw, a wiki-style business contact database, for Read more Health Cloud Brings Healthcare Transformation Following swiftly after last week’s successful launch of Financial Services Cloud, Salesforce has announced the second installment in its series Read more
Merchant Cash Advance Solutions: Enhancing Underwriting with Salesforce In today’s fast-paced financial services industry, efficient and effective underwriting is more crucial than ever. Merchant cash advances (MCAs) have emerged as a popular alternative funding option for businesses that might not qualify for traditional loans. This insight explores how integrating Salesforce with MCA software can streamline underwriting, strengthen lender-borrower relationships, and boost overall operational efficiency. Understanding Merchant Cash Advances Merchant cash advances offer businesses upfront capital in exchange for a portion of future sales. Unlike traditional loans, MCAs are often easier to secure and come with flexible repayment options tied to daily credit card receipts. However, the unique structure of MCAs brings challenges to underwriting, due to the diversity in business models and cash flow patterns. The Role of Underwriting in MCA Underwriting is a vital step in the lending process, assessing the risk associated with providing funds to a borrower. For MCAs, underwriting involves evaluating a business’s revenue streams, creditworthiness, and overall financial health. Traditional underwriting methods can be cumbersome and slow, often causing delays in funding. Challenges in Traditional Underwriting Methods The Power of Salesforce in Streamlining Underwriting Salesforce offers powerful solutions that integrate seamlessly with MCA software, effectively addressing these challenges: Benefits of Integrating MCA Software with Salesforce Key Features to Look for in MCA Software Integrated with Salesforce When choosing an MCA solution integrated with Salesforce, consider features such as: Conclusion Integrating merchant cash advance solutions with Salesforce offers a transformative approach to streamlining underwriting processes in this niche financing sector. By automating workflows, centralizing data management, enhancing communication channels, and improving overall efficiency—all while ensuring compliance—lenders can gain a competitive edge and deliver exceptional service to their clients. If you are searching for a Merchant Cash Advance, Underwriting, or financial services solution contact Tectonic today. Like Related Posts Salesforce OEM AppExchange Expanding its reach beyond CRM, Salesforce.com has launched a new service called AppExchange OEM Edition, aimed at non-CRM service providers. Read more The Salesforce Story In Marc Benioff’s own words How did salesforce.com grow from a start up in a rented apartment into the world’s Read more Salesforce Jigsaw Salesforce.com, a prominent figure in cloud computing, has finalized a deal to acquire Jigsaw, a wiki-style business contact database, for Read more Health Cloud Brings Healthcare Transformation Following swiftly after last week’s successful launch of Financial Services Cloud, Salesforce has announced the second installment in its series Read more
Liberty Bank, based in Middletown, Connecticut, announced on September 5th an expanded partnership with Salesforce, the world’s leading AI-powered CRM platform, to enhance its customer engagement efforts. Liberty Bank and Salesforce. By integrating Salesforce’s Financial Services Cloud, Marketing Cloud, MuleSoft, and Salesforce Shield, Liberty Bank aims to deliver more personalized, efficient, and enriched services. This strategic investment will further position Liberty Bank as a leader in customer satisfaction and loyalty within the community banking sector. “We set out to find a strategic partner that truly understands the unique nature of banking and puts the customer first,” said David W. Glidden, Liberty Bank President and CEO. “As we continue our mission to ‘Build the Community Bank of the Future,’ having the best partners is crucial to elevating our customer experience. With Salesforce’s innovative CRM solutions, we’re investing in the future to meet the evolving needs of our customers, team members, and communities, and to exceed their expectations.” Salesforce’s platform will enable Liberty Bank to streamline operations and gain deeper insights into customers’ financial journeys, ensuring a seamless and personalized banking experience. The Financial Services Cloud offers tools specifically tailored to the banking industry, allowing for faster time-to-value. Set to roll out next year, this transformation will allow Liberty Bank to prioritize customer financial goals while maintaining a high level of service and support. “Banks of all sizes are under pressure to innovate and deliver more personalized experiences. By leveraging CRM, data, and AI, Liberty Bank will gain a comprehensive view of its customers, enabling its teams to build stronger relationships and improve overall productivity.”Greg Jacobi, VP & GM of Banking and Lending at Salesforce. About Liberty Bank Founded in 1825, Liberty Bank is the nation’s oldest and largest independent mutual bank. With nearly $8 billion in assets, Liberty operates 56 branches across Connecticut and two in Massachusetts. It provides a full range of services, including consumer and commercial banking, cash management, home mortgages, business loans, insurance, and investment services. The bank has been named a ‘Top Workplace’ by the Hartford Courant every year since 2012 and recognized as a Best-In-State Bank in Connecticut by Forbes in 2021, 2022, and 2023. For more information, visit www.liberty-bank.com. Liberty Bank and Salesforce. Interested in discussing Salesforce for your financial institution? Contact Tectonic today. Like Related Posts Salesforce OEM AppExchange Expanding its reach beyond CRM, Salesforce.com has launched a new service called AppExchange OEM Edition, aimed at non-CRM service providers. Read more The Salesforce Story In Marc Benioff’s own words How did salesforce.com grow from a start up in a rented apartment into the world’s Read more Salesforce Jigsaw Salesforce.com, a prominent figure in cloud computing, has finalized a deal to acquire Jigsaw, a wiki-style business contact database, for Read more Health Cloud Brings Healthcare Transformation Following swiftly after last week’s successful launch of Financial Services Cloud, Salesforce has announced the second installment in its series Read more
Public Loan Management Solutions: Optimized with Salesforce Technology In the dynamic world of financial services, public loan management has become increasingly important as organizations aim to improve efficiency, transparency, and borrower satisfaction. Leveraging cutting-edge technology is key to achieving these goals, and Salesforce offers a powerful platform for optimizing public loan management. This article explores how Salesforce’s capabilities can streamline and enhance various aspects of public loan management. The Role of Loan Boarding in Public Loan Management Loan boarding is a critical step where approved loans are entered into the system. This process typically includes data entry, document verification, and compliance checks. Salesforce’s customizable objects and automation features simplify this process by automating workflows, ensuring all necessary documents are collected and verified before the loan is boarded. Integrating external systems allows real-time data updates, minimizing errors and reducing manual intervention. Streamlining Handoff and Approval Processes Loan applications often require multiple approvals from stakeholders, which can be time-consuming and prone to delays. Salesforce facilitates efficient communication and collaboration through tools like Chatter, which allows instant messaging and file sharing. This ensures all stakeholders stay informed about application status changes, eliminating the need to switch between different platforms and speeding up the approval process. Disbursement Efficiency Timely fund disbursement is vital for maintaining borrower trust. Salesforce can automate disbursement processes by integrating payment gateways, accelerating fund transfers while providing borrowers with real-time updates on their disbursements. This enhances transparency and improves borrower satisfaction. Effective Management of Amortization Schedules Amortization schedules detail the repayment of loans over time, including both principal and interest. Salesforce’s reporting tools, combined with custom formulas, enable organizations to generate accurate, customized amortization schedules. These schedules can be easily updated if loan terms change, ensuring borrowers and lenders have up-to-date information. Simplifying Repayment Schedules Repayment schedules are essential for managing loan payments. Salesforce’s task management features allow organizations to automate reminders for upcoming payments, while borrowers can access personalized portals to view their schedules, promoting transparency and accountability. Customizable Loan Templates In public lending, creating flexible yet standardized loan templates is essential. Salesforce allows organizations to design customizable templates that meet both organizational policies and borrower needs, reducing onboarding time and improving efficiency. Comprehensive Document Management Managing loan-related documents is often challenging due to regulatory requirements and varying documentation needs. Salesforce’s integrated document management tools, such as Files and Content Libraries, provide secure storage and easy retrieval of documents, ensuring compliance and simplifying audits. Automating Interest Accruals and Invoicing Interest accruals require accurate tracking to ensure transparency for both lenders and borrowers. Salesforce’s invoicing automation ensures that billing cycles align with interest accruals, reducing administrative overhead and improving financial accuracy. Efficient Payment Processing and Waterfall Management Payment processing is essential for collecting repayments and adhering to waterfall structures, which determine how funds are allocated (e.g., to principal vs. interest). Salesforce integrates with NACHA/ACH for seamless payment processing and offers batch import capabilities for external payment records, improving cash flow management. Portfolio Management and Risk Assessment Managing a large portfolio of loans involves monitoring performance and assessing risks. Salesforce’s real-time analytics, reports, and dashboards provide managers with insights into portfolio performance, enabling data-driven decisions regarding portfolio adjustments, repayment patterns, and borrower risk. Enhancing Borrower Communication Consistent, clear communication is vital throughout the loan lifecycle, from initial inquiry to final repayment. Salesforce automates alerts and task assignments to ensure no critical communications are missed, keeping borrowers engaged and informed at every stage. Conclusion Salesforce technology offers a transformative approach to public loan management by enhancing operational efficiency, improving borrower experiences, and streamlining processes. Whether through automating document management, optimizing approval workflows, or managing payment cycles, Salesforce provides public lending organizations with the tools they need to deliver reliable, transparent, and efficient loan services to their constituents. By adopting Salesforce for public loan management, organizations not only improve internal operations but also elevate the borrower experience, ultimately contributing to community development and financial inclusion on a national scale. Like Related Posts Salesforce OEM AppExchange Expanding its reach beyond CRM, Salesforce.com has launched a new service called AppExchange OEM Edition, aimed at non-CRM service providers. Read more The Salesforce Story In Marc Benioff’s own words How did salesforce.com grow from a start up in a rented apartment into the world’s Read more Salesforce Jigsaw Salesforce.com, a prominent figure in cloud computing, has finalized a deal to acquire Jigsaw, a wiki-style business contact database, for Read more Health Cloud Brings Healthcare Transformation Following swiftly after last week’s successful launch of Financial Services Cloud, Salesforce has announced the second installment in its series Read more
All the tech giants are eager to prove their chatbot is the hottest in the market. Like wild stallions fighting over the mares, Google, Meta, Microsoft, and OpenAI are competing to show that their AI models have the most momentum. Companies with built-in AI like Salesforce occupy a broader sector. Detecting the Hot Chatbot is the challenge for the consumer. Why Detecting the Hot Chatbot Matters These companies have poured immense resources—both talent and money—into developing their models and adding new features. Now, they’re keen to showcase that these investments are yielding results. What’s Happening In the past few dayss, several major players have released new usage statistics: The Big Picture Generative AI is still in its early stages, and the entire industry faces the challenge of proving that these products deliver real value—whether by capturing market share from the lucrative search industry or by helping companies save money through increased productivity. How are you Detecting the Hot Chatbot. In the short term, however, everyone is eager to show they’re leading the pack. TV commercials for generative AI are now common, with Meta, Google, and Microsoft all airing spots, although the effectiveness of these ads varies. Some companies even boast that their commercials were created using AI—not necessarily the most convincing selling point. Between the Lines The competition isn’t just about consumer popularity; it’s also spilling over into the battle to secure business customers. On Wednesday’s earnings call, Salesforce CEO Marc Benioff made a point of distinguishing Salesforce’s new Agentforce AI sales assistant from Microsoft’s Copilot offerings. “This is not Copilot,” Benioff said. “So many customers are disappointed with what they bought from Microsoft Copilot because they’re not getting the accuracy and response they want. Microsoft has let down many customers with AI.” Microsoft quickly responded in a comment to CNBC. “We are hearing something quite different from our Copilot for Microsoft 365 customers,” said corporate VP Jared Spataro. “When I talk to CIOs directly, and if you look at recent third-party data, organizations are betting on Microsoft for their AI transformation.” The Bottom Line The competition is heating up as tech giants vie to prove they have the upper hand in the AI race and the Hot Chatbot. Customers will ultimately decide. Like Related Posts Salesforce OEM AppExchange Expanding its reach beyond CRM, Salesforce.com has launched a new service called AppExchange OEM Edition, aimed at non-CRM service providers. Read more The Salesforce Story In Marc Benioff’s own words How did salesforce.com grow from a start up in a rented apartment into the world’s Read more Salesforce Jigsaw Salesforce.com, a prominent figure in cloud computing, has finalized a deal to acquire Jigsaw, a wiki-style business contact database, for Read more Health Cloud Brings Healthcare Transformation Following swiftly after last week’s successful launch of Financial Services Cloud, Salesforce has announced the second installment in its series Read more
Simplifying Repayment Schedules: Elevating Borrower Experience with Salesforce In the rapidly changing financial services industry, managing loan repayment schedules efficiently is vital for both lenders and borrowers. A well-designed system can significantly enhance the borrower experience, streamline operations, and boost overall efficiency. Salesforce software emerges as a powerful solution that simplifies repayment schedules and fosters better communication between lenders and borrowers. This article explores how Salesforce can revolutionize repayment management with its comprehensive features. Understanding Repayment Schedules Repayment schedules define how a borrower will pay back their loan over time, detailing payment amounts, due dates, interest rates, and the total loan duration. A clear and well-structured repayment schedule not only helps borrowers manage their finances but also ensures that lenders receive timely payments. The complexity of repayment schedules can vary based on factors like loan terms, interest rates, and borrower profiles. Therefore, having an effective system to manage these variables is crucial for maintaining accuracy and transparency throughout the borrowing process. The Role of Salesforce in Loan Management Salesforce offers an extensive suite of tools designed to enhance customer relationship management (CRM) across various industries, including finance. By utilizing Salesforce’s capabilities, lenders can develop customized solutions that address key aspects of loan management, such as: 1. Automated Amortization SchedulesSalesforce enables the automated creation of amortization schedules tailored to individual loans. This feature minimizes manual errors and ensures accurate calculations from the start. Automation allows lenders to provide borrowers with clear payment plans, including details on principal reductions and interest accruals over time. 2. Custom Borrower PortalsOne of Salesforce’s major strengths is the ability to create custom borrower portals. These portals allow clients to access their repayment schedules anytime, view upcoming payments, track their balances in real-time, and even make payments through secure channels. This transparency builds trust between lenders and borrowers, enhancing overall satisfaction. 3. Document ManagementEffective document management is essential for maintaining organized records related to loans and repayments. Salesforce’s document management features enable lenders to securely store important documents—such as contracts, amendments, or communications—within each borrower’s profile. This accessibility simplifies audits and reviews while ensuring compliance with regulatory standards. Streamlined Communication with Automated Alerts A common challenge for borrowers is keeping track of payment deadlines and understanding when payments are due. Salesforce addresses this by offering automated alerts via email or text message, reminding borrowers of upcoming due dates or changes in payment schedules. These notifications help keep borrowers informed about their obligations without overwhelming them, balancing proactive communication with user-friendliness. Enhanced Reporting & Analytics Salesforce provides powerful reporting tools that allow lenders to effectively analyze repayment patterns across different portfolios. By identifying trends related to timely payments, defaults, or late fees, financial institutions can strategically tailor their offerings. Detailed dashboards also present key performance indicators (KPIs) related to collection efficiency, aiding in risk assessment and decision-making processes. Portfolio Management Integration Integrating portfolio management features within Salesforce allows lenders to monitor individual loans and gain insights into overall portfolio health. This includes tracking repayments received versus outstanding balances owed by all clients collectively. This holistic view supports decision-making around refinancing options for struggling clients and identifying growth opportunities based on historical data trends. This integration enhances lender profitability while improving borrower experiences. Conclusion: Transforming the Borrower Experience Integrating Salesforce software into loan repayment scheduling represents a significant advancement in enhancing borrower experiences in the financial services industry. From automating complex amortization calculations to providing personalized customer portals, Salesforce empowers both lenders and borrowers at every stage of the process. By embracing technology like Salesforce, lenders can streamline communication, reduce administrative burdens, and position themselves favorably against competitors. This buildss long-lasting relationships built on trust and reliability, ultimately benefiting all parties involved. Contact Tectonic today to explore lending solutions from Salesforce. Like Related Posts Salesforce OEM AppExchange Expanding its reach beyond CRM, Salesforce.com has launched a new service called AppExchange OEM Edition, aimed at non-CRM service providers. Read more The Salesforce Story In Marc Benioff’s own words How did salesforce.com grow from a start up in a rented apartment into the world’s Read more Salesforce Jigsaw Salesforce.com, a prominent figure in cloud computing, has finalized a deal to acquire Jigsaw, a wiki-style business contact database, for Read more Health Cloud Brings Healthcare Transformation Following swiftly after last week’s successful launch of Financial Services Cloud, Salesforce has announced the second installment in its series Read more
Tectonic: Elevating Complaint Management in Banking with Salesforce Customer satisfaction is key in banking, but complaints are unavoidable. Banking Complaints to Profits is not only learning from complaints but increasing revenue by them. Banking complaints also present a unique opportunity. Handled effectively, complaints can offer valuable insights that drive process improvements and ultimately strengthen customer relationships. Banking Complaints to Profits Banks need a robust, strategic complaint management system to capitalize on this opportunity. Such a system must go beyond simply documenting and resolving grievances. It must enable banks to proactively identify trends, assess root causes, and implement targeted solutions that address individual complaints and prevent future issues. Salesforce offers a comprehensive platform that can transform your complaint management process. Let’s explore how its key features align perfectly with the needs of a strategic approach. Streamlining Complaint Intake Salesforce simplifies and customizes the process of collecting customer complaints, aligning with your specific policies and regulatory needs. Its dynamic intake process ensures a smooth and compliant experience for your customers and your team. Efficient Complaint Lifecycle Management Salesforce streamlines the entire complaint management process, ensuring seamless routing to the right teams and individuals for swift resolution. Automated assignments, milestone tracking, and clear follow-up expectations (including Service Level Agreements) guarantee accountability and efficiency at every stage. Automated escalations expedite resolutions when needed, ensuring regulatory compliance and maximizing customer satisfaction. Securing Your Complaint Data Salesforce prioritizes data security with Shield and Financial Services Cloud’s Compliance Data Sharing Model to ensure the confidentiality of sensitive complaint information through robust access controls and permissions. This guarantees that only authorized personnel can view and interact with sensitive data, maintaining the highest levels of privacy and compliance. Centralizing and Unifying Your Data Beyond security, Salesforce eliminates information silos by centralizing complaint data from across your organization. This creates a single source of truth, providing a comprehensive and unified view of customer feedback. This holistic perspective enables deeper analysis, informed decision-making, and a more proactive and practical approach to complaint management. Harnessing Complaint Data for Continuous Improvement Financial Services Cloud’s Case Management and Data Processing Engines can give you a complete view of customer complaints and their lifecycle. By harnessing this case data within CRM Analytics, you can enhance the customer 360, proactively monitor trends, prioritize areas for improvement, and enhance the customer experience while effectively mitigating risk. The Future of Complaint Management: Salesforce as a Strategic Advantage In an increasingly competitive and regulated landscape, banks must be equipped to address customer complaints efficiently and leverage them for continuous improvement. By combining Salesforce’s power with a strategic, customer-centric approach, banks can turn complaints into a catalyst for growth, ensuring a more resilient and customer-focused future. At Tectonic, we’ve watched firsthand how a well-designed complaint management system can transform customer interactions from points of friction into opportunities for improvement. Our experience in the financial services sector has taught us that technology is only part of the equation. A comprehensive approach, encompassing data-driven insights, staff training, and ongoing process optimization, is essential for maximizing the benefits of any system. Chat with our financial services experts to learn how Salesforce can transform your complaint management process to deliver exceptional service and strengthen trusted customer relationships. Like Related Posts Salesforce OEM AppExchange Expanding its reach beyond CRM, Salesforce.com has launched a new service called AppExchange OEM Edition, aimed at non-CRM service providers. Read more The Salesforce Story In Marc Benioff’s own words How did salesforce.com grow from a start up in a rented apartment into the world’s Read more Salesforce Jigsaw Salesforce.com, a prominent figure in cloud computing, has finalized a deal to acquire Jigsaw, a wiki-style business contact database, for Read more Health Cloud Brings Healthcare Transformation Following swiftly after last week’s successful launch of Financial Services Cloud, Salesforce has announced the second installment in its series Read more
Understanding and Growing Your Monthly Recurring Revenue (MRR) Monthly Recurring Revenue (MRR) is a vital metric for subscription-based and managed services businesses. It indicates whether your business is growing or shrinking and is crucial for making strategic decisions. Understanding and Growing Your Monthly Recurring Revenue is a key to building, monitoring, and exploding your pipeline. What is Monthly Recurring Revenue (MRR)? While revenue represents your company’s total income, MRR is the predicted monthly revenue from active subscriptions. It includes all recurring charges such as subscriptions, service retainers, promos, discounts, and add-ons, but excludes one-time fees. Why is MRR Important? MRR provides insights into financial performance, growth potential, churn, and customer value. It is essential for strategic planning and investor relations. Benefits of Calculating MRR: Types of MRR: How to Calculate MRR: The basic formula for MRR is: MRR=Number of active accounts×Average monthly revenue per accounttext{MRR} = text{Number of active accounts} times text{Average monthly revenue per account}MRR=Number of active accounts×Average monthly revenue per account Steps to Calculate MRR: Example Calculation: MRR=(100×$50)+(50×$100)=$5,000+$5,000=$10,000text{MRR} = (100 times $50) + (50 times $100) = $5,000 + $5,000 = $10,000MRR=(100×$50)+(50×$100)=$5,000+$5,000=$10,000 So, the MRR for that month would be $10,000. Advanced MRR Calculations: Growing Your MRR: MRR is a crucial metric for understanding your customers, finances, and growth potential. By tracking and managing MRR, you can make informed decisions and drive sustainable business growth. As the subscription-based and managed services landscape evolves, prioritizing MRR is essential for improving and innovating revenue streams. Like Related Posts Salesforce OEM AppExchange Expanding its reach beyond CRM, Salesforce.com has launched a new service called AppExchange OEM Edition, aimed at non-CRM service providers. Read more Salesforce Jigsaw Salesforce.com, a prominent figure in cloud computing, has finalized a deal to acquire Jigsaw, a wiki-style business contact database, for Read more Health Cloud Brings Healthcare Transformation Following swiftly after last week’s successful launch of Financial Services Cloud, Salesforce has announced the second installment in its series Read more Top Ten Reasons Why Tectonic Loves the Cloud The Cloud is Good for Everyone – Why Tectonic loves the cloud You don’t need to worry about tracking licenses. Read more
As technology evolves, cross-channel marketing will become even more sophisticated, leveraging artificial intelligence, machine learning, and predictive analytics to deliver hyper-personalized and proactive customer experiences. Businesses that adopt this approach will stay ahead of the curve, fostering stronger customer relationships and achieving long-term success.
Leading provider of branded, designed solutions (laminate) for commercial and residential customers worldwide. The company has been surfacing spaces for 110 years. Client struggled with no real ability to see a 360 degree view of the business.
