3 Powerful Tools for BFSI Firms to Build Strong Corporate Customer Relationships


BFSI (Banking, Financial Services, and Insurance) is the term used to describe the industry which provides financial products and services to customers. In recent times, it has become crucial for companies in this key sector (or, for that matter, companies in all industries) to build strong relationships with customers in order to survive and grow.


The BFSI sector includes commercial banks as well as investment banking and non-banking financial institutions. As the global economy continues to grow, so does the need for high-quality financial services.


With time, everything is going digital, and so is the BFSI industry. Digitalization has made it easier for BFSI companies to establish strong relationships with their customers. The problems which customers faced earlier due to manual banking operations can now be resolved effectively using digital technologies.

Today, we’ll look at 3 Salesforce tools, released recently as part of the new Financial Services Cloud, which go a long way in enabling BFSI organizations to build excellent relationships with their customers.


1. Interaction Summaries

Many a time, people of BFSI companies hold fruitful discussions with clients but fail to come up with notes that provide actionable insights to take the conversations forward. This can lead to many problems and may even result in losing clients.


You can overcome this problem very easily using Interaction Summaries. The innovative tool enables you to take notes about discussions with customers very easily. The notes go a long way in comprehending the relationship of a client with your financial institution – Interaction Summaries can be integrated with accounts and opportunities to gain a 360° view of past dealings of the client. For instance, you can know the customer considered obtaining a Letter of Credit (LoC) with your bank. This information will enable you to take appropriate steps to serve the client better.


You can also determine who can access the notes, ensuring you maintain the highest level of confidentiality. For example, if your team held a discussion regarding a possible merger with a competitor, you can make sure only those involved in the discussion receive the notes pertaining to the potential deal. More about Compliant Data Sharing in a moment.


2. Compliant Data Sharing

It is very important for BFSI organizations to follow privacy norms stipulated by law while handling customer data. Failure to do so will attract huge penalties and may lead to loss of reputation built over the years. Therefore, banks and other financial services organizations leave no stone unturned to keep the information pertaining to their clients private.


One of the key elements of BFSI firms’ strategies to protect their customer information is regulating access to the information. Prior to the advent of digital tools, these organizations relied on manual processes to secure client data, and these were difficult to manage.


This problem is effectively resolved by Compliant Data Sharing. The innovative tool helps BFSI organizations to ensure customer details and other confidential information is shared only with those who are authorized to access them. You can restrict access to sensitive information to specific members of your organization based on the roles they perform. For instance, you can ensure all financial accountants in the Mergers and Acquisition (M&A) division have only ‘read-only’ access to data pertaining to a potential takeover of your rival.


3. Actionable Relationship Center (ARC)

A big picture of the customer empowers people of BFSI companies to provide the right advice, based on a specific context and/or uncover more business opportunities.


You can use ARC to get a comprehensive view of your clients’ interactions across various units of your organization or its subsidiaries. For instance, one of your customers has availed a mortgage from your bank. This information can be made known to a representative of your bank’s insurance subsidiary, using ARC, who can offer the customer an appropriate policy to cover the mortgage, thereby expanding the relationship.


As you can see, the 3 tools discussed above go a long way in helping you serve your customers better and build strong relationships with them. At Solunus, we help you make the best use of Salesforce Financial Services Cloud – our rich experience serving a wide variety of financial organizations coupled with a strong focus on comprehending your unique needs helps us deliver the best solution.


Hope you enjoyed going through this post. How do you plan to use Salesforce Financial Services Cloud? We’d love to know.

What Can BFSI Firms Expect by Partnering with Solunus?

  • 45% Faster Stakeholder Collaboration

  • 35% Growth in Sales Productivity

  • 190% ROI on Salesforce

  • 40% Reduction in Decision-making Time


About Solunus

Solunus is a dedicated Salesforce partner organization, headquartered in Dallas, Texas. Our unrelenting focus on comprehending the unique needs of our clients coupled with our unrivaled expertise of the Salesforce platform enables us to deliver the perfect solutions that create the best value.

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