As regulatory complexity, disruptive competition, and evolving customer expectations are growing; many financial institutions are getting pressure to shift to digital transformation. In such a situation, financial institutions might face a dilemma in selecting between financial services and the sales cloud. It has been identified that financial institutions like investment banking, commercial banking, wealth management firms, and insurance agencies emphasize salesforce fintech solutions or financial services-specific CRM software.
This is because it helps access customer information in one system, increases productivity with more innovative insights and real-time actions, collaborates with clients easily on different platforms, and develops and maintains customer relationships with the growing business. Keep reading this post to get a deeper insight into Salesforce for the fintech industry.
Top 8 Reasons To Use Salesforce For Fintech Management
The use of the salesforce platform is increasing for the financial management for the cross-department data integration that provides strategic choice and other benefits. Some of the important benefits of using Salesforce for finance are discussed below.
1. A Cost-Effective Or Cost-Saving Solution
Choosing a salesforce fintech solution at the business level can make it easier for you to align your IT spending with overall business growth and control the bottom line. Salesforce allows you to provide visibility of customer information to everyone by placing all the business data in one effective place. As a result, it gives a better experience to both employees and customers. Additionally, a customer-first approach is used in this that helps to improve customer retention and reduce the cost of sales.
2. Offers A Single Source Of Truth
Many finance teams are currently facing challenges with data consolidation and reporting. Thus, choosing a salesforce for the fintech industry is considered to help remove such tension and frustration by offering a consolidated view of your business data. It has been identified that Salesforce gives you reliable, transparent, and immediate access to the correct data instead of going for multiple software systems or trawling through the paperwork.
Therefore, you can get a positive impact on your business performance. Moreover, it can help CFOs make accurate predictions and strategic decisions with access to real-time revenue data. As a result, a business can get a clearer understanding of its potential outcomes and remain forward-thinking always.
3. Enhances Productivity For Finance Teams
Many organizations shifted their functioning to work from home during the Coronavirus lockdown when many employees started working remotely. In such a pandemic situation, Salesforce for the fintech industry has given access to the data that the finance team requires from anywhere and at any time to improve productivity.
Moreover, it has been seen that Salesforce swapping siloed systems or spreadsheets resulted in huge time-saving benefits. In other words, it can be said that the finance teams can accomplish more tasks by eliminating the requirement for time-consuming data entry in various systems.
4. Keeps Your Customer First In The Business
To see the impact of business decisions on customers, you must avoid splitting customer data across multiple systems. This is important to do; otherwise, it can be more risk-averse. There are various ways that you can follow to make customer-centric investment decisions, which are described below:
- Access to real-time data can result in accurate predictions over financial things
- Look after investment options based on the customer’s point of view
- The use of customer data to analyze customer retention, churn, and revenue
- Get a stronger sense of the impact of the financial decisions on the customer relationship
5. The Future Of Financial Management
It has been identified that Salesforce helps to unlock the relationship between return on investment (ROI) and expense spent at the business level. Thus, many businesses are giving more priority to Salesforce. Salesforce gives you direct evidence that brings value to your business by consolidating expense spending on your revenue and customer data.
Moreover, you can get an accurate budget, take instant corrective action as per requirement, and easily forecast outgoings with access to real-time analytics. Also, choosing a salesforce CRM consultant for your business can help promote your business by making you able to make data-driven decisions.
6. Brings Sales And Finance Closer Together
CFOs have top pain points, such as inaccurate reporting, inaccurate financial or sales forecasting, and renewals forecasting and management. Thus, effective coordination between sales and finance is essential to maximize revenue growth and improve forecasting.
Moreover, it has been identified that Salesforce helps to unify sales and finance teams by exchanging customer data, which leads to making them take the right decision. In other words, it can be said that Salesforce provides an understanding of improving business results and the impact of financial decisions on customers. This platform also helps increase compliance by making you follow IFRS standards to produce financial reporting.
7. Works As A Market Leader
Bringing finance into Salesforce can be a low-risk investment considering business data. It has been identified that Salesforce is the no.1 cloud enterprise platform that develops better security. This feature includes a security health check every release, enables multi-factor authentication, etc. As a result, these features help your business scale confidently and enable your team to perform its tasks safely.
Moreover, you can achieve your departmental requirements by tailoring your Salesforce. With this flexible platform, you can get customized options in many add-on services and products. Likely, salesforce capabilities can be extended, making it easier to complete and manage all financial tasks.
8. Get Better Efficiency And Flexibility
The finance empowers team members who benefited from Salesforce to work effectively across multiple devices. Salesforce helps to eliminate the requirement for duplicate data across multiple systems and gives access to assets, business processes, and shared data. In addition, Salesforce can be used remotely and requires installing hardware that can save all your valuable time. Further, the salesforce platform can be easily adapted and scaled to achieve your changing requirements.
Why CFOs And Finance Teams Widely Prefer Salesforce In 2022?
CFOs and financial teams are juggling many responsibilities where they need to take important decisions to empower their financial performance at the business level. In such a hard situation, the integration of salesforce gives them better visibility of real-time data that offers them opportunities behind the numbers and provides a stronger understanding of the potential risks in business.
Moreover, it has been identified that moving the business’s finance function to the cloud on a reliable and secure platform can help improve relationships with commercial teams and open a wealth of opportunities for increased customer retention and engagement.
GetOnCRM is a Salesforce silver consulting partner. We can help you seamlessly integrate Salesforce CRM for your fintech business and improve your customer or user experience with our expertise in Salesforce CRM solutions.