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Achieve a 360-Degree View of the Customer

Learning Objectives

After completing this unit, you’ll be able to:

  • Describe how Salesforce uses artificial intelligence to predict customer needs that your bank can address.
  • Explain how Salesforce helps banks manage referrals efficiently across multiple lines of business.
  • Describe how Salesforce helps banks uncover key insights about customers’ household and business relationships.

Predict Customer Needs

Let’s return to the story of Rachel Adams and the team at Cumulus Bank to see Salesforce in action.

Rachel is a happy and loyal Cumulus customer. One day, her longtime Cumulus relationship manager, Dan, receives an alert from Sales Cloud Einstein telling him that the monthly direct deposits in Rachel’s checking account have increased significantly. Based on this information, Dan gives Rachel a call to inquire about the change and ask if she’s interested in talking to someone at Cumulus Wealth Advisory Services to help her manage her growing wealth.

During their conversation, Rachel mentions her recent promotion and salary increase. Even more important, Rachel says that she recently gave birth to a baby daughter! She tells Dan that she wants to begin saving for her daughter’s future education.

Dan congratulates Rachel on all her good news and creates a new goal for Rachel in Salesforce. He also mentions that Cumulus Wealth has a variety of options for education savings plans, as well as a highly competitive fee structure for loyal Cumulus Bank customers who enroll in wealth management services.

A screenshot showing how Dan uses Salesforce to record Rachel’s goal of saving for her daughter’s education

Manage Referrals

Rachel is interested, so Dan refers her to Alice, a Cumulus wealth advisor. Dan knows that Alice specializes in helping families plan for education and retirement savings, so she is a great person to work with Rachel on her wealth management needs.

A photo of Alice, a wealth advisor

Because Salesforce logs all of Dan’s activity, Alice can easily understand the context behind his referral. Salesforce gives her a full picture of Rachel’s history across the Cumulus retail, mortgage, and insurance lines of business.

Alice quickly runs a Salesforce report, which shows her that longtime Cumulus customers with more than one product or service are significantly more likely to become wealth clients than prospects who are engaging with Cumulus for the first time. She also sees that Dan’s past referrals converted to wealth clients at a higher than average rate.

These two insights point to Rachel as a very hot prospect for Cumulus Wealth Advisory Services. Alice decides right away to prioritize Rachel.

Uncover Key Insights Across Customer Relationships

Alice emails Rachel, but she doesn’t receive a response even after several days. Looking for another way to reach Rachel, Alice checks the Relationships tab in Salesforce Financial Services Cloud and discovers that Rachel’s husband, Miguel, is already a client! Alice decides to call Miguel to ask if he and Rachel are interested in joint wealth planning for their young family.

A screenshot of the Client Relationship Map, which shows that Miguel Adams is the spouse of Rachel Adams

Miguel is pleasantly surprised that Alice made this connection, and he sets up a meeting with Alice and Rachel to discuss their options. Before the meeting, Alice does some research on Miguel’s existing portfolio and realizes that he and Rachel can save money on fees with a joint wealth account. After carefully discussing the details, Miguel and Rachel agree on enrolling in a joint account, and they set up an education savings plan for their daughter.

Using a combination of artificial intelligence, actionable analytics, and customer insights, Cumulus identified an area where their wealth advisory services can address a need for Rachel and her family. In addition, Dan and Alice collaborated efficiently using a solid referral-to-sale process that helped them meet Rachel’s needs promptly and professionally.

In the next unit, see how Cumulus management can gain visibility into how processes like these unfold, and how they can reward employees for the successful outcome.

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