The Future of Financial Services Leveraging Data Cloud & GenAI
Learn how Slalom approaches data challenges in the financial services industry by leveraging a powerful combination of Salesforce Data Cloud and generative AI.
By Melissa Murphy and Chris Hale
What defines a best-in-class digital experience is changing. Whether you’re in financial services, retail, or travel & hospitality, your customers demand a tailored, succinct, and engaging customer experience with your brand. Additionally, your business has the pressures of cost and efficiency top of mind.
Let’s face it: your system landscape is a mess. Not out of any kind of negligence or ill will, but the longer a company is around the more systems they collect. Each business unit has a set of tools that is best for their processes and a vast network of tribal knowledge built around each one. Being efficient across your business units requires data. Being world-class requires unified data.
But building a world-class experience can be a challenge, especially for those of you in regulated industries like financial services. Easy access to competitive services drives customer and brand loyalty challenges as traditional financial services firms work to compete with new, lightweight fintech solutions.
Due to heavy historical data needs, financial services teams face unique roadblocks when it comes to technology adoption and improving the digital customer experience. When acquisitions and late-adoption drive your technology strategy, it can be incredibly difficult to get a 360-degree view of your customer. Especially when that customer exists in five different organizations, with five separate service representatives, banker relationships, and more. Given these siloes, unified data is crucial to address key challenges you’re facing as you work to improve customer experiences across the digital lifecycle.
Front-runners in the industry have turned to AI to help manage some of these challenges — but understanding AI and adopting it into your day-to-day digital strategy can seem daunting on top of existing, historical data challenges. We have all heard a lot about generative AI lately and the great ways it can positively affect your business and your customers.
Taking a strategic approach to platform adoption and bringing AI into your existing internal processes enables teams to do amazing things — across all industries. To bring this beyond the conceptual, check out what Slalom and Virgin Voyages were able to accomplish together to build a better customer experience leveraging AI.
For a generative AI solution, the more accurate and unified your data is, the better the summaries and insights will be. Your customer service reps need the data from front-end bankers to know the customer’s product selection(s). Sellers need complaint history, a record of how many issues they had with their last product selection, to confront this early in the sales cycles. Back-office operations need front-end banker and customer service data to know what can be targeted to provide more banker efficiency across business units. This data being summarized, at a glance, even though it may be located across 10+ disparate systems, is how you go from where you are to a world-class experience.
Ever wonder what your customers actually look like when you pull all their separate threads together? Trying to figure out what you can do with all that data you are collecting?
Enter Salesforce Data Cloud.
Data Cloud takes your data from all those disparate systems and uses an identity resolution process to transform those siloed records into unified customer views. This unified view drives higher levels of insights and profile enrichment than ever before. Now you know that Jane Doe visited a branch location in person the day before she called a customer service representative for support, or that John Smith recently received a promotional email regarding targeted product cross-sell.
Data Cloud serves as the foundational underpinning that enables data-driven processes across the Salesforce ecosystem. For generative AI, Data Cloud can be a key factor for success. A powerful set of native and external integrations, both batch and triggered, drive immediate value for clients who want to enable use cases for their customers with the right information at the right time to drive ROI. Knowing when and how to reach out to Jane or John can be the differentiator that drives that world-class customer experience.
A Data Cloud implementation paired with Slalom’s generative AI framework for Salesforce gives you the ability to expose your unified data to your employees across business units. Imagine a sales representative who can see a summarized version of the customer’s purchase history and which products they liked and which they didn’t. Imagine a service representative who can know what product the customer is reaching out about and their purchase history with your organization in a few sentences on one screen — with no swivel. Now that’s powerful.
Slalom is a next-generation professional services company creating value at the intersection of business, technology, and humanity. Contact us today to schedule a demo and check out our Data Cloud Readiness workshop here.
