The Best of Dreamforce 2021 for Financial Services

October 5, 2021


Dreamforce, Salesforce’s biggest event of the year, took place last week and we attended to bring you the latest news for the Financial Services industry. Continue reading for updates on how Salesforce is looking to improve their offerings for Financial Services and where to find the most relevant sessions for you from the event. 

What Salesforce Has Learned From Their Financial Services Customers

At Dreamforce 2021, Salesforce shared that throughout this pandemic the Financial Services industry has been experiencing a shift in priorities and have made it a point to learn from their customers and transformation partnerships about this shift. Through these discussions, they gained the knowledge and insights needed for them to invest properly in ways that allow them to stay ahead, differentiate, and help their customers get to the value that they are seeking quickly. 

They’re taking this request for speed and bringing it to their Financial Services innovation strategy by: 

  • Reimagining the platform to create the ultimate digital customer experience.
  • Building compliance frameworks to manage complex rules and decision making.
  • Striving to deliver a single source of truth with integrations to bring you the right information at the right time. 
  • Delivering insights and automations to seamlessly connect to middle and back-office processes with digital process automation and service transformation.
  • Connecting it all with their system of record and unique platform of engagement with Slack.

Their goal is to become a trusted enterprise to their customers (you), so that you can become trusted enterprises to your customers. 

Now let’s look more specifically at some of these innovations.

New Innovations for Financial Services Cloud 

As we all know, COVID-19 pushed businesses in all industries to adapt and become more digital very quickly, something we’ve talked about frequently at Fortimize. According to the State of the Connected Customer, 70% of customers expect seamless interactions between digital and physical channels now. To help financial services firms meet this demand, Salesforce is working on some new innovations for Financial Services Cloud. 

The product strategy for Financial Services Cloud 360 is made of:

  • Delivering digital-first financial services 
  • Driving operational excellence
  • Automating service transactions
  • Leveraging insights to take action

Since launching Financial Services Cloud in 2016, Salesforce has had 17 releases and is in the most financial services markets, including launching in Corporate and Investment Banking this year. The innovation doesn’t stop here, of course. They’ve seen the shift to digital-first and are investing in making Financial Services Cloud friendlier to digital-first processes. 

At Dreamforce they announced digital process automation for Financial Services Cloud. This addresses a key need Fortimize hears from clients across the banking, lending, wealth, and asset management spectrum: firms must seamlessly automate front- and back-office processes to create delightful digital customer experiences.  With the new digital process automation capabilities, you can deliver customer-first digital experiences with low code to no code business automation. 

In order to achieve this digital process automation end-state, you may need to integrate other internal systems with the Salesforce platform. The newly released Mulesoft Accelerator for Financial Services helps you simplify the creation of customer 360 visions by unlocking data from core record-keeping systems like FIS. This is a low-code capability example. There are also options for no code with Salesforce DataRaptor and Salesforce Integration Procedures. These solutions allow you to manage data inside Financial Services Cloud objects or external data from other sources that can be put into your insurance quoting process or when generating financial documents. 

Looking to the Future of Financial Services Cloud

B2C Banking

Most interactions clients have with their banks are service-related, and these clients usually aren’t satisfied after the interaction. To address this gap, Salesforce is investing in Service Excellence to provide unified and frictionless issue resolution across channels. Here are some of the innovations in the pipeline:

  • A completely reimagined user experience for contact center agents with a console that presents only the most relevant information from Salesforce or a third party core banking system. 
  • Frameworks for key business processes like alerts, fee inquiries, and transaction disputes that can be used to complete those processes end to end.
  • Real-time integrations to ensure that all transaction-related data is posted to core banking systems to ensure that balances always reflect the latest information.

B2B Banking

The recent launch into B2B banking brought with it the ability for bankers to manage and deepen client relationships with a 360-degree view of the client’s organization and the bank’s relationship with the client. This enables bankers to track complete deal lifecycles from pitch to execution while ensuring banks remain compliant by limiting control of who gets access to sensitive, nonpublic information related to any deal. For the future they’re focused on:

  • Ability to gain unique insights from data integrations
  • Simplifying deal management
  • Streamlining deal collaboration
  • Optimizing deal pipeline

The Fortimize team will be watching for when these features and capabilities will be available and are ready to help your teams implement them. 

All we shared above is just a fraction of the exciting news and inspiring stories told during Dreamforce 2021. Visit Salesforce+ to see all of the Financial Services sessions. 

Unlock endless possibilities

Thought Leadership Paper

Digital Transformation in the Financial Services Industry During COVID by Jim Collins