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[Wealth Management] The Next-Gen Customer Experience – A Dreamforce Case Study

Decades of complex processes and legacy systems have been blamed for slowing down digital transformation in the financial services industry. Delivering solutions that unify the customer journey is challenging given the industry ‘spaghetti’ of systems and data. To address customer needs for both their business and personal journeys, firms need to provide a unified client experience across products, channels, and geographies.
During the Dreamforce Financial Services keynote, BBVA demonstrated how they leverage Salesforce Financial Services Cloud (FSC) along with integrations with other systems and data sources to unify the client experience across products, channels, and geographies. While unifying systems and data is challenging, it also presents a unique opportunity for organizations to integrate their best of breed solutions and consolidate an increasing amount data via connectors to drive actionable insights for both advisors and customers.

The Customer View

BBVA shared the story of Alexandro Martin, a customer who had the opportunity to go through the unified customer journey with them across business and personal lines. At the same time Alexandro took ownership of his family’s business, he also received news that his first baby was on the way.
Although Alexandro was ambitious in business, he knew he needed to save for his family too and was able to start immediately with the BBVA mobile app. With a few clicks, he transferred some money from his savings into a new account his for his first baby. Because all relevant information was captured in the mobile application on Alexandro’s financial accounts is integrated with Salesforce FSC, a trigger was created to introduce Alexandro to a wealth management advisor. Alexandro was assigned to an advisor and then prompted by his mobile application to schedule a meeting based on the advisor’s availability.

The Advisor Side

Behind the scenes in FSC, the process described above triggered an Action Plan for the BBVA advisor. Her Action Plan very clearly outlined key customer onboarding tasks, including the appropriate engagement channels for each task. Alexandro’s FSC profile also included all of the financial account and personal information his advisor needed to prepare for their first meeting. Based on discovery in the initial financial planning meeting, the advisor was able to easily create a business referral and FSC routed the referral to the appropriate expert.
Most importantly, Alexandro’s new advisor was able to place him on a customer journey to receive personalized messages about his financial progress at the right time and through the right channel. Data captured from these interactions, as well as additional information provided by Alexandro, will be captured in Salesforce for Einstein to provide improved recommended actions in the future. Furthermore, this data will remain accessible in FSC across all advisors so management can track performance and share best practices in team meetings.

The Next-Gen Customer Experience

Customers from Alexandro’s generation aren’t like their parents; they’re exposed to a wide variety of consumer experiences on a daily basis, through various channels. They expect the type of best-in-class digital experience they get from the leading ecommerce sites, across all of their services: seamless and personalized, on a day-to-day, week-to-week, year-to-year basis. And in a field like wealth management, it has to be taken a step further and extend to offline channels too.
Regulations in the financial services industry call for rigorous processes and technology like AI to manage data and customer engagement. AI and automation, along with a clearly defined strategy for collecting and capturing data from a number of systems and surfacing that data to advisors and customers in a meaningful way to drive intelligent interactions, work to a firm’s benefit in unifying the customer experience as well. This requires integration of required systems to orchestrate workflows and actions, including secure and compliant engagement channels like email, social media and text. Automated data capture and synchronization into CRM platforms has enabled BBVA to provide actionable insights to their advisors that deliver a compelling end-to-end experience for customers and present advisors with opportunities to grow their book of business.

Marcin Grobelny

As director of client engagement at Hearsay, Marcin Grobelny leads strategic initiatives to improve the customer experience, including sales and marketing enablement, partnership strategy, and business process design and optimization.

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