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While customers expect tailored interactions, banks face numerous challenges in engaging and providing personalized experiences to their clients. For example, just 54% of consumers feel their bank actively tries to understand their needs. Another significant challenge is building and maintaining trust. The financial crisis and numerous data breaches over the past decade have undermined customer confidence in banks. Edelman's Trust Barometer says that only 62% of customers trust their banks.
Additionally, the omnichannel experience that modern consumers demand is often missing in traditional banking. For instance, within the solution Noltic provided for FIBR bank, we've automated multichannel marketing content creation and email distribution, ensuring that the messaging and service quality remains consistent, improving customer satisfaction in banking.
At Noltic, we have a powerful solution to tackle these challenges. Salesforce Marketing Cloud for banks empowers you to craft personalized customer journeys, foster trust, and deliver frictionless omnichannel experiences for your clients.
Why use Salesforce Marketing Cloud in the banking industry
Since banks need to forge deeper connections with their customers, Salesforce Marketing Cloud can be a solution. It offers powerful tools to personalize outreach and build stronger relationships within the banking industry. Here is how it can help your financial institution to thrive:
- Data unification and privacy compliance. Banks handle sensitive customer data, and Marketing Cloud offers features to ensure compliance with regulations like Know Your Customer (KYC) and General Data Protection Regulation (GDPR). It helps create a single customer profile through data unification to facilitate financial services marketing while maintaining strong data security.
- Pre-built integrations. Marketing Cloud integrates with Salesforce Financial Services Cloud, a CRM specifically designed for banks. This pre-built connection facilitates data flow between marketing and customer relationship management, giving a more holistic view of the customer journey in banking.
- Segmentation and personalization. Marketing Cloud excels at customer segmentation in banking by targeting specific demographics or financial needs. This customization allows sending personalized messages about relevant products like new investment opportunities or loan options to the right customers, fostering stronger relationships.
- Scalability and automation. As banks grow, so do their marketing needs. To handle large volumes of customer data and automated campaigns, Marketing Cloud can scale rapidly and accommodate changes. This helps banks optimize marketing efforts and reach a wider audience efficiently.
- Compliance assistance. Marketing Cloud offers tools to help with compliance in the financial services industry. Features like email consent management and unsubscribe options ensure banks comply with regulations regarding customer communication.
Salesforce Marketing Cloud for financial services: comparison with other solutions
Salesforce Marketing Cloud is an unmatched solution for banks, but it's not the only option. Here's a breakdown comparing it to other solutions:
Salesforce Marketing Cloud Features for Banks
Salesforce Marketing Cloud in the banking sector provides a thorough set of features that can be particularly beneficial for financial institutions. Here's a breakdown of some key features aligned with banking needs:
Unified customer view
Customer 360 Integration is a single platform that gathers customer data, such as website visits, app interactions, and financial transactions, into a single, unified view. This consolidation empowers banks to understand their customers on a whole new level.
Targeted customer segments
Banks can leverage customer data to create targeted customer segments to track financial behavior and product preferences. This data allows financial institutions to tailor marketing offerings precisely to each segment's needs.
Compliance management
Ensure that marketing efforts meet the highest standards, including GDPR and CCPA regulations, which are crucial for institutions operating in the EU and USA markets.
Personalization
Individualization is becoming a priority for 86% of financial institutions. Dynamic Content allows setting up email marketing for banks, website content, and mobile app experiences that resonate with each customer's unique needs and interests.
Salesforce customer engagement
Journey Builder automates marketing actions based on customer behavior. Trigger personalized welcome emails, loan approval notifications, or timely product recommendations, keeping your customers engaged throughout their journey.
Omnichannel marketing
This feature helps to establish consistent messaging across all channels, including email, website, and mobile app, to create smooth and frictionless personalized banking experiences.
Einstein analytics
Powered by Salesforce's AI, this tool brings a deeper perspective into customer data. These Insights allow banks to predict behavior, measure campaign success, and adjust marketing strategies to get the best outcome.
Data-driven optimization
Testing different marketing approaches allows you to compare results and identify the most effective ones. This approach ensures continuous improvement and maximizes your return on investment (ROI).
How Salesforce Marketing Cloud drives user engagement for your bank
Salesforce Marketing Cloud can drive user engagement in your bank by creating personalized and relevant experiences across different channels. Here's how:
Understanding your customers
Marketing Cloud helps you build a 360-degree view of your customers by integrating data from various sources, such as your CRM, online banking platform, and website interactions. This feature helps to understand clients' financial needs, preferences, and behaviors.
Segmentation and targeting
You can create customized audience segments and distinct groups with similar characteristics based on customer data. Banks can launch targeted marketing campaigns with relevant financial services, products, and educational content that resonates with each segment. Imagine sending personalized investment advice to high-net-worth individuals or promoting student loan management options to young adults starting their careers.
Personalized customer journeys
Automatically adjust marketing emails, landing pages, and even mobile app notifications based on individual customer data. For example, an email promoting a new savings account can dynamically display the customer's current account balance and potential interest earned.
Multichannel engagement
Salesforce Marketing Cloud allows you to design personalized customer journeys across various channels. This could include sending a welcome email series to new account holders, followed by targeted SMS messages about specific promotions, and providing educational content about investing or financial planning delivered through your mobile app.
Automated triggered campaigns
Set up messages to respond to specific customer actions or events. For example, an email with loan options could be triggered when a customer deposits a large sum of money, indicating potential interest in growing their savings. Similarly, an educational email about managing credit card debt could be sent automatically after a customer exceeds their credit limit.
Interactive content and gamification
With Marketing Cloud, banks can engage users and gather valuable customer insights by publishing quizzes, polls, and surveys. You can even incorporate gamification elements to encourage participation and make financial information more engaging.
Real-time engagement
Marketing Cloud offers real-time engagement tools like chatbots and SMS marketing. These can be used to provide immediate support to customers with questions or concerns, fostering a more interactive and personalized banking experience.
Things to consider when implementing Salesforce Marketing Cloud for financial institutions
1. Marketing goals and objectives:
- Define clear goals
What do you want to achieve with Salesforce Marketing Cloud? Do you want to increase customer acquisition, boost engagement, or promote new financial products? These specific targets help you define the marketing strategy and measure the success of your Salesforce Marketing Cloud implementation.
- Align with overall marketing strategy
Ensure Salesforce Marketing Cloud integrates seamlessly with your bank's broader marketing initiatives.
- Compliance considerations
Financial marketing is subject to specific regulations. When defining your marketing goals and objectives within Salesforce Marketing Cloud, factor in compliance requirements.
2. Data infrastructure compliance and security:
- Data security
Financial institutions handle sensitive customer data. Salesforce Marketing Cloud offers solid security features, but you must ensure they align with your existing data security protocols.
- Data governance and compliance
Establish clear data governance policies to ensure customer data is collected, stored, and used according to regulations. Salesforce Marketing Cloud can help manage customer consent and unsubscribe options to comply with data privacy laws.
- Data quality
Successful marketing campaigns rely on accurate and up-to-date customer data. To maintain data quality, ensure your data infrastructure can integrate seamlessly with Salesforce Marketing Cloud.
3. Integration with existing systems:
- CRM compatibility
A core benefit of Salesforce Marketing Cloud for banks is its pre-built integration with Salesforce Financial Services Cloud. It simplifies marketing and customer relationship management data flow for a unified customer view. However, if you use a different CRM system, ensure compatibility with Salesforce Marketing Cloud or factor in the need for additional integrations.
- Marketing technology stack
Consider how Salesforce Marketing Cloud will integrate with your existing marketing technology stack, such as analytics platforms or email service providers.
- Technical resources
Implementing and maintaining Salesforce Marketing Cloud requires technical expertise. Evaluate your in-house resources or partner with a Salesforce Marketing Cloud implementation specialist.
4. Security
- Data encryption: Salesforce Marketing Cloud offers data encryption to safeguard sensitive customer information.
- Access controls: Implement precise access controls and assign roles and permissions to your employees to restrict access to customer data.
- Regular security audits will help you detect and resolve any vulnerabilities within your Salesforce Marketing Cloud implementation.
5. Scalability
- Future-proof your marketing platform: As your bank grows, so will your marketing needs. Salesforce Marketing Cloud can accommodate increasing customer data and complex marketing campaigns.
- Performance considerations: Ensure your infrastructure can support Salesforce Marketing Cloud's demands, especially if you anticipate a high volume of marketing activities.
Success story: Salesforce Marketing Cloud implementation for an American Bank
Salesforce Marketing Cloud can truly boost your customer engagement which is proven by several successful cases. For example, our client, a leading American Bank, that specializes in providing law firms with financial services such as merchant services, commercial real estate, and business banking.
They faced several challenges in modernizing customer experiences. First, the Bank needed a system to manage targeted marketing based on complex customer data, and their existing approach required automation. Hence, large amounts of customer data needed a unified platform to avoid constant migration. The final goal was to improve customer experience with advanced analytics and communication tools to drive engagement.
They choose Salesforce Marketing Cloud for their bank customer engagement because it offers advanced personalization and can be integrated with their CRM.
What we did
- Created an email-sending system with features like HTML, CSS, unsubscribe options, targeted sending, triggered emails, and Dynamic Content.
- We improved the Content Builder interface with drag-and-drop features and reusable components, focusing on user experience.
- Set up website integrations to gather data for personalization and investigate user behavior.
- Developed responsive landing pages with HTML, CSS, and mobile optimization for lead generation.
- Captured events from the bank's website and integrated data into Salesforce.
- Implemented Content Builder with features like AMP script development, server-side JavaScript, and reusable templates.
Within two years of implementing Salesforce and Marketing Cloud, the bank saw a massive surge in new law firm clients – over 50% were acquired through digital marketing efforts.
The results
- 3x increase in Click-Open Rate and Click-Through Rate for automated email campaigns, exceeding industry averages.
- Facilitated content management: Intuitive knowledge base for easy content creation and management.
- Detailed customer insights: Ability to collect in-depth customer data to create personalized messages and content.
- Advanced service marketing: Improved capabilities for reaching existing and potential customers.
How Noltic can help your banking institution to implement Salesforce Marketing Cloud
Noltic is a Salesforce Consulting Summit Partner — the highest partnership tier available. This means we're officially certified by Salesforce to provide expert consulting and implementation services. This distinction signifies our expertise and proven commitment to delivering your bank's best possible Salesforce Marketing Cloud solutions. With vast experience in product development and implementation of Salesforce, Noltic follows a structured process designed to facilitate data-driven marketing for banks:
1. Discovery. We learn your business and customer needs to propose the best Salesforce Marketing Cloud solution.
2. Setup & Integration. We install the necessary packages, integrate Salesforce Marketing Cloud with your existing systems, and ensure smooth data flow.
3. Content Structure. Our developers and your team collaborate to create a content library, such as web pages or emails tailored to your audience.
4. Customization. We personalize your Salesforce Marketing Cloud setup using AI, automation, and advanced features for maximum ROI. We build omnichannel journeys, ad campaigns, and more.
5. Ongoing Management. We collect data, analyze results, and create detailed reports to adjust and optimize marketing campaigns.
Conclusion
The traditional banking model of one-size-fits-all marketing is fading. Customers demand personalized experiences, and banks that fail to adapt will struggle to retain them. Salesforce Marketing Cloud offers a powerful solution, empowering banks to build a unified view of their customers, craft targeted communications, and deliver seamless omnichannel experiences.
The success story of the American banking institution we partnered with is a testament to this. By leveraging Salesforce Marketing Cloud, they achieved a 50% growth in new clients acquired through digital marketing efforts and a 3x increase in email campaign engagement. They also gained valuable customer insights to personalize their offerings further.
The path to a future-proof banking experience starts with personalized customer engagement. With over 80 successfully delivered projects, our certified architects possess the expertise to help you unlock Salesforce Marketing Cloud's full potential. Together, we can help your bank build stronger customer relationships, drive loyalty, and achieve sustainable growth in the competitive financial services landscape.
FAQ
How to improve customer satisfaction in the banking industry?
Building trust and fostering personalized connections are essential. Salesforce Marketing Cloud empowers banks to understand customer needs, segment audiences, and deliver relevant communication across channels. This customized approach aims to increase customer lifetime value in banking.
How can Salesforce Marketing Cloud help banks personalize customer experiences?
Marketing Cloud provides a unified customer view, allowing banks to tailor emails, website content, and mobile app experiences to each customer's unique needs and preferences.
Is Salesforce Marketing Cloud secure for handling sensitive customer financial data?
Security is a top priority in banking. Marketing Cloud offers solid security features and complies with industry regulations like GDPR and CCPA, so banks can be confident that their customer data is protected.
Should banks consider partnering with a Salesforce Marketing Cloud implementation services provider?
Partnering with a Salesforce Marketing Cloud implementation expert can be highly beneficial. These specialists can guide banks through the setup process, ensure best practices are followed, and maximize the platform's potential for improved customer engagement.
What resources are needed for a successful Salesforce Marketing Cloud implementation?
Successful implementation requires dedicated internal resources, including marketing and IT teams. Partnering with a Salesforce Marketing Cloud expert can also be valuable in providing technical expertise and ongoing support.
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