A universal private sector bank that offers personal banking services faced challenges with a disjointed view of customer financial data, manual processes, and compliance issues, which were resolved by migrating to Salesforce Financial Services Cloud, enhancing automation, security, and customer management.
The Challenge
The bank experienced a disjointed view of customer financial data which hampered their ability to provide efficient service, manual and semi-automated processes led to delays, regulatory compliance became increasingly difficult to manage, and their custom-built solutions struggled to scale and adapt to new requirements.
The Solution
Persistent leveraged the Financial Services Cloud (FSC) Transition Assistant. First, a thorough discovery and gap analysis was conducted to understand the existing custom objects, automations, and code. This step allowed mapping the bank’s custom data model to FSC’s predefined objects seamlessly, thanks to the automated metadata mapping provided by the Transition Assistant.
Persistent focused on business process automation by leveraging FSC’s capabilities to simplify and standardize customer management. Features such as Household Management and Action Plans replaced custom solutions, effectively reducing technical debt. Additionally, compliance and security were enhanced through Salesforce Shield, ensuring robust data security with auditing and encryption.
The migration plan was meticulously phased to allow for extensive testing and user acceptance testing (UAT) before a full transition to FSC. By scheduling the migration over a weekend and providing live support, Persistent ensured minimal disruption to the bank’s daily operations. This careful planning and execution led to a smooth transition, enabling the bank to handle future growth and additional products efficiently.
The Outcome
- 35% reduction in response times due to automation, significantly speeding up customer service.
- A 360-degree view of customer information resulted in unified customer profiles, improved service quality, and enabled more cross-sell and upsell opportunities.
- The structured and automated migration created faster time-to-value and proved to be significantly faster than traditional methods.
- The solution is scalable, future ready, and capable of handling growth and additional products without extensive custom development.
Products
- Salesforce Sales Cloud
- Salesforce Service Cloud
- Salesforce Financial Services Cloud
