Benefits of Using Salesforce CRM For Fintech Companies

The fintech industry is growing rapidly and changing investing and lending. Rapid growth, however, comes with challenges. Regulatory compliance presents a significant challenge, as does the imperative of data security. Furthermore, the industry grapples with the dual tasks of retaining existing customers while continuously innovating to stay competitive. These factors collectively temper the pace of growth in the fintech sector.

Do you also struggle with the same challenges? If so, then you’re not alone.

According to Reuters, one-third of firms say that regulatory compliance is one of the top challenges. 56% of fintech companies are treated by data security concerns according to PWC. Also, the customer retention rate for fintech companies stands at 37%. (Source: Surveysparrow).

How can you overcome these challenges? Salesforce, the world’s leading cloud-based CRM is emerging as one of the best CRM for fintech companies.

Here, we’ll look at Salesforce CRM’s benefits for fintech companies. It will allow you to decide if Salesforce CRM is right for you.

Benefits of Salesforce CRM for Fintech companies

The benefits of Salesforce CRM in the banking sector are many. Check them out here:

1. Personalized customer experience

Personalization is the need of the hour in almost every sector, and fintech is no exception.

Personalization is not only about customization, it’s about understanding each customer’s needs, delivering relevant solutions, and building mutually beneficial lasting relationships.

According to McKinsey & Company, fintech companies offering personalized experiences witness a 15% surge in revenue.

A personalized experience has endless benefits. One solution to deliver a personalized experience to customers is Salesforce CRM.

Fintech CRM software like Salesforce could help fintech companies in the following ways to deliver personalized experiences;

2. Smart risk management

Salesforce CRM could help fintech companies to confidently navigate risk and compliance. From reducing loan defaults and streamlining collections and recovery processes, the benefits of Salesforce for fintech are many. Let’s have a look at them;

a. Risk assessment and analytics

The rising number of loan defaults is a major hit on the revenue of the fintech companies. It is estimated that one out of five loans (about 21.66%) is never repaid, according to the Kaggle notebook.

Salesforce has powerful analytics and data solutions. Fintech companies can leverage these tools to assess the risk profiles of borrowers. By analyzing historical data, credit scores, and transaction patterns, they can identify potential default risks early.

CRM Analytics is the perfect example of such a tool that can assess the risk profile of a specific borrower, and help you make better lending decisions.

b. Automated collections

Salesforce allows for automated collections workflows. When a borrower misses a payment or exhibits concerning behavior, the system can trigger personalized reminders, notifications, and follow-ups. This proactive approach helps prevent defaults and improves recovery rates.

With a tool like Salesforce Orchestrator, you can create workflows that will coordinate across different collections, billing, and more. These workflows can also trigger reminders, notifications, and personalized recommendations based on the borrower’s profile.

c. Predictive modeling

Salesforce’s predictive analytics can forecast loan default probabilities. By considering various factors (e.g., repayment history, economic indicators), fintech companies can allocate resources effectively.

You can also read here how integrating Salesforce CRM for small businesses is beneficial.

3. A catalyst of automation and efficiency

On average, finance sector employees spend three hours a day performing manual repetitive tasks. Companies using Salesforce CRM could automate these repetitive tasks, thus saving employees time and effort. Here is how Salesforce CRM can automate and boost efficiency for fintech companies;

4. Boost lead conversion rates

Salesforce for fintech organizations can significantly boost lead conversion rates. Here is how Salesforce can supercharge your lead conversion rates;

5. Embedded finance

Embedded finance has breathed new life into the finance world. It refers to the practice of offering financial services with non-financial products. For example, a fintech company can collaborate with a ride-hailing app to offer micro-loans to the drivers of the application.

Here is how the best CRM for fintech could help in embedded finance;

6. Organize and access your data with Salesforce CRM

Fintech companies have to deal with a lot of the information, but it can be difficult to find and use the information you would like. Information can be unstructured and spread over distinctive sources. You would like it. a way to collate and display your information in a basic and helpful way.

Salesforce CRM helps you do that. Data from different sources is gathered and visualized on a dashboard in an easy-to-understand format. You’ll be able to. effectively organize, sort, and analyze your information with some clicks. You’ll moreover get bits of knowledge and recommendations from Salesforce CRM to progress your operations.

Let’s say you want to know how many customers used your embedded finance solution last month. With Salesforce CRM, you can see the number of transactions, revenues, and customer satisfaction rates for your embedded finance platform. You can also see which customers are likely to use your solution again and which ones need more support. Your marketing and customer service strategies can be tailored based on this information.

You can use Salesforce CRM to manage and access your data with ease and efficiency. It helps you make better decisions and grow your fintech company.

7. Salesforce CRM’s robust security shield for fintech data

In the world of financial technology, where customer data is crucial, ensuring its safety and security is a critical concern.

In the face of an escalating threat landscape marked by cyber crimes and fraud, Salesforce CRM stands out for financial firms striving to strengthen their protection against data theft.

The integration of Salesforce CRM introduces a robust framework equipped with a comprehensive suite of security features. This not only mitigates the risk of unauthorized access and data breaches but also establishes a secure environment that promotes high brand recall and, crucially, customer trust.

The platform’s dedication to data security extends beyond a mere protective layer; it represents an investment in preserving the positive brand reputation of financial institutions. Salesforce CRM functions as a proactive guardian, implementing measures to defend against emerging security threats and ensuring a consistently secure data environment. The reduced risk of data theft is a direct outcome of this integration, offering financial companies peace of mind in handling sensitive customer information.

Moreover, Salesforce CRM institutes secure processes for the handling of customer data, adhering to heightened security standards that align with industry best practices. This not only meets the regulatory demands of the financial sector but also instills increased confidence among customers.

As financial firms navigate the complex landscape of embedded finance, the adoption of Salesforce CRM emerges not only as a strategic business decision but as a commitment to the unwavering protection and secure management of customer data.

8. Easy accessibility

In an era dominated by the internet’s omnipresence and the proliferation of smart gadgets, the world is now at your fingertips.

Integrating the Salesforce CRM platform into your systems opens a gateway to unparalleled accessibility for employees. Whether they find themselves on the opposite side of the globe or utilizing any internet-connected device, the platform empowers them to effortlessly access crucial data.

A standout feature lies in the ability to make calls directly through the platform, streamlining communication processes, and facilitating efficient note-taking during calls. Furthermore, the flexibility extends to offline scenarios, allowing users to access essential data even when connectivity is momentarily lost. Embrace the benefits of Salesforce CRM, where connectivity knows no bounds, transforming the way businesses operate in our interconnected world.

Final take

Salesforce CRM is a powerful and versatile tool for fintech companies. It helps them manage their data, customers, and workflows with ease and efficiency. It also enables them to offer embedded finance solutions that are seamless, convenient, and innovative. With Salesforce CRM, fintech companies can create new revenue streams, enhance customer loyalty, and drive financial inclusion and innovation. Salesforce CRM is the ultimate solution for fintech companies that want to grow and succeed in the embedded finance era.

Looking for a partner to help you adopt the Salesforce CRM for your fintech company? You can use Cyntexa’s Salesforce Consulting Services to leverage the Salesforce CRM customized to your business needs.

Let’s schedule an obligation-free consultation session with us, to discuss your requirements, and find out how we can help you.