Salesforce deploys its Einstein Analytics product in financial services

Cloud-based customer relationship management software firm Salesforce has made its artificial intelligence-powered Einstein Analytics solution available for the financial services sector, the company said in a statement.

The data driven insights offered by the analytics product will help wealth advisors, managers and retail bankers to instantly recommend customised products for their customers, it said.

San Francisco-based Salesforce said the financial sector has seen their traditional business models being disrupted by fintech startups and need to provide their end customers with simpler products to help them buy savings or investment instruments. It added that customers are demanding fully digital, smart, fast and personalised products, though, with a high-touch experience, it added.

“We are bringing AI to customer interactions and building products that speak the language of the financial services industry. They’re getting a tailored approach to analytics with the agility of our platform,” said Ketan Karkhanis, senior vice president and general manager of Salesforce Einstein Analytics.

Salesforce said that banks often struggle to manually stitch together and correlate all of their customer data from various systems and to deliver them at scale. Einstein Analytics is priced at $150 per user per month as an add-on to the overall Financial Services Cloud product of the company.

The product helps financial advisers with updates on which clients are most likely to increase their assets under management or churn, helping them focus on client retention and growth. It also provides a dashboard for tracking financial goals and interactions, referrals, deposits and fees of their clients without having to wait for other internal teams to provide these data sets apart from providing industry metrics as well. The solution also comes with built-in compliance and regulatory norms.

An early customers, Elements Financial said that it has been using the product to deepen client relationships and to grow its business. "Our work with Salesforce has allowed our credit union to build a data culture where stronger and more accurate knowledge leads to serving our membership with customisation,” said Lisa Schlehuber, chief executive of Elements Financial adding that the technology, as well as the high-touch level of service, helps the company become unique leading to better customer relationship.

Yesterday, Salesforce said that it is adding new features to its marketing automation platform Pardot to provide regional marketing teams and sub-brands tools to categorise and target audiences.