Meet the New Financial Services Cloud | Salesforce

All right. Good afternoon Chicago. My name is Rohit Mana and I lead our financial services industry team. And I have to say I'm a native New Yorker. I grew up in the east coast, but I love coming to Chicago. Great sport town. People are very friendly, very open to share their experiences. But I've started to think maybe it's because my Knicks haven't been in the playoffs or two years and it looks like we're not going to make it this year. But as you were walking into the room, you saw this great film about United Capital. And what I love about United Capital is they're much more than a traditional wealth management firm. They're all about understanding their client needs, helping them achieve their goals. And that's why their name of being a financial life management firm is just so, so powerful. They're really reinventing what financial services is. And that's what I'm so excited to speak to you today about. That is the future in our vision for financial services. It's what we call precision financial services. It's the new era of the customer and employee engagement. Now before we get started, I have to share a note from our lawyers. We're going to be talking about a lot of exciting things today. You're going to see some demos, I might make some forward looking statements. But my ask of you is make all of your buying decisions based off product that's currently available. Salesforce, we just celebrated a birthday, we're 17 years old. And we've been very fortunate along our history in financial services to work with firms of all different sizes, independent advisors to medium sized regional banks, super regional banks, the largest insurance carriers in the world. And also firms that are looking at financial services through different lens. The disruptors, the fintech firms, but also most importantly, some incredible firms that are based right here in Chicago. Cna, Northern Trust and Hightower. And as we speak with these firms, we look at them as not just a customer, but really a true advisor of ours. So we ask them what they see the vision of this industry is, what challenges they're incurring. And what we hear constantly is it's all about their end customer. Everyone. No matter if you're in insurance, you're in wealth, you're a banker. Everyone's thinking about that their customers experiences have been fundamentally reset by firms outside this industry. Just think of maybe how you got here today. I personally took an Uber and that experience that I got from Uber is something that I and probably many of you and your customers are looking for when they work with their financial services firms. And that engagement model is just not there right now in financial services. And this has created a loyalty crisis across the industry. Whether if you're in banking, wealth insurance, the themes are very consistent in wealth. For example, over 50% of investors are dissatisfied with their financial advisors. Quite often they feel as if they're speaking to a brick wall and the advisor is just not listening to them, doesn't understand what they are trying to achieve. In Insurance, less than 30% of policyholders feel as if their advisor, their agent is helping them. I guess that paper based engagement model is just not working anymore. Now here's the thing. This has created a massive opportunity in financial services. At the forefront of this, the people that are paving the way, that are leading the way are the disruptors, firms like Lending Club that have changed the way that lending is being conducted right now. That peer to peer model has even come into insurance with friendsurance just changing the way policyholders experience insurance. My favorite is a firm named Aspiration Bank. These guys are your non traditional bank. They are all about understanding the customer, understanding what their values are and helping them achieve those. They they're truly a social conscious bank and they've actually been recognized for this. Just last year Time magazine awarded them the top bank account in America. And I encourage all of you after the session to go on their website, experience the brand, sign up and just see what they're all about. But here's the thing, this opportunity is also being taken advantage of by the non traditional vendors in this space. Firms like Uber, I just mentioned them before. They're entering the car financing space. Apple, what they've done with payments, it's really, really incredible. But it's also the large telcos, so Orange, one of the largest telcos in Europe asked a question very recently, why can't we provide financial services? And you know what, they're doing it across their thousand stores to their 27 plus million customers. They're now going to be providing banking services to them. And these are just a few examples of the firms that are looking at financial services are getting incredibly excited by the opportunity that they see. Now here's the thing, the titans of Wall street, they're standing up now, they're reacting and they're responding. Jamie Dimon in a recent letter to his publicly that he stated to his shareholders said Silicon Valley is coming. The CEO of axa, I love this quote. He said digital is no longer an option, it's a must. This imperative is here and everyone's now reacting to it. It's a movement to the front office. They're thinking about your customers, needs to think about your employees. And when we're having these conversations with these executives, we're talking about very common themes. The first question is, how do you radically change your customer experience? How do you do it in a way that you take advantage of all the internal data systems that you have? How do you do it in a way that it's scalable, that you're doing it very cost effectively? And how do you do it? You do it by changing the operating model. Move from the world of being generic, move to the world of being precision. The idea that the spray and pray approach in marketing, it just doesn't work anymore. The customer's not responding to it. What they're looking for is a personalized experience. They want their email communication or really any touch point that you're having with them to be as personalized and in context of them as possible. The idea of just waiting and being reactive just doesn't work anymore. Your customer wants you to be proactive to understand what their needs are, help them achieve them. The idea of being product centric doesn't cut it anymore. You need to be thinking about what the goals are of your customer, building a really rich profile around them and helping them achieve them. Most importantly, you need to do it when the customer wants and how they want to receive those services. Now how do you enter this stage? How do you start delivering this precision experience? I'd like to give you an orientation of the slide that you're looking at on the left side of the slide. This is your opportunity. You all are sitting on incredible data around your customers. Data coming from your policy systems, your core banking systems, your customer master systems. What you now can do is you can take that data and enrich it with what your customers are sharing publicly on a daily basis. They're sharing things that are important to them, things around their life, life events that they're going through. They're leaving a digital footprint when they go onto your website. These are just golden nuggets of information around your customers. What you need to think about is how do you marry these two data streams together? And this is what we do at Salesforce. We help you take that data, analyze it, derive insight, and then take action on that data. The right side is the benefit. So what happens is when you start taking action is you can make every communication again with your customer as precise and in context to them as possible. What happens is your customer now feels as if they're the only customer that you have, and they just love the experience. Now it's not just about the customer experience always. We also have to think about our most important assets and that's our internal employees. So as part of my job, I have the opportunity to speak with many customers. And no matter if I'm speaking to an agent in insurance, a relationship manager in banking, or an advisor or broker on the wealth side, what I often hear is they say, rohit, we spend so much of our time just trying to aggregate data internally, trying to stitch that data together. And we're spending all this time on just trivial tasks. And that's not what they're good at. What these knowledge workers, what these relationship managers are incredible at is working with the customer. They want to understand everything about that customer, build a deeper relationship. And this is why we feel turbocharging your relationship manager, your banker, your agent, if you, is so, so incredibly important. What I'd like to do now is talk about a customer who's just paving this way in financial services is really at the cutting edge of it. Someone who's changing the way wealth manager is being delivered and how advice is being distributed out to their clients. It's probably with no surprise this firm is based right here in Chicago. So please join me in welcoming Doug Besso, the chief information officer from Hightower up to the stage. Doug, thanks so much for being here.

Thanks, Rohit.

Doug's also an east coaster who now lives in Chicago for the weather. Yeah. So Doug, we were just talking about how important it is to have productivity, you know, with your internal employees. Can you talk a little bit about at Hightower why that's so important to the advisors?

Sure, yeah. You know, I think it starts with, you know, our advisors come to us because they, they don't want to be worried about the day to day, how their office operates, productivity within their office. They should be spending time with their clients. They're not growing their business if they're thinking about all those other things. So when I go into an office, the first thing I ask is kind of what do you do on your day to day and where are you spending your time? And if they're not spending 80, 90% of their time on clients, then that means that I'm not doing something right. So it starts with that and where their focus is.

I love that. Just the need to make your advisors as customer, client centric as possible. You're a great person in the technology space. You've done a lot over your career. Can you talk a little bit about why you Selected Salesforce how you're using it as part of your strategy at Hightower?

Sure. I think it started with four years ago when I came to Hightower. We're a startup, we're eight years old. We couldn't build it from scratch. And I've done that in past lives and I know how hard it is. So the first thing we looked for was not a CRM. We looked for a platform because our vision was that the customer is going to be important to us in all aspects of our business. But we needed to find a platform that was going to build 60, 70, 80% of that platform for us and then start plugging in everything around it. Because the other philosophy of our business is we want the best of the best. We don't want one solution for everything. We want multiple solutions catered around what's best for our advisors, because they're building a business around their clients and that's not gonna be vanilla all the way through. So when we saw Salesforce, we saw a platform that was built around open source integration, not trying to solve every problem. But if you build the right platform, then you can plug all those solutions into it.

I love that. The idea and the power of the platform and what that means not only from a technology side, but what that enables on the business side. At Hightower, could you talk a little bit about the fact that advisors, and you've told me this in the past, they're not technologists, but it seems at Hightower, it's actually giving them a lot of benefits. They're really changing the way they even interact and the way they work as advisors.

Absolutely. I think when you see the power of. And you talked about marketing just a second ago, about how you can tie your website and your CRM and client interaction all together into one vision and visual for them, it's incredibly powerful. So they're spending their time focused on the right things because on the back end, everything's getting, I would say, better, cheaper, faster. Right. That's the job, is continue to make it more efficient, like I said before. So they're spending their time focused on the right thing.

So you mentioned earlier you've been using Salesforce for four years. You're clearly down your journey. Can you talk a little bit about what's next? Where's the vision of how you see technology being used at Hightower?

Yeah, we like to say the best is yet to come. I mean, we're just scratching the surface. And I think the most exciting part for us is that Salesforce has come along with us. So, you know, I hate to say we were right, but we were right that we picked the right platform because the platform itself has evolved. We don't worry about mobile. We don't worry about how we're going to deliver certain things to the young client, because that's Salesforce's job. And they've done phenomenal in keeping pace with where the world is going to consume things. And then we're building everything around the client. So we've completely changed our strategy because I think most software is built wrong. It's built for what the software is going to do and not around the client. And the client can be, in our case, it could be the advisor. So our service teams are servicing advisors. So that's the client that should always be in focus. Our advisors, it's their end client. So everything they do, everything when they start their day, every place they navigate should be around that client because that's always the conversation that they're going to come back to is, who's the client that I'm working on right now and where's the focus? So our entire platform is shifting to the client.

Well, Doug, I just want to say thank you. You've been an incredible partner for four years and thank you for coming and sharing your vision and your success. So with that, let's give Doug a round of applause. Thanks again, Doug. So what I'd like to do now is talk a little bit about our strategy. So so far we've talked about our vision that we have in financial services. You just heard from an incredible customer. But what we've been up to the last year at Salesforce is focusing on financial services. It's become our number one priority industry in the company. And we've been thinking very deeply about our strategy. So our strategy is comprised of four core pillars that I'd like to walk you through. And where it starts is just a continuation of that conversation that we had with Doug. We've been speaking with so many of our customers, so many of our advisors to understand what they feel, the industry trends are, where they'd like to be using technology. We've gone out and done our own research to go to the customer and understand what type of engagement model are they looking for. And then what we did is take a look at that data and decided, what is it that we wanted to build? How did we want to take our customer success platform and make it industry specific for you? And what we realize is that's something we can't do alone. So the next thing is We've been working with the leading partners in financial services to build this together. And it's an iterative process. It's a continual. So we always go back to our customer, to our advisors, and get more and more feedback in. This strategy is what we call our Financial Services Cloud. What's great to know is that Financial Services Cloud was launched this month and is generally available to you today. We've taken the world's number one CRM platform and reinvented it for financial services. Just in a few minutes, we're going to walk you through a demo, so you're going to see it live. What's important to know is Financial Services Cloud is built on our lightning platform, so it has that lightning user interface. Also, I mentioned on the previous slide that partners are just so, so important to our strategy. So we've marshaled together the leading partners, many of them you're seeing on the slide here. We're working together with them. You're going to see more and more from us from a partner side, and together we're leading this industry transformation. And with that, what I'd like to do now is show you financial services. And to do that, I'd like to invite up Erin Agrios, who leads Wealth Management, who's going to give us a demo. Welcome up, Aaron.

Thank you. High fives. We weren't going to high five in case I fell down the stairs and we had a Madonna moment, which we didn't want to do. So. Hi, everybody. I'm excited to be here in Chicago today and I'm very excited to show you, for the first time ever on this stage, Financial Services Cloud. So we're going to get started in a second. But for those of you who don't know me, I'm Canadian and I've been told I have a little bit of an accent, so. So I've arranged for subtitles on the screen here. Just kidding. It's not that bad. All right, let's get started. So I'm an advisor, and right away you can see I'm on the client profile page. Sarah Hartman. As Ro had said, this is the world's number one CRM, but reinvented for financial services. And you can see that we're using lightning. So over the left, I have everything that I need to manage my relationships. As an advisor, you can see all the basic information that I'd expect, like total financial accounts and assets under management. But now it's bubbled to the top so I can get to this information in less clicks over to the right you can see all of this information, my interactions that I've had and my team have had with Sarah so that we're always on the same page. Now, even when I'm out of the office on my mobile device, I can see all of this information and I have it available to me at my fingertips. Advisors are always on the road so I can create notes, but what's really cool is that I can make those notes actionable by creating tasks with just the swipe of my finger. Happened fast, but it's really cool. Back on the desktop, all of this information is synced in real time. So you can see the call that I just logged, the note I just filed. All of this information is available in one place. And let me just tell you what's really powerful about that. If you think about it, advisors normally have to transition between 20 to 30 different systems to get this information. But as you're seeing here, Financial Services Cloud has all of this information in one place. So now that I have all this information in one place, what can I do with it? Jeff, let's show them how I can manage my book of business. Using Financial Services Cloud's powerful reports and dashboards, I can see all of this information in real time. I can see total clients, I can see total households. All of this is out of the box. And now I have forensic level of insight so that I know exactly what to do. But this isn't just about managing my book of business. This is also about deepening the relationships that I have with my clients. So you can see here on this engagement dashboard, I can see all of the proactive opportunities that I have to reach out to my clients so that I know who to reach out to and for what purpose. Information like clients not contacted in the last 60 days, that's kind of important, right? Clients nearing retirement and even clients whose birthdays this month. But I'm a pretty busy advisor so I need to plan what I'm going to do for this week. So in order to look at this information through a slightly different lens, I'm going to use the powerful client segmentation capabilities that I have in financial services clouds. Have a look at that. So now I can look at my book of business, but I can slice and dice my book of business depending on what I want to see in the moment, using the powerful filter capabilities. I can even use the pre built filters to get to this information a little quicker. Like clients birthdays this week. So once I sort this information, I can see my most important clients right at the top of the list, you can see that I've got Rachel Adams right at the top here. And it turns out it's her birthday tomorrow. So let's give Rachel a call. But before I do that, I want to dig into her profile a little bit because I need to know what's been happening with her since the last time I spoke. So let's look at her client profile. I mean, this is a rich, 360 degree view of Rachel. Right away I can see the financial summary information. And I said she's one of my best clients. We're managing 97% of her wallet share. That's incredible. Let's have a look at her relationships though, because it's not just about my relationship with Rachel, it's about her household as well. Wait a second. Now that I'm looking at the household, why is that wallet share only 51%? That's depressing. Okay, we're going to have to come back to that. But this household page is really exciting. I want you guys to get really excited about this. We spent a lot of time trying to pull this information together. Normally, household information is scattered across multiple different systems. And the result is that our advisors have an incomplete view of their client relationships. But you can see here in financial services cloud, I can right away see Rachel's immediate family and all of the interactions that I've had. But I can also see her extended relationships, like her centers of influence, her other family members. And take a look at this. Rachel's found herself a nice rich Brit named Nigel Adams. We just had a meeting with him about his inheritance. So that could be what's driving that 51% wallet share. So I want to dig into that even further. And to do that, I'm going to click on the Adams household. Now. This is just fantastic. So now I can see financial summary information across the household. So I can see Rachel's accounts and Nigel's accounts. And what's driving that 51% wallet share is Nigel has his inheritance at another firm. That's frustrating because I want to manage that money. I can way better returns than that other firm. So I could pick up the phone, I could call it, say, move your money. You know, I can do a much better job. My performance is better. But I'm an advisor who manages relationships and manages my clients by providing really personalized advice. And so to do that, I'm going to have a look at their financial goals. This is really, really exciting. So we've partnered with financial planning tools to bring the goals information into salesforce. So all of this information is right exactly where the client interaction is happening. Goals based wealth management is extremely important. So I can see retirement information. I can see that they want to own a deep dish pizza restaurant or in Chicago, why not? Who doesn't want to own a deep dish pizza restaurant? So we're going to help them get to that goal. So I pick up the phone, I said I was going to call Rachel, wish her a happy birthday, and now I'm providing her with really personalized, proactive advice that's helping her meet this goal. So let's fast forward three weeks. Normally we would have had a lot of interaction that would have happened over the phone or email about helping them achieve this goal. But in financial services cloud, all of this information happens digitally. You can see here the Adams can interact with my team and I through our private client community. All of the interactions, all of the documentation is captured right right here. I can even bring in experts like a real estate expert or a deep dish pizza expert in this case so that they can add value to the conversation. So this could happen from inside my organization or outside my organization. But the point is that financial services cloud is helping me drive much more collaborative advice with my clients. And check this out in the top right, I've got a notification. So even when I'm out of the office or working with my other clients, Financial services cloud is pushing me real time alerts so that I'm always staying on top of what's most important. So in this example you can see that Nigel has signed those e signature documents that we asked him to and those assets have now transferred to my book of business. But just before I get excited, I want to see. Yep, that wallet share, that pesky wallet share that was at 51% is now at 92%. High fives team. All right, good. So this is a really, really good example of how I can manage my relationships on a one to one basis. But really successful advisors figure out how to do this across their entire book of business. They figure out how to do it at scale. So how do I do that? I'll show you. There's a couple ways. The first one though, I'll show you is reports. So I can segment my clients based on similar interests. So pizza or wine? I'm holding a wine event later this month. So now I can segment that list. I have about 27 people and I can easily create an event through my quick actions and invite these clients to my wine event. So using the easy to use campaign tool in Financial Services Cloud that we designed for advisors. I can now reach out to populations of clients all at the same time. So you can see here, 32 clients are invited to this event and I've got $3.2 million of pipe in the room, potential assets for me to manage. So I'm driving more ROIs per click. This is how you grow your business. The last thing I'll show you is that this tool is not just for advisors, it's for managers as well. And so I can out of the office, I can pull up my mobile device, I can look at my dashboards, and right away I have all of those key performance indicators that I need to manage my business opportunities, pipeline reports, even advisor productivity. It's all available in the palm of my hand. So that was the demo. You said hello to Financial Services Cloud. I hope you enjoyed it. Thank you.

Awesome. Who does not want that? Who does not want that visibility into your clients, into your book of business and what you just saw with financial Services cloud is how we can help you manage, deepen and grow your book of business. What I'd like to do now is ask everyone in this room a question. Raise your hand if you're currently using Salesforce. Don't be shy. Raise. I'll give you a second. Cool. So I'd like to congratulate everyone that raised their hand because you, you didn't even know it. You're already on this journey towards precision financial services. You're using Salesforce to unify your customer data. You have the ability to build apps and applications at the speed that the disruptors are. The next stage in this journey that you need to be thinking about is how do you take this incredible data that you have in Salesforce and make it contextual. Enrich it with other data feeds around your customers to turbocharge your agents and employees productivity. Enable your advisors and teams to work as a team when they're in the office, when they're out the office to collaborate with their customers. But it doesn't stop there. It's also about taking all this enriched data and personalizing it to your customers to make it proactive like we talked about earlier, to put your customers on journeys that are incredibly, incredibly personalized to them. So it means something them, it's in context, they find it valuable. This is what customers are getting again outside of brands. And it's something you all could be delivering to your customers in financial services. What's really exciting is this is what we've been working on with financial Services cloud. You just saw a brief demo of it. There's so much that we've been working on here and I encourage all of you to give us feedback. This is the way we're going to get better, the way we're going to do more. And the way I would ask for your feedback is three different ways. First, as you exit this room, please go outside and check out our demo stations. Get hands on with financial services cloud. Play around with it. Ask some of the experts, ask some of your peers there what they think the next thing is. Fill out one of our surveys. We have them when you're exiting the building. Again, we'd love to hear from you. And the last thing is join us tonight. We've got a great reception where you can network with all your peers and just continue to build this ecosystem and build your personal relationships. And with that, I'd like to thank all of you for spending your time with us today and enjoy the rest of your time at the world tour here in Chicago. Thank you.