by Mike Walsh | Jan 2, 2019 | Blog, Salesforce Tips
Happy New Year to everyone! 2018 is in the books and 2019 is officially here. It’s been a big year for Salesforce, and of course, for us Salesforce experts and consultants. As always, the platform is growing to service a bigger audience but also working to provide better solutions and functionality for those already using it.
Last year saw tremendous advances in the areas of AI, Security (GDPR), automation, big data and the Internet of Things. So what can we expect in the world of CRM in the coming year? Well if, its anything like last year, quite a lot!
The growing trends in just about every area of business and sales revolve around the ever-increasing amounts of information and data out there, and how they are used, analyzed and processed. People want to make sure their data isn’t being manipulated, but they also want better and more relevant interactions from brands. Companies are challenged to not only collect as much data while maintaining trust but then needing to figure out how to understand that data to grow.
According to Salesforce’s fifth annual “State of Marketing” report, released in December 2018, 84% of those polled said that being treated like a person rather than a number is essential to winning their business. With all of this in mind, it should come as no surprise that Salesforce is likely going to focus on Customer Experience (CX) in the following year.
What is the idea behind CX?
In a nutshell, you can think of it as a new piece of the value proposition. Customers are finding how they are treated to be increasingly more important, and purchase decisions are not just on the quality of product or service alone.
So how will Salesforce likely move in this direction? There are 3 main areas that come to mind:
- Customer Data and Personalization
- Connecting with customers and making them feel valued. Giving them a curated experience and not just a one-size-fits-all response. This is what people are looking for. It’s all about personalization, and the more personal you can make the customer’s experience, the better.
- Collecting customer data is how companies are able to customize each customer’s experience. Not just the obvious things like their name and address, but minute data points that begin to tell the bigger picture of their needs, wants and habits. Look to Salesforce to roll out many different tools and add-ons that make that customer experience ever more personable
- AI
- In 2018, Salesforce pushed pretty hard to get their AI software, Einstein, into the minds of customers. Watch for it to really begin to take root in 2019. Relying on computer analytics to give quality recommendations naturally takes time to adjust to, but sooner or later, it will take hold. Or at least, this is the bet that Salesforce has gone all in on.
- AI can allow companies to get ahead of the game and be proactive with regards to their customers’ needs. Some new areas you may begin to see AI in are voice-to-text functionalities, spam filters, sales forecasting, smart searches, and sentimental analysis.
- Marketing Automation
- Automation is not a new buzzword. But it sure is important in just about every area. Who wouldn’t want to take a 10-hour manual process and reduce it down to a couple of simple keystrokes?
- Increased marketing automation means companies can interact with their customers not only more, but at the right time! So when you really need a new bottle of shampoo and an add comes up reminding you, well that’s pretty good customer experience.
- Salesforce has been working diligently with both Pardot (B2B) and Marketing Cloud (B2C) in the last few years to continue adding features and streamlining their marketing automation options. 2019 should continue this trend.
Read more here about the shift toward Customer Experience
As an added bonus, (and to back up the point that Salesforce is very much thinking about Customer Experience), we found a great article on their own blog, with some of their 2019 predictions, in regards to retail.
Some of their predictions include:
- Integration of customer data across systems will become imperative
- Subscription commerce will get a big boost
- And purpose-driven brands will thrive!
Read the full article here
-Ryan and the CloudMyBiz Team
CEO of CloudMyBiz Salesforce CRM consulting services with a deep knowledge in the lending industry. Taking keen interest in the project management side of operations, playing a vital role in the 31% YOY company growth. Strategic leader, mastering the ability to problem solve at every level of the business, providing effective solutions for clients.
by Mike Walsh | Oct 18, 2018 | Salesforce Tips
At CloudMyBiz, we like to say that we speak the language of lending. We know how the industry works from the inside, and so, we are always keeping up with the trends and news in the Alternative Lending and FinTech. This allows us to keep abreast of new developments, better understand what our clients are experiencing and then better tailor and develop our solutions to meet the changes of the future.
Alternative Lending and FinTech have been growing by leaps and bounds in recent years. The industries move quick, and so staying on top of things is essential to keeping ahead of the competition.
There have been a number of articles written in recent months detailing the top FinTech trends of 2018 and, after reading our share of content, we wanted to share some of these trends in our own blog.
Interestingly (and not really surprising), many of these trends mimic the developments and growth that Salesforce is taking as well. So, we will not just be looking at the current trends in the industry, but also how Salesforce is enabling this growth, and providing companies with better tools and solutions to keep up with the trends.
So without further ado, our list of Top FinTech Trends of 2018
More and More Automation
Automation has come to just about every industry, and so it should be no surprise that FinTech is not an exception. For financial companies, increased automation means faster transactions and smarter processes. Interestingly, McKinsey & Company predict a second wave of automation in banking, that will increase capacity and free employees to focus on higher-value projects.
How Salesforce Enables Automation
Not much needs to be said here. Salesforce was built to bring companies streamlined processes and all around better functionality through automation. The idea has always been to empower administrators through “clicks-not-code”, so that smart workflows and automation can be built by anyone, regardless of any programming knowledge.
More Data. Better Data
Data and big data have been getting a ton of attention in the last few years. In regards to the finance industry, how data is collected and used is changing. Credit scores are no longer the only driving factor, as many creative loan options look at a large variety of factors to determine eligibility. Having access to large volumes and more precise metrics are changing the way financing is done
How Salesforce Enables Data
Reporting. Cough. Reporting. It shouldn’t be news to anyone that Salesforce routinely touts the power of their reports and dashboards to give users deeper insights into their data. And it’s for good reason. The reporting in Salesforce is robust, and when used properly, can provide valuable info on all sorts of important business metrics.
In addition, with Salesforce’s ability to add on various apps, risk and decisioning tools can be integrated directly to your CRM. For example, FUNDINGO’s LexisNexis or Experian integrations give lenders, brokers and funders direct access to these online credit services.
Increasing Regulation
Finance is certainly one of the most regulated industries and as financial technology continues to change, financial regulations are constantly struggling to keep pace.
10 years ago, Bitcoin hadn’t even been invented, let alone understood in such a way as how to regulate it. As companies are relying on digital tools more and more to handle money, security concerns are just one of the things that come along with it. For the FinTech industry, more regulation by and large means that companies simply have to keep aware of what is happening, and do everything they can to remain compliant.
How Salesforce Handles Regulation
As a cloud-based system, Salesforce has always had to worry about regulation and security. Protecting sensitive customer data has always been essential, and with a Sales platform that can be used in just about any vertical, Salesforce has had to be ironclad to be used so broadly. How did they do it? Say hello to Salesforce Security and Salesforce Shield, which protect your data and help you remain compliant.
Blockchain and Bitcoins
Speaking of Bitcoin there could hardly be a discussion about new trends in finance without Blockchain. Yes, this year’s markets have been volatile, but regardless of how the individual coins fare in trading, the Blockchain technology is here to stay.
While we can’t really say how much blockchain will infiltrate financial systems, it does provide the opportunity for a more efficient and more secure way of doing business.
Because blockchain works in real time, and on an unchangeable digital ledger, both paper transactions, and large amounts of fraud can be avoided. Not only that, but wires and transfers will be less necessary. Bitcoin can clear and settle instantly, and with digital wallets, credit applications or funds queries can be run in real time.
How Salesforce Enables Blockchain
When you think Salesforce, you probably don’t immediately think blockchain. However, Salesforce has begun this year to get involved in blockchain to improve transportation. Then there is the AppExchange, which has something for just about everything out there, including a couple of Blockchain integrations for fund storage and transfer, such as PencilDATA and Blockchain Explorer.
Artificial Intelligence
What’s that? You didn’t know that robots are taking over the planet? Well its true, but not in an apocalyptic way. FinTech is in the early stages of investing and embracing AI where, according to a report by Econsultancy and Adobe, 20 percent of financial services organizations are already using AI, while 41 percent are planning to use it within the next 12 months.
For FinTech AI is set to do a number of things in the near future, including facilitating customer interactions with chatbots, offering financial advice based on customer’s habits and spending, detecting fraud and being able to automate data analysis tasks.
How Salesforce Handles AI
If you spent any time in the Salesforce network or blogosphere this year or last, you have definitely heard about Salesforce Einstein. Einstein was developed to plug directly into the heart of the CRM, and the AI analytics can then be applied to just about any of the clouds you or your team use. AI is getting better all the time, and so using it to guide your business might very well be one of the best investments you can make.
Everything Goes Mobile
Banking and financing ‘on-the-go’ is pretty much a given for the future. With the ever-increasing efficiency of our mobile technology, customers are going to expect to be able to do just about everything from their mobile devices. Currently, about 45% of banking customers use mobile payments while banking interactions on laptops and desktops are expected to decrease by 63% by 2022
So, for any company in the FinTech industry, providing quality mobile services will be more and more essential going forward, and those that get there first may win a lion’s share of potential customers.
Salesforce and Mobile Usage
For mobile CRM usage, there is Salesforce1. While it’s true that FinTech is going ever more technology-heavy, in particular with all sorts of mobile applications and devices, Salesforce is right there to keep pace. With a mobile version of your CRM, anyone who is routinely on the go, can continue working and remain plugged in no matter where you are.
Wrap Up
Keeping up with the latest trends in the industry is not just something we do for work, it’s also something we are genuinely interested in.
This is not just because we specialize in loan management solutions for Alternative Lending and Merchant Cash Advance industries, but also because many people on our team, used to work for Alternative Lenders. In fact, that’s how the idea of CloudMyBiz came to be, as our founder recognized a gap between the technology available on the market, and the systems that were commonly being used by lenders, brokers, and funders. So, where there is a gap, there is a need, and where there is a need, there is usually a solution.
And that solution as we see it, is Salesforce and our FUNDINGO Loan Management Solution.
-Ryan and the CloudMyBiz Team
Sources:
https://www.forbes.com/sites/danielnewman/2018/07/03/exploring-5-trends-driving-the-fintech-revolution/#548bc6ff12c7
https://rubygarage.org/blog/biggest-fintech-trends-for-2018
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CEO of CloudMyBiz Salesforce CRM consulting services with a deep knowledge in the lending industry. Taking keen interest in the project management side of operations, playing a vital role in the 31% YOY company growth. Strategic leader, mastering the ability to problem solve at every level of the business, providing effective solutions for clients.
by Mike Walsh | Oct 25, 2017 | News
Conversica Automated Sales Assistant Integrated to Salesforce
LOS ANGELES (PRWEB) OCTOBER 24, 2017
CloudMyBiz and AI Assist Powered by Conversica, have teamed up to change the way Merchant Cash Advance (MCA) companies do business with an automated artificial intelligence system that nurtures leads, improves conversion and response rates and increases ROI. Conversica’s A.I. Sales Assistant is a brand new approach to the sales process, and through the CloudMyBiz Salesforce Frameworks, that A.I. will now be custom tailored to the Alternative Lending and MCA Industries.
“As a Salesforce consultant and developer, we are always on the look-out for quality apps and technologies to bring to our clients,” said Henry Abenaim, Founder and CEO of CloudMyBiz. “When it comes to the sales process, we have seen that developing leads and relationships can cause significant pain and slowdown for our clients. The Conversica A.I. Sales technology is something that could dramatically alter the face of Alternative Lending and MCA.”
AI Assist uses the Conversica advanced Sales Assistant A.I. to tirelessly follow up on leads, intuitively develop relationships and then transfer hot leads to real salespeople to close the deal. Built on the idea of humanizing automation, A.I. Assist Powered by Conversica uses proven sales methods and psychology to boost sales and ROI by making the sales process warmer and more personable.
“We have noticed that our Salesforce customers see a higher overall ROI, because of the ease and workflows that the Salesforce and Conversica integration allows,” said Roman Vinfield, President of AI Assist, powered by Conversica. “With the MCA industry being such a big part of our business, we have been looking for a best in breed organization to partner with who will maximize the benefits of our technology for our clients. We couldn’t be happier to partner with CMB, who couldn’t have a greater reputation in the MCA and Lending industries. We are excited to work together and to bring current and future clients a superior product”
About CloudMyBiz
The CloudMyBiz team, via the Fundingo suite of apps, empowers business through the Cloud and encourages streamlined collaboration between departments, clients, customers and partners. CloudMyBiz focuses on Salesforce Implementation, Migration, Integration and Development, Third Party Applications, and Custom App Development, all specializing for the lending industry.
About AI Assist
AI Assist is an exclusive partner of Conversica, and the only provider of the Conversica software for the finance industry. Conversica provides lead management software for marketing, inside sales and sales organizations. Presented as a customized online persona, Conversica engages and nurtures leads through natural email exchanges until the lead converts into an opportunity or opts out. Conversica is used by more than 12,000 sales representatives worldwide and has assisted in the creation of more than US$8 billion in sales revenue.
Contact Information:
Dennis Mikhailov
Business Development | CloudMyBiz, Inc.
P 818.732.4316 | M 818.419.7339
dennis@cloudmybiz.com
Roman Vinfield
President AI Assist Powered by Conversica
P 917.664.7200
roman@aiassist.com
CEO of CloudMyBiz Salesforce CRM consulting services with a deep knowledge in the lending industry. Taking keen interest in the project management side of operations, playing a vital role in the 31% YOY company growth. Strategic leader, mastering the ability to problem solve at every level of the business, providing effective solutions for clients.
by Mike Walsh | Oct 16, 2017 | Salesforce Tips
Over the years, there have been countless books and movies about robots gone bad, and evil AI. However, not all artificial intelligence is bad. Take Salesforce Einstein for example. Einstein is an AI system created by Salesforce, for Salesforce, and released about a year ago. Einstein enhances your team’s sales productivity by providing intelligent recommendations, smart predictions, and automation throughout the sales process.
In short, Sales Cloud Einstein is a virtual data science team that learns from your own team’s sales activities and CRM data and can help you identify the best leads, convert opportunities more efficiently, and retain customers with ease. What’s more, you can customize it to meet your business’s exact needs. After all, with a name like Einstein, you know this is an AI you can trust.
Click Here for More Info on Einstein!
-Ryan and the CMB Team
CEO of CloudMyBiz Salesforce CRM consulting services with a deep knowledge in the lending industry. Taking keen interest in the project management side of operations, playing a vital role in the 31% YOY company growth. Strategic leader, mastering the ability to problem solve at every level of the business, providing effective solutions for clients.
