How can Salesforce Powered Blockchain Disrupt the Financial Sector?

Superior customer service lies at the heart of every business undertaking. Today, every customer looks forward to a frictionless and Omnichannel experience from their service providers. So, when customers face any type of friction during routine activity, not just their perception about the organization changes but the brand value of the institution too takes a hit. The banking and the financial sector is under tremendous pressure to fulfill the growing expectations of both customers, as well as its employees. This is because of the legacy systems, outdated processes and changing regulatory requirements that have pressurized banks and financial institutions to balance the provision of personalized customer service with the rising cost involved in meeting their rising expectations.  

According to a survey conducted by Finextra and Pega, 90% of premium corporate clients consider switching financial institutions for superior servicing.  

To get rid of friction across every single touchpoint in the customer journey, banks basically need a system that does more than plug gaps in old legacy setups, it also has to be tuned so it can deliver fast, tailored, and premium services. With salesforce consulting services in place, companies can also bring in newer tools , like blockchain, to modernize everyday operations and make the customer experience feel smoother. Blockchain, which is really a distributed ledger technology, may help with a lot of the usual banking and finance headaches by streamlining workflows, boosting transparency, and removing small-to-big inefficiencies that keep stacking up. Honestly, more forward-thinking organizations are already moving toward this approach , and they do it with the support of salesforce consulting services, so they can fix broken processes and disconnected systems while building a more flexible, customer first kind of financial ecosystem.  

How Does Blockchain Benefit the Banking Sector? 

Over the past few years, this innovative technology solution has drawn a lot of attention from investors and other banking experts, thereby propelling its popularity beyond Bitcoin enthusiasts. So, what is so unique about Blockchain that has taken the banking and finance sector by storm? The features of decentralization, immutability, and transparency make it an extremely secure, transparent, and nearly impossible-to-alter platform. That consensus mechanism that comes from the smart contract side of this solid tech kinda gives a path for different actors, or parties, inside the Blockchain network, to sort of line up on an agreement without needing a middle person. Because the system gives access to a ledger that isn’t managed by any one entity, Blockchain can end up supporting a bunch of financial services, like record-keeping, third party transactions, cross-border transfers, plus the back-end operations, and even audit or regulatory compliance, all in a secure, transparent, and efficient style. And on top of that, more and more organizations are looking into Salesforce blockchain Integration benefits so they can mesh reliable customer relationship management with decentralized data. In practice this helps bring more visibility, better protection, smoother processes, and an overall boost in operational efficiency across financial services.

While Blockchain offers endless possibilities for the Banking sector, the challenge for the financial firms lies in identifying the right use case as per their business needs. In other words, the journey of introducing Blockchain into your business model is indeed a challenge? Since the functioning of Blockchain is powered by data (usually stored in multiple places and formats by legacy business networks) it’s prudent to move the company’s database onto a Blockchain. This brings together data from the company’s databases, as well as other parallel systems including its partners’ data. 

With this, all the parties will have instant access to a single source of truth (data and other important information) about a particular business process.  

How Does Blockchain-powered Salesforce CRM Transform the Financial Sector? 

While a robust CRM system like Salesforce offers a centralized location for storing data that comes from multiple sources, combining it with an innovative technology solution like Blockchain can help financial institutions significantly improve their workflows and build reliable partner networks that extend the CRM. Besides extending its’ capabilities of transparency, trust and traceability in every single customer interaction, a Blockchain-powered solution can help break down data silos and business boundaries.   

The recently launched Blockchain initiative by Salesforce is the first and one of its kind Blockchain integrated into CRM. Powered by Salesforce Lightning and built using Hyperledger fabric, this low-code platform extends the capabilities of the Salesforce CRM by helping businesses build trusted partner networks that share substantiated and distributed data. Allowing developers to build DAAPS or Blockchain applications with simple clicks and no code, Salesforce powered Blockchain platform can help financial institutions understand their pain points while ascertaining opportunities to advance their business models. In a nutshell, it provides the trust and transparency that the financial sector requires to share with their customers, as well as themselves.  

The Road Ahead: 

Though banks and financial institutions are under strict regulatory pressure, more and more financial institutions are leveraging the tremendous potential of Blockchain technology to streamline it for transparent, reliable and accessible financial transactions. When integrated with a robust CRM platform like Salesforce, businesses can create new processes and models that can help them accelerate business speed and agility. As a forward looking financial organization, you can draw benefits from a Blockchain powered Salesforce platform by partnering with a reliable Salesforce consulting company.

About Author

Jaya Ghosh

Jaya is a technical content specialist with 14 + years of experience - especially in the B2B space. Her forte lies in changing complex technologies into compelling narratives that educate, engage and drive business growth. Over the years, she has honed her skills of creating all types of marketing copies including white papers, landing pages, thought leadership articles and website copies that support lead generation, brand positioning, and client engagement. She is also passionate about creating content strategies that outline the future of customer engagement. She is currently associated with Girikon as a Content Manager where she heads the Content function.