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According to Salesforce research, close to 90% of customers say that a business's overall experience is as important as its products or services. In today’s competitive landscape where companies are juggling between staffing shortages and overwhelmed resources, they need to be able to do more with less. Customer expectations are at an all-time high, and given the plethora of options available to them, anything less than an exceptional experience will lead to customer churn.
Automation and self-service technologies have given many businesses across industries a significant improvement in productivity, cost savings, and customer satisfaction. In 2021, Salesforce reported that customers using its Cloud products and self-service tools such as AI chatbots witnessed a 30% increase in customer satisfaction along with a 27% improvement in agent productivity.
To meet this ever-growing demand, Salesforce launched Virtual Assistant – an Einstein-powered chatbot solution built specifically for financial services businesses to automate routine customer requests faster across popular digital channels like SMS or messaging platforms. This enables agents to focus on complex cases while chatbots can promptly resolve routine service requests, such as updating credit card information, renewing subscriptions, making payments, modifying subscription plans, and more.
Virtual Assistant offers multilingual support, allowing businesses to use a single chatbot across multiple geographic regions regardless of their native language. And in the future, Einstein-powered Virtual Assistants will automatically create support articles based on customer conversations.
Salesforce Chatbots for financial services come with pre-built bot templates, leading to faster setup and deployment. They can streamline support and assist agents with routine questions such as “How do I calculate my tax?” or “How do I upgrade my insurance plan?”
With Virtual Assistant, financial services companies can re-direct thousands of customer calls to the Salesforce Chatbot leading to significant cost savings.
Salesforce Chatbots can handle thousands of concurrent conversations for queries such as loan application status, product information, insurance premium renewal, claim filing, technical support, and more, freeing up dozens of front-line agents.
Salesforce Chatbots improve the customer experience by enabling seamless self-service for simple tasks, thereby significantly reducing wait times to speak with an agent. The rewards of embracing self-service technology can be substantial, and businesses need to leverage technology to scale quickly and deliver efficient customer service.
Features of Salesforce ChatBots
Salesforce Chatbots powered by Einstein are equipped with advanced features to solve customer issues by replying to their questions and understanding their behavior to evolve continuously.
Here are some stand-out features of Salesforce Chatbots that you should be aware of before you hire a Salesforce Development Partner for its implementation.
Natural Language Processing (NLP)
Salesforce Chatbots use NLP to understand customer intent and provide relevant answers. This makes bot interactions more natural for customers.
Multi-Channel Support
Salesforce Chatbots can be deployed on multiple channels such as mobile apps, websites, online stores, social media pages, and on popular messaging platforms like WhatsApp and SMS. This allows customers the convenience and flexibility to interact with businesses on their preferred channels whenever they want.
Personalization
Salesforce Chatbots can personalize responses based on customer data, their preferences, past purchases, and browsing behavior, making every interaction more relevant and meaningful.
Contextual Conversations
Salesforce Chatbots can understand and maintain context across multiple conversations regardless of the channel, thereby providing more accurate and relevant responses to customer queries.
Integration with Salesforce
Salesforce Chatbots are built on the world’s leading CRM platform, allowing for seamless integration with other Salesforce cloud products. With Salesforce Chatbots, managing customer data has never been easier.
Analytics and Insights
With Salesforce Chatbots, businesses can get valuable insights into customer behavior. By analyzing customer interactions, Salesforce Chatbots can help businesses identify areas for improvement to enhance the customer experience.
Continuous Learning
Salesforce Chatbots leverage machine learning algorithms to learn continuously from every interaction and better their responses over time, improving the accuracy and relevance of responses as they gain more experience.
Here are some generic features of Salesforce Chatbots.
- Re-direct bot conversations to human agents for complex customer queries.
- Understand the intent of customer queries.
- Rapid response times.
- Understand customer input and recognize errors.
- Available 24/7.
- Lead generation – collect customer data and qualify leads for sales teams.
Scale customer service with personalized automation and connected customer data
According to Salesforce, new features in Financial Services Cloud such as proactive service and call deflection will enable financial services firms to reduce operating expenses while delivering exceptional customer service experiences:
In 2021, Salesforce customers reported a 27% increase in case resolution with self-service automation and AI-powered Chatbots (Virtual Assistant). Salesforce Chatbots automate routine request resolution across popular messaging channels such as SMS and WhatsApp, so agents can spend more time on cases that necessitate human intervention.
With Customer Service Coordination, agents can collaborate in Slack to fast-track case resolution. With automated workflows and custom Chatbots, Customer Service Coordination gathers customer data and generates alerts in a central Slack channel allowing teams to respond to critical incidents faster like fraud incidents, executing time-sensitive trades, and claims processing.
With the Customer Data Platform, financial services marketing teams can unify customer data from multiple sources with a point-and-click interface. This enables marketing teams to engage with customers across multiple channels such as web, email, mobile, and social media in a far more personalized way. With Salesforce Chatbots, enhanced Insights, and Data Actions, one-on-one advisor interactions and transactions can be triggered in real time.
A unified console with actionable insights and workflows for faster service
New features in Salesforce Financial Services Cloud include AI-powered dashboards and Chatbots to deliver key insights:
With Intelligent Agent Desktop, agents can get access to deeper customer insights from right within the console page. With Customer Identity Verification, agents can reduce the risk of fraud, and with Customer Record Alerts, Chatbots can serve up issues that customers may not be aware of when they initiate a conversation.
With Analytics for Financial Services, financial services businesses can interpret customer data with insights for faster and better decision-making, eventually delivering more revenue, and strengthening customer engagement.
Girikon has been a Salesforce Consulting Partner for over a decade providing unique and scalable solutions for the financial services industry. We have the necessary expertise in-house to deliver tailored experiences to every customer through self-service, automation, and AI to improve efficiency across your business. Contact us today to learn more about how Salesforce Chatbots can transform your financial services business.
About Author
Indranil is a technology enthusiast with over 25 years of experience in project management, operations, technology and business development. Indranil has led project teams in egovernance, business process re-engineering, product development and worked with Government and Corporate customers. Indranil truly believes in the power of technology to drive productivity and growth for teams and businesses.
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