Financial services are undergoing a transformative shift, driven by the rapid advancement of technology and changing customer expectations. In this digital age, financial institutions and FinTechs face the imperative to innovate and deliver exceptional experiences to remain competitive in the market.
Salesforce’s Financial Services Cloud (FSC) and the AppExchange partner programme present an intriguing proposition for these entities. Merging the robust capabilities of the FSC with the versatility of AppExchange solutions can offer an unparalleled competitive edge, addressing critical industry challenges and catalysing growth.
Analysing Macro Trends in Financial Services
To contextualise the potential of AppExchange solutions on FSC, it’s imperative to first delineate the macro trends currently shaping the financial landscape:
1. Digital Transformation's Imperative
The rise of digital technology has fundamentally transformed the delivery of financial services. Today, customers demand seamless digital experiences, personalised interactions, and real-time access – expectations that have been set by other industries. In order to stay competitive, FIs need to fully embrace digital transformation.
2. Customer-Centricity
Customer-centricity is at the forefront of successful financial institutions. Understanding customer needs, preferences, and behaviour is crucial for delivering tailored solutions and building long-term relationships. FIs across the globe are investing in technologies that enable a holistic view of customers and facilitate personalised experiences at every touchpoint.
3. Data-driven Insights
Data has become the lifeblood of the financial services industry. Harnessing the power of data analytics, artificial intelligence, and machine learning is essential for gaining actionable insights, identifying trends, mitigating risks, and driving informed decision-making.
4. Regulatory Compliance
The ever-evolving regulatory landscape poses significant challenges for FIs. Compliance with stringent regulations requires robust systems and processes that can adapt to changing requirements. FIs must invest in solutions that streamline compliance efforts and ensure adherence to regulatory standards.
5. Collaboration and Partnerships
Collaboration between FIs and FinTechs is becoming increasingly prevalent as both parties recognise the value of combining expertise and resources. Partnerships enable FIs to tap into FinTech innovation while providing FinTechs with access to a broader customer base and industry expertise.
AppExchange Solutions Built on Financial Services Cloud: A Gateway to Success
Building AppExchange solutions on top of FSC empowers FinTechs and FIs to address the industry’s key imperatives and leverage the following opportunities:
1. Extending the Value for Existing Customers
FSC serves as a robust platform extending the capabilities of Salesforce to financial services customers with its industry-specific data model and processes. By building innovative solutions that enhance FSC, FinTechs and FIs can add value to their existing customer relationships, deepen engagement, unlock new revenue streams, and drive customer success.
2. Filling Industry-specific Gaps
The financial services industry has unique requirements and challenges that often require specialised solutions. AppExchange provides a platform for FinTechs to fill industry-specific gaps by developing solutions tailored to the needs of FIs. Whether it’s addressing complex regulatory compliance, streamlining wealth management processes, or enhancing risk management capabilities, AppExchange solutions enable FinTechs to deliver the last-mile solutions that drive industry-wide transformation.
3. Accelerating Digital Transformation
Digital transformation is a top priority for FIs, and AppExchange solutions on FSC can accelerate this journey. 91% of Salesforce customers use at least 1 AppExchange solution. By leveraging the rich ecosystem of apps and experts available on AppExchange, FIs can access pre-built solutions, industry best practices, and technical guidance to rapidly implement digital initiatives, enhance operational efficiency, and deliver exceptional customer experiences.
4. Driving Innovation and Collaboration
The AppExchange partner programme fosters collaboration between FIs and FinTechs, creating a vibrant ecosystem of innovation. FinTechs can build on FSC to develop cutting-edge applications, leveraging Salesforce’s robust technology stack and unparalleled expertise. This collaboration enables both parties to drive mutual success, leverage each other’s strengths, and unlock new opportunities for growth.
5. Capitalising on Salesforce's Global Reach
Salesforce boasts a vast customer base and a global presence, providing FinTechs and FIs with access to a broad market. By leveraging the AppExchange platform, FinTechs can showcase their solutions to thousands of Salesforce customers, expanding their reach and driving customer acquisition. This global exposure can significantly accelerate growth and establish a strong market presence for innovative FinTech solutions.
What’s next
Aquiva Labs is uniquely positioned to help FIs and FinTechs build and scale their AppExchange solutions. Our expertise in the Salesforce ecosystem, combined with our deep understanding of the financial services industry, allows us to empower organisations to innovate and thrive in this rapidly evolving landscape.
By leveraging FSC as a platform, FIs and FinTechs can address industry challenges, drive digital transformation, and deliver exceptional customer experiences. Aquiva Labs provides end-to-end support in developing AppExchange solutions that meet the specific needs of our clients helping them shorten the time to market and unlock new revenue streams.
Our team of experienced consultants, with both business and technical backgrounds, will work closely with your organisation to define your requirements, design a solution architecture, build, test and package your solution, assist with Salesforce’s security review, create a roadmap, and support you with ongoing development and implementations. We understand the importance of scalability and will ensure that your AppExchange solution is built to grow with your business.
Embark on a transformative journey towards success in the digital era by partnering with us. Discover how your organisation can leverage AppExchange and FSC today and unlock your full potential in shaping the future of financial services.
You can access our recent webinar with Michelle Feinstein, VP & GM of Wealth and Asset Management and Lisa Eistenberg, VP Industry Technology Partnerships at Salesforce: https://app.session.com/aquivalabs/Webinar?s=1&passcode=459751
