Salesforce Consulting is tricky in the Banking, Financial Services, and Insurance (BFSI) sector. Undoubtedly, this is one of the most regulated industries, with very stringent regulations regarding customer data and transactions. Salesforce consultants would need a highly specialized approach in addressing challenges that relate to the successful implementation of CRM systems.
This blog will explore some of the most significant challenges faced by Salesforce consultants in the BFSI vertical and ways to overcome them.
Here are a few Challenges of Salesforce Consulting Services in BFSI Industry
1. Following Rules and Ensuring Security
- BFSI is among the most regulated industries with laws such as General Data Protection Regulation (GDPR) and Payment Card Industry Data Security Standard (PCI-DSS) that shape how data is managed. This therefore makes it fundamentally essential for consultants to ensure that Salesforce configurations comply with the above regulations.
- Consultants would create a secure environment for Salesforce implementations that would include multi-factor authentication, data encryption, and audit trails on data access. They might also need to engage the compliance team in automating workflow processes to comply with regulations while ensuring a smooth user experience.
- Salesforce’s Security Health Check and compliant tools are among the safety measures that have been ensured to keep the platforms secure and compliant and leave a sense of comfort for BFSI companies as they trade in probably the most sensitive financial data.
2. Moving and Connecting Data
- Data migration and integration are huge challenges during the implementation of Salesforce for the BFSI sector. A typical financial institution holds a huge customer database built around legacy systems and third-party applications in which a large amount of data needs to be migrated to Salesforce without loss or corruption.
- Consultants are required to perform the data cleaning, validation, and mapping to allow subsequent transfer to Salesforce for seamless integration between CRM and other tools – core banking systems. The customer data must be updated in real-time for a complete view of the customer, in order for the financial institution to provide better customer service based on intelligent facts.
- Data migration would be a smart strategy for optimal implementation as organizations would face no disruption in daily operations in order to leverage Salesforce optimally.
3. Handling Complex Workflows
- Workflow in the BFSI sector generally involves a plethora of stakeholders and multiple departments. For example, in a loan approval process, credit officers, risk managers, and legal teams must collaborate. Automating workflows in Salesforce that cater to such situations is no walk in the park.
- Consultants can go ahead and automate approval chains through Salesforce Flow and Process Builder to generate any documents required. However, protecting the efficiency and transparency of these workflows while also ensuring they are compliant is key. One has to work backward in building the design such that it marries with the existing systems, ensuring that every access is given to the right teams along the way.
- Automating these workflows also allows consultants to reduce human error, increase speed of service, and ultimately drive elevating customer satisfaction.
4. Customizing vs Using Default Features
- Implementation consultants must consider a special condition: to customize the platform thoroughly per the business’s requirements, or to allow for out-of-the-box features from Salesforce. While customization will allow for specific requirements to be met, it could also simply increase system complexity and maintenance.
- Given that the Financial Services Cloud is specifically tailored for the top industry activities in BFSI organizations, it can often be more beneficial for these organizations to use it. If there is an instance where standard features are usable, the consultants should advise them so that customization remains manageable and the system can grow.
- Critical is customizing enough to meet special needs while retaining enough of the standard functionality for simplicity and system integrity.
5. Protecting Data and Privacy
- Customer confidentiality is held in very high regard in the BFSI sector. The consultant should ensure that highest data privacy standards are maintained for the Salesforce configuration since the financial data, in a majority of cases, is sensitive.
- Salesforce offers robust protection features, like field-level encryption, role-based access control, and data-sharing rules. These should be employed by the consultants to ensure that sensitive information is viewable only by authorized individuals. Furthermore, considerations shall be made to manage the data on an international basis while remaining compliant with global privacy legislations, such as GDPR and CCPA.
- With the application of these measures, the consultant can bring back the chance of regaining customer data and the organization’s name in an extremely competitive market.
6. Managing Changes and Getting Users Onboard
- One of the common issues that organizations face in the deployment of Salesforce applications is change management. Employees within BFSI companies may not adopt new technologies quickly when they migrate from older systems. The consultants should come up with a strategy that should help in managing changes during the process of adopting the new technology.
- This should be complemented with training and support as features within the change management strategy. The employees should understand the impact that Salesforce can bring to their work, coupled with how it will streamline their operations. Continuous training and support to them are added efforts to keep users active and confident.
- Buy-in from leadership as well. It also means that consultants have to work with top executives to reason out what value Salesforce brings to the organization and the need to imbibe a culture of adoption across the company.
Conclusion
Salesforce consulting in the BFSI domain presents several challenges such as defining regulatory requirements, integrating data from different systems, automating complex workflows, finding the right balance between customizing and using out-of-the-box features, and maintaining data privacy. Nevertheless, all these challenges can be mitigated with an appropriate approach.
Salesforce consultants can bring the above to life while considering compliance, security, and user engagement. Such activities lead to an improved customer relationship and operational efficiency, and these in turn lead to longer-term sustainable growth of the organization. From conceptualization to knowledge of niche-specific expertise, Salesforce would be of immense value in the BFSI sector.
