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Salesforce continues vertical tilt with new Financial Services Cloud

Salesforce continues vertical tilt with new Financial Services Cloud
From TechCrunch - October 4, 2017

The Salesforce product line has always been distinctly horizontal, meaning its a general set of tools that can be used across any industry. The company has left it to customers, partners and developers to build industry-specific tools on top of the platform. This began to shift ever so slightly last year when Salesforce took a turn toward the vertical with a set of tools devoted specifically to wealth management. That venture led directly to todays announcementthe Financial Services Cloud for Retail Banking.

In spite of the name, the new service is not really a single cloud. Instead its a combination of products including Sales Cloud CRM and Service Cloud customer service, combined with some third-party tools aimed specifically at helping retail bankers service their customers.

For Salesforce, its a chance to aim its solutions at a specific set of tasks. For banks, which are under tremendous pressure to provide better service, its an opportunity to use an integrated set of tools from a single vendor. The bank itself, once the center of the customer activity, has taken a back seat to digital tools. Meanwhile, banks are also under attack from non-traditional sources such as PayPal, Venmo and Cash.

Traditionally, banks have operated in departmental silos and information hasnt been shared across systems. The Salesforce approach is designed to unify the customer view. It doesnt matter whether they visit the bank website, open a banking app, use an ATM or deal with a teller or a customer service at the bank.

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