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  • Writer's pictureIryna Yamborska

How Salesforce Einstein works for FinTech: features and benefits overview

67% of respondents consider artificial intelligence to be a top technology that will influence fintech over the decade. At the forefront of fintech's dynamic progress, Salesforce Einstein helps financial institutions to navigate through complex data. By adeptly resolving complicated patterns within extensive datasets, it catalyzes data-informed decision-making.

Salesforce Einstein AI leads in fintech and drives advancements by smoothing digital transformation and improving operational efficiency. Its predictive analytics empower financial institutions by forecasting trends, pinpointing risks, and delivering tailored financial recommendations. 

How Salesforce Einstein works for Financial Services and Fintech companies

The fusion of Salesforce Einstein with Financial Cloud represents a formidable AI-powered solution for financial operations. Leveraging Einstein's AI capabilities, it elevates Financial Cloud's functionalities by offering predictive insights, process automation, and a paradigm shift in financial decision-making.

AI-Powered Customer Support

Provides automated responses across channels using AI algorithms and historical data.

High-quality customer support is a need in modern business. Statistics prove that customer-centricity affects brand appreciation. The vast majority agree that customer service impacts their brand loyalty. Unfortunately, 65% of responders say they need to follow up more than once to get their problem resolved.

Financial service customer has a request for a personalized solution for their issue. Everything related to money requires more responsibility due to the work with sensitive data. Even small mistakes may cost a company a customer or then reputational losses. As companies can't hire a personal assistant to satisfy each client, AI is a solution.

Need assistance with communication in typical cases? Enable Einstein-based chatbots, capable of learning in progress and adjusting to changing clients' needs. Here is what to count on: ✅ 24/7 Interactive Support: issues resolved at any time of the day and night. ✅ Multi-language communication. ✅ Reduced workload thanks to automation: allows companies to manage customer support processes even with a compact team efficiently. ✅ Cost-Efficient Learning: AI-driven continual learning enhances support quality without requiring specialized training interventions.

Predictive Forecasting

Einstein leverages historical data to predict future trends and financial outcomes.

This capability serves as a cornerstone for informed decision-making in the complex mass of financial data. By accurately analyzing patterns from the past, Einstein not only "decodes" historical streamlines but also anticipates potential shifts in finance. These predictions enable businesses to proactively allocate resources, identify emerging opportunities, and navigate challenges with foresight. Whether anticipating market trends, optimizing investment portfolios, or mitigating risks, Einstein analyzes historical data to predict future trends and guide financial organizations to success in a dynamic economic environment.

Customer Profiling:

Einstein generates personalized customer profiles for targeted services.

Customer profiling in Salesforce involves creating comprehensive customer descriptions by gathering and analyzing data. Salesforce offers a 360-degree view, capturing demographic and behavioral data, tracking leads and opportunities, and recording all interactions.

Salesforce significantly enhances customer profiling by utilizing AI:

✅Predictive Lead Scoring: Einstein predicts lead conversion likelihood, aiding in prioritizing valuable leads.

✅Behavioral Analysis: Analyzes customer behaviors across channels for more accurate profiling.

✅Personalized Recommendations: Uses machine learning to offer tailored product and content recommendations.

✅Churn Prediction: Identifies patterns to predict and prevent customer churn.

✅Dynamic Customer Segmentation: Adapts to changes in customer behavior, ensuring dynamic and relevant segments.

✅Natural Language Processing (NLP): Analyzes unstructured data like feedback and sentiments for a holistic view.

AI-Powered Insights

Salesforce Einstein AI provides personalized financial advice and optimizes client interactions.

Salesforce Einstein AI leverages advanced algorithms to analyze vast datasets, including clients' financial history, investment goals, risk tolerance, and market trends. This analysis enables financial advisors to generate personalized financial advice tailored to individual clients. Financial institutions can provide more targeted and relevant recommendations by understanding each client's unique requests, enhancing the overall customer experience, and helping customers reach their financial goals.

Risk Assessment

AI identifies potential risks, fraud patterns, and compliance gaps for proactive mitigation.

Einstein analyzes vast datasets to discover potential threats, detect fraud patterns, and identify compliance gaps. This proactive approach enables institutions to stay ahead of emerging risks, swiftly mitigating potential issues before they escalate.

For instance, a financial institution uses Salesforce Einstein AI to monitor transactions and customer activities. Einstein's algorithms analyze historical data, customer behavior patterns, and transaction details as transactions occur. In this process, AI identifies a deviation from the norm – a series of transactions that exhibit unusual patterns inconsistent with a customer's typical behavior. Upon detecting this anomaly, Einstein marks the transactions as a potential risk for further investigation. It considers factors such as the transaction amount, frequency, and the historical spending behavior of the customer. The system may then alert the institution's risk management team, triggering a review of the flagged transactions.

NOTE: Salesforce is an adaptive and flexible CRM that might not seem the best for you out of the box. The real magic begins when Salesforce starts fitting your needs. Salesforce covers vast numbers of requirements, but it is mainly standard. When a business needs to step out of standard flows and common practices, they must accept that Salesforce needs custom software coding and design. The point is that Einstein is a powerful AI tool, which opens a maximum power AFTER Salesforce customization.

To sum up

AI is a key technology in fintech, influencing the industry's direction by facilitating data-informed decision-making for financial institutions. Salesforce Einstein's versatility, demonstrated through predictive analytics, AI-driven customer support, and dynamic customer profiling, contributes to operational efficiency and improved user experiences. Salesforce Einstein and Financial Cloud team up to improve predictions and automate financial tasks. More and more businesses rely on Einstein, because Einstein predicts trends, minimizes risks, changes customers interactions, etc. At the time of fintech and AI, Salesforce Einstein is more than just a tool, becoming a practical force for industry progress in adaptability, insights, and personalized solutions.

Oleg Minko, CTO at Sparkybit
Oleg Minko, CTO at Sparkybit

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