by Mike Walsh | Oct 18, 2018 | Salesforce Tips
At CloudMyBiz, we like to say that we speak the language of lending. We know how the industry works from the inside, and so, we are always keeping up with the trends and news in the Alternative Lending and FinTech. This allows us to keep abreast of new developments, better understand what our clients are experiencing and then better tailor and develop our solutions to meet the changes of the future.
Alternative Lending and FinTech have been growing by leaps and bounds in recent years. The industries move quick, and so staying on top of things is essential to keeping ahead of the competition.
There have been a number of articles written in recent months detailing the top FinTech trends of 2018 and, after reading our share of content, we wanted to share some of these trends in our own blog.
Interestingly (and not really surprising), many of these trends mimic the developments and growth that Salesforce is taking as well. So, we will not just be looking at the current trends in the industry, but also how Salesforce is enabling this growth, and providing companies with better tools and solutions to keep up with the trends.
So without further ado, our list of Top FinTech Trends of 2018
More and More Automation
Automation has come to just about every industry, and so it should be no surprise that FinTech is not an exception. For financial companies, increased automation means faster transactions and smarter processes. Interestingly, McKinsey & Company predict a second wave of automation in banking, that will increase capacity and free employees to focus on higher-value projects.
How Salesforce Enables Automation
Not much needs to be said here. Salesforce was built to bring companies streamlined processes and all around better functionality through automation. The idea has always been to empower administrators through “clicks-not-code”, so that smart workflows and automation can be built by anyone, regardless of any programming knowledge.
More Data. Better Data
Data and big data have been getting a ton of attention in the last few years. In regards to the finance industry, how data is collected and used is changing. Credit scores are no longer the only driving factor, as many creative loan options look at a large variety of factors to determine eligibility. Having access to large volumes and more precise metrics are changing the way financing is done
How Salesforce Enables Data
Reporting. Cough. Reporting. It shouldn’t be news to anyone that Salesforce routinely touts the power of their reports and dashboards to give users deeper insights into their data. And it’s for good reason. The reporting in Salesforce is robust, and when used properly, can provide valuable info on all sorts of important business metrics.
In addition, with Salesforce’s ability to add on various apps, risk and decisioning tools can be integrated directly to your CRM. For example, FUNDINGO’s LexisNexis or Experian integrations give lenders, brokers and funders direct access to these online credit services.
Increasing Regulation
Finance is certainly one of the most regulated industries and as financial technology continues to change, financial regulations are constantly struggling to keep pace.
10 years ago, Bitcoin hadn’t even been invented, let alone understood in such a way as how to regulate it. As companies are relying on digital tools more and more to handle money, security concerns are just one of the things that come along with it. For the FinTech industry, more regulation by and large means that companies simply have to keep aware of what is happening, and do everything they can to remain compliant.
How Salesforce Handles Regulation
As a cloud-based system, Salesforce has always had to worry about regulation and security. Protecting sensitive customer data has always been essential, and with a Sales platform that can be used in just about any vertical, Salesforce has had to be ironclad to be used so broadly. How did they do it? Say hello to Salesforce Security and Salesforce Shield, which protect your data and help you remain compliant.
Blockchain and Bitcoins
Speaking of Bitcoin there could hardly be a discussion about new trends in finance without Blockchain. Yes, this year’s markets have been volatile, but regardless of how the individual coins fare in trading, the Blockchain technology is here to stay.
While we can’t really say how much blockchain will infiltrate financial systems, it does provide the opportunity for a more efficient and more secure way of doing business.
Because blockchain works in real time, and on an unchangeable digital ledger, both paper transactions, and large amounts of fraud can be avoided. Not only that, but wires and transfers will be less necessary. Bitcoin can clear and settle instantly, and with digital wallets, credit applications or funds queries can be run in real time.
How Salesforce Enables Blockchain
When you think Salesforce, you probably don’t immediately think blockchain. However, Salesforce has begun this year to get involved in blockchain to improve transportation. Then there is the AppExchange, which has something for just about everything out there, including a couple of Blockchain integrations for fund storage and transfer, such as PencilDATA and Blockchain Explorer.
Artificial Intelligence
What’s that? You didn’t know that robots are taking over the planet? Well its true, but not in an apocalyptic way. FinTech is in the early stages of investing and embracing AI where, according to a report by Econsultancy and Adobe, 20 percent of financial services organizations are already using AI, while 41 percent are planning to use it within the next 12 months.
For FinTech AI is set to do a number of things in the near future, including facilitating customer interactions with chatbots, offering financial advice based on customer’s habits and spending, detecting fraud and being able to automate data analysis tasks.
How Salesforce Handles AI
If you spent any time in the Salesforce network or blogosphere this year or last, you have definitely heard about Salesforce Einstein. Einstein was developed to plug directly into the heart of the CRM, and the AI analytics can then be applied to just about any of the clouds you or your team use. AI is getting better all the time, and so using it to guide your business might very well be one of the best investments you can make.
Everything Goes Mobile
Banking and financing ‘on-the-go’ is pretty much a given for the future. With the ever-increasing efficiency of our mobile technology, customers are going to expect to be able to do just about everything from their mobile devices. Currently, about 45% of banking customers use mobile payments while banking interactions on laptops and desktops are expected to decrease by 63% by 2022
So, for any company in the FinTech industry, providing quality mobile services will be more and more essential going forward, and those that get there first may win a lion’s share of potential customers.
Salesforce and Mobile Usage
For mobile CRM usage, there is Salesforce1. While it’s true that FinTech is going ever more technology-heavy, in particular with all sorts of mobile applications and devices, Salesforce is right there to keep pace. With a mobile version of your CRM, anyone who is routinely on the go, can continue working and remain plugged in no matter where you are.
Wrap Up
Keeping up with the latest trends in the industry is not just something we do for work, it’s also something we are genuinely interested in.
This is not just because we specialize in loan management solutions for Alternative Lending and Merchant Cash Advance industries, but also because many people on our team, used to work for Alternative Lenders. In fact, that’s how the idea of CloudMyBiz came to be, as our founder recognized a gap between the technology available on the market, and the systems that were commonly being used by lenders, brokers, and funders. So, where there is a gap, there is a need, and where there is a need, there is usually a solution.
And that solution as we see it, is Salesforce and our FUNDINGO Loan Management Solution.
-Ryan and the CloudMyBiz Team
Sources:
https://www.forbes.com/sites/danielnewman/2018/07/03/exploring-5-trends-driving-the-fintech-revolution/#548bc6ff12c7
https://rubygarage.org/blog/biggest-fintech-trends-for-2018
Ready to upgrade to the world’s #1 CRM? Already have Salesforce but need some improvements?
Whatever your needs, we have you covered. Contact one of our Salesforce experts and we will find you a better business solution.
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CEO of CloudMyBiz Salesforce CRM consulting services with a deep knowledge in the lending industry. Taking keen interest in the project management side of operations, playing a vital role in the 31% YOY company growth. Strategic leader, mastering the ability to problem solve at every level of the business, providing effective solutions for clients.
by Mike Walsh | Aug 15, 2018 | Blog, Salesforce Tips
Whether you are a beginner, intermediate or expert admin, or have recently inherited an org, there are a number of things just about any admin can do to make their org more user-friendly. With some of these simple tricks and processes, you can not only give your users a better environment to work in, but you can also reduce the administrative challenges on your end too!
So what does it mean to have a user-friendly org? We all get that it means to tailor the system towards your users’ specific needs, but a truly user-friendly system will have most if not all of the characteristics below:
- Easy to use and understand, leading to higher adoptions
- Enforced business processes – a properly designed user experience will naturally enforce business process, and not allow gaps or loopholes for improper practices
- Increased user buy-in and confidence in their processes
- Significantly increased efficiency from a well setup system
- Increased data integrity & accuracy – making it easier for users to create records, and ensure they are accurate
So without further ado, here is our list of tips that in even small amounts, will be able to make your org more user-friendly:
1.) Reduce data entry and duplicates
This might seem like a no-brainer, but that’s why we put it at number one. Why spend hours entering data, or dealing with duplicate records if you don’t have to? One of the big advantages of Salesforce is that you have so many options for automation. And you should automate just about as much as you can. Lack of automation can lead to:
- Inefficient processes – manual data entry wastes time, plain and simple
- Turns off users – a user who has to repeat multiple steps throughout the day will likely be a disengaged user
- Data quality issues – the time users spend manually inputting tedious amounts of data, the more likely they are to make mistakes
- Reporting issues – if you have data quality issues, you certainly can’t use that data for reporting. Now your decision makers can’t have reliable metrics to track performance and understand where the company stands.
If you have some significant processes that need automation, feel free to talk to one of our Salesforce Specialists and see how we can streamline your data entry process.
2.) Use visuals and a smart UI layout
Spending a bit of time thinking about the visual layout and design of your org will make a big difference to people who work with it every day. A page full of small lines of text immediately looks overwhelming. Spice it up with as many visual indicators as you can.
For example, consider using custom icons (via custom fields) on account pages to indicate what type of account it is, or on a related case list!
Also, consider laying out your important pages in a way that people will naturally be led through the page. The Gutenberg Diagram has been a proven as one of the smartest ways to approach UI.
The tldr: People generally look at the top left first and visually scroll diagonally to the bottom right. Use this to your advantage for placing the most important elements on your page.
3.) Embed reports and dashboards
Keeping with our theme of making things as visual as possible, a good admin tip is to embed relevant reports onto different pages, such as accounts and opportunities. This will make it easy for your users to see all sorts of important details, without needed to scroll through lines of data.
Make sure you spend some time, talking to your users and execs to find out exactly what reports they would like and what would help them the most.
4.) Streamline what users see
There are a lot of fields in most Salesforce orgs. Too many fields some would argue. Make it easier on your users by keeping layouts clean, organized and focused with only the fields that are really necessary. present fields when relevant, focus user attention.
In addition, you can customize search layouts, so that when users are searching for records, only the most relevant fields will be displayed.
5.) Add help text
For those fields that you do keep on each page, adding help text will make everything a bit easier. You will be hard pressed to add too many helpful tips. Define just about anything for your users with these simple hover tools, such as what type of data is required, or how to understand the input.
6.) Enable quick actions
Salesforce Quick Actions are a great way for users to focus on the most important workflows and information that they need every day. This integration works from any computer or device that connects to Chatter. Through the Chatter feed, users can log cases, add notes to records and more! native in chatter feed. Can quickly do it when mobile, traveling etc. Because Quick Actions can be easily accessed from Salesforce1, they are pretty much an essential addition for any user who is regularly on the road.
That wraps it up for our quick 6 Admin Tips for a more user-friendly org. Feel free to comment below with any thoughts or other user-friendly org tips that you find particularly helpful.
-Ryan and the CloudMyBiz team
Ready to upgrade to the world’s #1 CRM? Already have Salesforce but need some improvements?
Whatever your needs, we have you covered. Contact one of our Salesforce experts and we will find you a better business solution.
Contact Us
CEO of CloudMyBiz Salesforce CRM consulting services with a deep knowledge in the lending industry. Taking keen interest in the project management side of operations, playing a vital role in the 31% YOY company growth. Strategic leader, mastering the ability to problem solve at every level of the business, providing effective solutions for clients.
by Mike Walsh | Jul 31, 2018 | Blog, Salesforce Tips
Ask any salesperson out there, there is a lot to do each day. From calls to emails to meetings, the daily schedule of a salesperson can be pretty hectic. So much so, that often salespeople feel like all they are doing is chasing a never-ending stream of tasks, but they can never really catch up, or get ahead of the work.
Sales productivity is, in the end, all about how effectively your time is used as it relates to closing sales. A salesperson certainly needs to spend a good amount of time talking and meeting with prospects, however, there needs to be a balance between that and administrative/prep work. It’s all about being efficient with each task and making sure you are spending your time wisely.
So in the spirit of looking ahead, and finding little things that can make a big difference, we have put together a list of some key tips that can help just about any salesperson. No matter your industry, from Aerospace to Merchant Cash Advance, these 6 tips should help any sales rep increase productivity and get a better handle on their workload.
1. Productivity On the Go
Depending on your industry, you may be frequently traveling for customer meetings and can’t easily sit down in front of a computer. Having the right tools to stay connected, and be productive in between meetings, and without the need of a computer can seriously boost your efficiency. The right tools, such as Salesforce 1, can connect your CRM and your phone, allowing you to stay on top of your pipeline and projects from just about anywhere.
2. Avoid Distractions
Being 100% productive all the time is not only impossible, but it can take a bit of the joy out of your job. We all need a few minutes from time to time to get up, stretch, make idle chat around the water cooler. However, too many distractions can have a bigger negative impact than you think. I fact it can take up to 25 minutes to get your focus back after a big distraction. Making better habits here is the key. When you need to really focus, little things like putting your phone on silent, putting in headphones and setting your internal messenger to “busy” can keep you in the zone and productive.
3. Manage Your Emails Better
Business professionals receive an average of 85 emails per day (that’s almost 600 emails each week!) and they spend more than 1/3 of work time reading, organizing, and replying to emails.
If you don’t have time to thoroughly read ever email in your inbox, chances are the people you are emailing don’t either. So when writing emails, keep it short and concise. Get to the point, have a goal for each email, and leave the recipient with a clear call to action or next step.
And when it comes to fighting with that overfull inbox, don’t let yourself chase every new email that comes in. If possible, give yourself a few designated times during the day to just respond to emails. This will keep you focused during the day, and you be more efficient when it comes time to respond.
4. Improve Your Follow Through
Talking to someone once or twice might seem like enough, but 80% of sales require 5 follow-up calls after the meeting and 44% of sales reps give up after 1 follow-up. Stay persistent and don’t give up after a few failed attempts. Or, if your sales team is stretched a bit too thin, consider an AI sales assistant that can be directly integrated to your CRM and help lighten the load.
5. Qualify Prospects Better
Nothing can be more deflating that chasing around prospects that turn out to be a bad match. Taking an extra 15 minutes for qualifying that lead can save you hours in the future. The more information you get at the beginning, the better.
If your marketing team has access to lead scoring and engagement tools, you can further improve your prospect qualifying. Lead qualifying and scoring automation, like those available through Pardot, can give you smart rules to define who is a good lead and who isn’t. The automation runs in the background, taking care of a large portion of the prospecting legwork.
Then you get notified when your prospects reach a certain score threshold—so that you can follow up with people who are more likely to convert.
6. Automate Your CRM
If you aren’t automation as many procedures as possible, you are going to fall behind. With today’s rapidly evolving technologies, smart automation is everywhere, and all of the best CRM’s, especially Salesforce, are taking advantage. Automation can trigger tasks, events, or approvals while artificial intelligence can go one step further by recommending actions, uncovering the right insights (automatically), and making sure you don’t miss any important details.
-Ryan and the CloudMyBiz team
CEO of CloudMyBiz Salesforce CRM consulting services with a deep knowledge in the lending industry. Taking keen interest in the project management side of operations, playing a vital role in the 31% YOY company growth. Strategic leader, mastering the ability to problem solve at every level of the business, providing effective solutions for clients.
