How to Become a Fintech Unicorn with Salesforce Community Cloud: Part 2

How to Become a Fintech Unicorn with Salesforce Community Cloud Part 2

Imagine. You’re a CEO for a fintech startup, and you just solved most of your future sales and marketing challenges by deciding to implement Salesforce. But after a midday meeting with your advisory board, your priorities have suddenly changed. And, it’s not all good news either.

You’ve got a new client – a bank. While this is major breakthrough for your firm, it also means you have a whole new set of problems. The bank is interested in using your virtual financial assistant chatbot product named Lauren. Now you face the challenge of implementing your software at a busy bank. Can Salesforce help you there, too?

Beating the Odds of Becoming a Fintech Unicorn

During a heated meeting with your board, the members agree to onboard the bank as a new client. Their reasoning is that most millennials now want an Apple- or Amazon-like experience when it comes to banking. You and your team believe you’ve found the perfect bank partner for Chatbot Lauren, too.

In a bid to appeal to a younger age group, the bank has renamed themselves the “FutureBank.” They want to position their brand as the future of banking with a mission to save the planet for future generations through social initiatives.

You have no doubt Lauren will give their online banking customers the conversational smart banking experience they want and need. She can be added to popular messaging platforms like Facebook Messenger, Twitter and Skype, too.

You sent the bank a due diligence package that meets the constraints of their vendor management policy, and now they’re ready to move forward. However, now you must present them with a total fulfillment system for implementing your Chatbot. And you still need to figure that one out.

The Challenges of a Fintech and Bank Partnership

It was a tense meeting with your board, so you decide to take a break across the street at the local cafe. While sipping your green tea and surfing your iPad to relieve the tension, you come across an interesting report by UBS about the economic impact of millennials.

In it you learn, “By 2020, total global millennial wealth could stand at $24 trillion, around one and a half times the size of the U.S.’s national output in 2015.” You should include that statistic in your bank presentation, you think to yourself smiling.

Then, you browse a 2017 World Retail Banking Report that says, “younger, more tech-savvy customers are the most likely to embrace financial services from non-traditional providers. Nearly half of tech-savvy customers (46.2%) use non-traditional firms.” That’s an even better statistic, you think to yourself.

But then, you find a report on AI implementation in the retail banking industry. It says most implementations for community banks are led by cross-functional teams. Hmm, isn’t your new client a community bank?

A few minutes later while imagining how good you’ll look in the new suit and tie you plan to buy, you suddenly discover a study in Harvard Business Review reporting that “70% of cross-functional teams are dysfunctional.” Gulp.

Instead of heading back to work, you call your receptionist and tell her you’ll be a while. Then, you order a Grande Americano with two extra shots of espresso and sit back down to figure this one out.

Your Salesforce Community Cloud Solution

Since you’re already planning to use Salesforce for marketing and sales, you wonder if it’ll get you out of this next mess, too. You recall that Salesforce has a portal solution called Community Cloud. Could it help you overcome these cross-functional team challenges?

Your board won’t be thrilled when you ask for more funds. So before heading back to the office, you make a list of the challenges that lay ahead. For example, chatbot trials will need to be tested with internal bank users before being presented to bank clients. This could take six months or more, and multiple challenges could drag out the implementation:

  • Progress would need to be measured with thresholds for quality key performance indicators (KPIs).
  • Lauren would have to learn how to deal with emotional bank customers.
  • It would take time for bank employees to understand what Lauren can and cannot do.
  • There will be plenty of issues about data security that would have to be dealt with.
  • The probability of when a chatbot conversation should be handed off to bank users would need to be reviewed.
  • Written replies from FutureBank’s service centers would need to be analyzed.
  • Your team would have to keep an eye on the needs and behaviors of bank customers as they change.

As more of these issues come to mind, you stop and wonder if Salesforce Community could help solve even these challenges?

A New Way Forward for Fintech Partnerships with Banks

You’re confident that a portal would help you manage cross-functional team activities effectively. But the solution would need to be configured properly or you’d risk losing FutureBank as a client. Since the board already approved funds for bringing in a Salesforce implementation team, such as RTS Labs, you realize the configuration problem is already solved.

Your first concern is how you’ll prevent your support desk from being overloaded with calls and emails. If FutureBank internal users call your support team every time they have a question, your operational costs could skyrocket.

On the other hand, if bank staff could post to the community and get answers from their own colleagues, you’d save your team a lot of effort. If they can self-educate through a library of knowledge articles and Q&A, that would help a lot, too. Peer voting of portal responses would help see to it that best practices rise to the top, which will make those responses easier to find and use by other bank users.

After doing some digging, you learn Salesforce Cloud Community can do everything you need and more. Not only could the community be self-managed, unanswered questions could be escalated to your support team. Then, every bank user would get their questions resolved, and built-in AI functionality could recommend options for them, too.

What’s more, a management console would give FutureBank executives a bird’s-eye view of their teams’ progress. They could add whatever functionality they want, such as live feeds or videos. A leaderboard could drive user engagement by ranking active users.

With internal bank users able to endorse other users as topic experts who would receive badges, you’d be essentially managing FutureBank’s employees on their behalf. You sigh with relief and satisfaction, knowing you’ve come up with a solution that will impress your new bank client AND please your own board for saving your firm so much money.

A Bright Future with Salesforce Community Cloud

As the clock reaches 6 p.m., you review your day’s activities. Your fintech firm has made a major breakthrough by getting a bank as a client. Since you already plan to use Salesforce for marketing and sales, it only makes sense to use Salesforce Community Cloud to handle the challenges of managing a cross-functional team.

The bank’s staff will be able to quickly find the answers they need to prepare Chatbot Lauren to tirelessly keep their bank customers happily informed. FutureBank can achieve their mission of making the world a better place for future generations.

In case you missed it, check out “How to Become a Fintech Unicorn with Salesforce: Part 1.”