The Indian financial service industry is witnessing rapid growth. With fintech firms surging from the periphery into the mainstream, it’s leading to a welcoming change of how scores of Indians pay, bank, borrow, invest, and insure themselves.
Last year, the Indian fintech market was valued at $50-60 billion, with an expectation of touching $150-160 billion by 2025 (BCG and FICCI). It seems that COVID-19 has only accelerated the demand for fintech, as the number of customers embracing digital banking, contactless payments, virtual cards, and other fintech innovations, has grown exponentially. Thus, to capitalise on this incredible growth potential, fintech organisations need platforms and technologies that would turn into an enabler to allow them to deliver personalised, intelligent, and connected customer experiences at scale.
Salesforce is the perfect instance of an enabler where it can help meet these objectives and more. Through its market-leading CRM platform, users can gain a 360-degree view of their customers, personalise their experiences, automate CRM processes, while making use of powerful self-service tools to improve efficiency.
Digital penetration in the fintech domain
Currently, more than 80% of India’s population has a bank account, whereas 48% of those accounts remain inactive. Thus, to summarise, a significant proportion of Indians are still financially excluded.
However, on the contrary, digital penetration in India is also rapidly increasing. Right now, India has over half a billion active internet users and over one billion mobile subscribers. That gives fintech firms an edge to reach under-served customers.
But, the process is as easy as it might appear, with the inclusion of several challenges. The primary ones are building customer confidence in digital finance solutions, particularly in parts of the country where cash is still king. Besides, sometimes it also becomes difficult to reach out to the tier-III cities and beyond. The most difficult part remains to foster trust when data security concerns are rising.
Thus, in an industry like fintech that handles such sensitive information, customers and regulators want to be assured that security and privacy practices are of the highest standard.
To add-on, fintech firms aren’t just competing with each other or even with larger incumbents, but are also pitted up against tech fin firms like Google, Amazon, and Apple. Succeeding in this playing field isn’t just about acquiring new customers, but a larger part of it also involves retaining them. However, by integration of proper technology, fintech firms can do both, make customer acquisition processes more targeted and cost-effective, while also personalising service to keep customers happy and loyal.
But, even after facing a host of challenges, the demand for contactless payments, digital banking, and other fintech solutions continues to increase, and fintech firms are compelled to scale up innovation while diversifying into newer product segments.
Salesforce, with its innovative solutions, serves as the perfect platform for fintech businesses to reach their full potential.
Salesforce Customer 360 for Fintech
Salesforce Customer 360 is an all-in-all digital-first platform that empowers fintech companies in their operating system for growth in this all-digital, work-from-anywhere world. The Customer 360 platform, helps the lending firms manage their loan lifecycle, from digital loan application management to credit decisioning and approvals, including insurtech firms to bring their core insurance processes and policy lifecycles to the cloud.
Delving deeper into the specificities, powerful AI-driven analytics help to unlock the deep insights that accelerate business growth. Automated workflows and self-service tools improve productivity and customer experiences, while real-time personalisation on websites and apps helps to deliver relevant recommendations and next-best-actions or offers for customers or prospects, at scale and in the moment. Lastly, a robust API engine allows to connect and exchange information with partners and third parties. Salesforce grows with the fintech company, ensuring you the scale and agility to succeed.
“We take care of all your marketing, sales, service, analytics, and customer engagement needs, so that you can focus on what you do best — building digital finance solutions that customers love”, says Arundhati Bhattacharya, CEO & Chairperson, Salesforce India.
Salesforce helps to engage smarter with Merchants and Consumers
Salesforce also helps to streamline merchant and customer onboarding, while empowering field service reps with all the resources and tools they need to optimise PoS device installations and repairs. Powerful insights and analytics offer a real-time picture of the business at a glance while aiding to make informed decisions that propel growth.
Why Salesforce?
Salesforce works as a great enabler for fintech companies. Here’s a glance at why several fintech firms globally continue to choose Salesforce.
- Quick time-to-market– Completes projects in months, and not years.
- Easy customisation– Configure processes quickly through clicks, not code.
- Start small– Find entry-level products for the early-stage, pre-launch startup.
- Complete vision– Manages every single customer interaction from a single platform.
- Recognised innovator– Partner with a top global innovator
- Continuous evolution– Enjoy innovations and seamless upgrades with three releases p.a.
- Customer success– Amplifying success by collaborating with a growing community of fintech Trailblazers & partners.
- Leading cloud marketplace– Browsing through 8,000+ apps to find a solution for just about every business challenge.
Salesforce has successfully initiated the fintech revolution in India and can be rightly termed as a game-changer for financial services in India. It is the global CRM leader, empowering companies of every size and industry to digitally transform and create a 360° view of their customers.
