How Salesforce CRM can benefit the WealthTech industry
Published: 2022-12-09 10:03:38

Building stronger professional connections are essential to expanding one's business. Managing your company's contacts with current and future consumers is easier using customer relationship management (CRM) software. A CRM system allows businesses to maintain communication with their clientele, simplify internal operations, and boost revenue. Salesforce is the world's number one CRM platform.

The term "WealthTech" describes any business that provides technological solutions to the financial sector. Organizations in this category include those whose primary objective is to create new goods or solutions and those whose mission is to fundamentally alter established practices.

**Salesforce CRM technology**

The primary purpose of salesforce CRM software is to collect and store information. In addition, modern technologies make data analysis possible, yielding insights that may be used to increase consumer happiness.
The Salesforce CRM system allows you to centralize, integrate, and combine your most vital customer and business data in one location. Examples of such details are:

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- Information such as names, phone numbers, emails, addresses (both personal and professional), social media profiles, birthdays, lists of contacts, etc.
- Notes from all meetings, phone calls, and other interactions with customers and potential customers.
- Information on items and services used, how often and how much was spent, personal preferences, and methods of payment
- Metrics of user interaction with your company's online properties, mobile apps, and promotional efforts.
- Concerns, suggestions, and requests for returns or exchanges.

**Benefits of CRM in the WealthTech industry**

The phrase "super app" has recently been thrown around in the consumer software industry. The term is gaining use to characterize a top-tier, industry-standard program that integrates with and serves as a foundation for other supplementary software offerings from various suppliers. Super applications provide users with a "digital front door" to a core program and the ancillary features that make it more valuable to them. In B2C software, "super apps" can provide a seamless and contextually appropriate experience across many applications.
With its rising prominence in the WealthTech B2B software industry, customer relationship management (CRM) is a notable example of the mega-app idea. Although customer relationship management (CRM) software is now the most widely used software among financial advisors, we believe that cutting-edge CRM technology will become the super app at the center of a financial advisor's interactions with people, technology, and wealth. In the context of integrated WealthTech and business productivity software, customer relationship management (CRM) serves as the digital front door through which advisors manage client interactions, team collaboration, and corporate operations.

Customer relationship management (CRM) software is at the crossroads of many types of wealth technology. Single-sign-on functionality and one-way connections are the current norms for these kinds of integrations. Still, they quickly give way to two-way data flows and improved capability in combining data across apps. The idea here is that the hub of the advisors' software universe is through a rapid improvement in API integrations and user experiences across a wide range of software categories across goods in the fragmented WealthTech space. Here are a few reasons why.

**Salesforce CRM is the most popular**

The fact that salesforce customer relationship management (CRM) is already the most popular software used by financial advisers indicates its potential to become the super app of WealthTech. Simply put, Salesforce customer relationship management (CRM) is ahead of the competition. Managing client connections and working together as a team have never been easier, thanks to the seamless integration of essential features like contact management, note-taking, email, tasks, calendaring, workflows, opportunities, projects, reporting, and activity updates. The [Salesforce development company](https://hexaviewtech.com/services/salesforce) offers development consulting, roadmap, implementation, and managed services. 

• **Salesforce CRM Is the Main Gateway**

From the perspective of user behavior, onboarding, and adoption, Salesforce CRM software is utilized by an adviser on Day 1 of their career long before they use any other WealthTech product. (The new adviser may have experience with CRM software from a prior position.) In the CRM's contact management functions, customers begin as relatives, friends, acquaintances, connections, or database leads and are transformed into prospects and, ultimately, customers. From when a new contact is added to the database to when an email is sent, a meeting is scheduled, and an account is opened, a CRM records every step of the customer's journey. It's no surprise that many of the advisors who use our CRM tell us they log in and out of the app first thing in the morning and last thing at night. This is especially true if the product is well-designed. The Salesforce development services made them stand out from the competition.

• Salesforce CRM is a socially collaborative workplace.
Modern customer relationship management (CRM) products provide fantastic communication and collaboration tools, allowing teams to work together more efficiently in a shared area. Advisors now check in to monitor CRM work activity in the same manner as they check in to see friends' activity on social networks, thanks to the integration of "social CRM" features such as activity streams, @-mentions, commenting, and alerts. This "sticky" user behavior in the context of a consumerized, humanized, and even "fun" user experience bodes well for the contemporary CRM's trajectory as the dominating "go to" mega app of WealthTech.

• **The technology revolves around Salesforce CRM**
Unlike other advisor technologies, salesforce CRM is the hub for integrating 297 WealthTech apps, including financial planning, portfolio management, risk analysis, digital marketing, document storage, form tools, communication systems, custodial systems, and other business productivity software. With improved integration features and novel CRM enhancements, customer relationship management has a great chance of becoming the must-have software for financial advisors.
• **Salesforce CRM Is Like a Flywheel**
The CRM super software uses flywheels to drive itself along its trajectory of rapid expansion. Different flywheel models are employed in the SaaS business model to efficiently bring in new consumers through existing ones. The interactions between CRM and other applications are creating a snowball effect that is helping to elevate CRM to the status of a super app. the salesforce custom application development gives businesses the power to improve effectiveness.
In summary, when CRM is integrated with a WealthTech partner's product, both products benefit from increased value, distribution to the partner's client base, and cross-promotion. More customers lead to more money, which leads to the development of additional features and integrations, which in turn leads to an increase in the number of customers. And now that more WealthTech providers have joined the CRM super app, the merry-go-round is spinning faster. The more you succeed, the more successful you become.
Salesforce can help you accelerate your digital transformation, increase the value of your company, and completely revamp your operations. With increases across the value chain, it is possible to incorporate more intelligence, efficiency, and personalization into commercial process management, provider relationship building, and patient engagement. These efforts yield positive outcomes for your business, your clients, and their patients.
To reap the benefits of Salesforce in MedTech, you'll need a Salesforce consulting partner to assist you with Salesforce integration. Hexaview provides a wide range of Salesforce services, such as business and technology consulting, custom Salesforce application development, and data migration services such as [ACT to Salesforce migration](https://hexaviewtech.com/blog/act-to-salesforce-migration).