More and more businesses are seeing the value of bringing Salesforce online as their source of business solutions. The industry-leading CRM platform is no longer the only feature Salesforce offers. Salesforce effectively handles processes like account and contact management, forecasting, analytics, workflow organization, sales automation, lead scoring, and lead management, with third-party integrations that are constantly expanding.

However, despite the capabilities of Salesforce, far too many institutions are not utilizing them because they don’t have the appropriate expertise on hand. Technical knowledge of the platform is critical to generating optimal ROI. This necessitates they either employ a dedicated Salesforce certified team or a Managed Services Provider (MSP). In today’s marketplace, hiring managed services is becoming the optimal way to tackle these solutions by offering innovation, expertise, experience, and compliance.

Innovation on demand

Salesforce is constantly releasing new and exciting features with large updates three times a year. Your CRM is no longer a set and forget system, but an ongoing investment. Managed services act as a versatile team that supplements current personnel, allowing them to concentrate on their own tasks instead of Salesforce.

Managed teams allow businesses to move beyond the break and fix model to be more proactive with their solutions. As opposed to a contractor or an architect, the continual support of an MSP builds a sustainable business environment.

Instantly fill skill gaps

While continuous support is often handled by internal teams, the cost to hire and train these professionals eats away at time and resources, if you can even find them. Hiring a managed team gives the company full capabilities from day one. The dedicated nature of their services means that an MSP is able to plan services, manage them, and balance workloads with lower costs than a dedicated team.

Salesforce experts are in high demand, and the supply isn’t usually able to keep up. Up to 75% of companies that choose to handle Salesforce management internally face difficulties in finding the right talent. Identifying candidates that have a mix of experience on the platform and within the financial markets industry remains elusive.

Cycle expertise as needed

With Salesforce containing a wide variety of clouds and communities, there has to be a whole team of professionals to manage them. However, not all companies need the same experts at the same time.

During the initial roll-out, administrative knowledge will be crucial to properly configure the services and implement them. Building a mobile app needs skilled developers. Long term servicing needs cloud experts. Hiring each of these roles would be necessary, but workloads for these services aren’t constant. After the initial setup, the need shifts to another piece of the puzzle, which means more hiring.

MSPs have entire teams dedicated to clients, which allows them to roll through responsibilities as needed. Admins are there when the workload is substantial and melt away when less needed. Development teams can power through initial development and disperse when the app is released.

Leverage industrial knowledge

The experts employed at reputable MSPs have worked on projects with multiple companies. Their familiarity with common issues means that solutions are found and implemented in days instead of months. They know how to avoid common pitfalls and be proactive in seeking solutions.

The impact of this experience is multiplied when an MSP’s knowledge is specific to financial markets. Having worked with leading banks for over a decade, CPQi has already seen what solutions prevail. We’ve already seen how to integrate Salesforce Flows, Components, Triggers, and Apex code in real-world applications. Our industry-specific knowledge goes beyond the generic Salesforce training that comes from new hires.

Optimize compliance

The advantages of this amassed expertise continue with the complicated issues of compliance and security. Properly following the strict regulations that are placed on financial institutions when it comes to customer data aren’t negotiable. With modern solutions, designing new systems with banking needs in mind ensures compliance down the road.

Having experts on staff that are already familiar with these problems means that critical features aren’t skipped. The tightened security needed to keep customer data safe can be implemented from day one.

Adding independently cryptographed systems protect data at every stage. Storing information internally on Salesforce databases can add another layer of encryption. Proper design allows Salesforce to be fully implemented without sacrificing security.

Bank on the Right Outcome

Salesforce is a powerful solution, but it takes a team to get it right. Managed Services Providers have the flexibility to fill skill gaps and rotate out experts as needed. Their level of in-depth knowledge of the platform allows them to generate solutions quickly, leverage their industry experience, and create integrations that fully comply with security regulations.

Financial institutions aren’t barred from accessing the latest business tools. By working with a knowledgeable partner that understands the needs of banking, being tech-forward and secure don’t have to be two different things. At CPQi, our CRM experts are all certified in the banking industry. We understand the needs of your institution, and have extensive industry-specific insights from working with the world’s leading banks.

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