In a recent meeting with a superannuation fund CEO, the conversation turned to that greatest of challenges faced by all funds: creating genuine relationships with members.
His point was simple: most members are simply account holders, with no allegiance to the brand, no affinity for the values of the fund and no reason to see themselves as a part of something bigger.
The same can be said of life insurance policyholders.
For all of the data collected, a comprehensive understanding of the customer is still elusive; an almost mythical utopia that will forever remain out of reach. But why?
A comprehensive understanding of the customer is still elusive; an almost mythical utopia that will forever remain out of reach. But why?
The problem is impersonal, disconnected information.
Registry systems manage accounts, not people. In fact they often can’t tell if multiple accounts are owned by the same person, or just people with alike names. Similarly, policy admin systems manage policies, not people, and often have no idea that John Smith and Jonathan Smith are the same individual.
Throw a marketing system, a CRM and a finance system into the mix and the number of data siloes multiplies. Where’s the real customer amongst it all?
The big wealth firms tried to solve the problem with business intelligence. BI and data warehouses help, but they’re read-only, after the fact and not front and centre when customer interactions are happening.
The CEO in my story, however, is savvy. He’d already turned to the leading platform for running a genuinely customer-centric business: Salesforce. It’s the obvious choice if you’re serious about truly understanding your customer.
But the CEO’s experience with Salesforce left him confused. He knew that its capabilities are amazing, but he learned that it’s an incredibly rich toolkit that, out of the box, is in no way ready for use in his business.
The [fund] CEO’s experience with Salesforce left him confused. It’s an incredibly rich toolkit that, out of the box, is in no way ready for use in his business.
He likened it to buying LEGO. Sure, there’s a picture on the box of some amazing creations you might build. But how?
Salesforce is the best LEGO around, but to create the solution you need to run a superannuation fund, you need to know a lot. Not just about LEGO, but about superannuation.
The same is true for applying Salesforce to a life insurer, an advice practice or any wealth business.
We created PractiFI because we already knew the Salesforce toolkit and the detailed nuances of the wealth industry. We created a solution that brings together all the disconnected customer information across the business and makes it personal.
We created PractiFI because we knew Salesforce and wealth. We created a solution that brings together all the disconnected customer information and makes it personal.
Other great Salesforce partners have done the same in other verticals. Veeva crafted Salesforce for pharmaceutical; Propertybase for real estate; Jobscience for recruitment.
PractiFI reshapes Salesforce for wealth management.
I loved the moment when the savvy superannuation CEO realised that he could build genuinely rich member relationships without having to build something from scratch. It’s exactly what PractiFI is about.