Salesforce CPQ to the Rescue: For Financial Services

Salesforce CPQ to the Rescue: For Financial Services


For the financial services industry Salesforce CPQ can be used to accurately forecast and report on revenues and margin. Salesforce CPQ solution connects every element of the inquire-to-advice and proposal-to-renewal process, to deliver radical efficiency gains across the entire customer life cycle, while dramatically improving speed and customer responsiveness. There is a need in this industry to optimize data processing time which hampers the productivity and profit. The various areas of this industry are Wealth management, Financial Planning, Banking etc.


Financial Services seek help to address compliance and operational risk management issues in the following areas:


1. Consumer, Commercial, and Mortgage Lending

2. Privacy

3. Account Opening and Disclosure

4. Customer Identification, Anti-money Laundering and Fraud Prevention

5. Individual Retirement Accounts and Health Savings Accounts

6. Security compliance

7. Insurance compliance


They also need help in:


1. Reducing Time to Close

2. Lowering procurement costs and maximizing buying power

3. Improving buyer-seller relationships

4. Automating, simplifying and improving: Pricing and Tender management, Sales configuration and Product configuration processes

5. Meeting the industry standards for compliance, performance, quality and delivery

6. Global financial stability and the impact on financial transactions


Salesforce CPQ Financial Services


CPQ helps Sales people in Financial Services industry to create quotes that are configured accurately, with correct pricing, including renewals and promotional up-sells and cross-sells and consistent supporting documents.


With the help of CPQ:


1. New financial products and promotions can be introduced and guided selling can be utilized with clicks and not code.

2. Maximize and continue using existing spreadsheets for fee management, loan origination data, premium calculations, or revenue forecasting with CPQ based solution that sync to accounts/opportunities, proposals, contracts or core systems.

3. Re-entry of data can be minimized by automating the creation of multiple configurations of proposals or alternative investment strategies.

4. Historical pricing data can be used to drive discount strategies and provide guidance with rules-based CPQ solution.

5. Financial Services companies can get rid of their existing manual process and manage payment obligations across a growing portfolio of insurance policies.

6. Accelerated Time to close

7. Pricing and discount management


The best utilization of CPQ can be to optimize multi-channel sales processes and enforce compliance through an automated approvals engine. In order to achieve high optimization in lead to money process, sales and finance need to work together to meet the company objectives. Luckily, this transition shouldn’t be too difficult being that sales and finance already have a united purpose, to generate profitable growth. Use of Salesforce CPQ will help both Sales and Finance of a Financial Services Industry.


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