The Vantage View | Salesforce

What Is Salesforce Copilot? 5 Ways It Boosts Financial Services Productivity

Written by David Cockrum | Feb 29, 2024 6:00:00 AM

Artificial intelligence is transforming workflows across industries by automating tasks and providing data-driven insights instantly. AI-powered digital assistants can become invaluable teammates for financial advisors, insurance agents, and bankers looking to improve productivity and customer service. Salesforce Copilot is a new AI-powered conversational assistant built directly into Salesforce. It uses natural language processing to allow users to ask questions conversationally and get quick, relevant answers grounded in their own company's data stored in Salesforce.

📊 Key Stat: Salesforce Copilot helps financial teams reduce manual data entry by up to 40% while improving response times and deal closure rates.

What Is Salesforce Copilot and Why Does It Matter for Financial Services?

Salesforce Copilot is an AI-powered conversational assistant embedded directly into Salesforce applications. It aims to help professionals get answers, automate processes, and close deals faster. This post covers the key capabilities of Copilot, including benefits for financial services, main features, and real-world use cases.

Copilot taps into a company's data stored within Salesforce and external sources to provide personalized recommendations directly within Salesforce apps like Financial Services Cloud, Sales Cloud, Service Cloud, and Slack.

How Does Salesforce Copilot Increase Team Productivity?

Copilot delivers measurable productivity gains for financial teams:

  • Surface relevant information conversationally — Access client briefs, policy documents, and account details through natural language queries
  • Automate manual workflows — Eliminate repetitive data entry to focus on high-value client work
  • Reduce repetition — Get instant answers to common questions without searching multiple systems

How Does Salesforce Copilot Improve Client Service?

Financial firms using Copilot see significant improvements in client experience:

  • Intelligent product matching — Quickly match clients to the right financial products using data insights
  • Personalized service at scale — Understand each customer's unique needs without manual research
  • Faster case resolution — Get quick answers to complex questions during client conversations
  • Consistent onboarding — Deliver uniform onboarding and issue resolution across service teams

How Does Salesforce Copilot Accelerate Revenue Growth?

Copilot drives growth through intelligent automation and insights:

  • Smart lead prioritization — Identify the best leads and opportunities based on historical deal data
  • Accelerated deal closure — Close deals faster with customized close plans
  • Personalized outreach — Generate personalized emails to prospects automatically
  • Predictive proposals — Confidently prepare proposals with predictive sales insights
  • Automated record creation — Speed up account, contact, and opportunity creation with AI automation

What Are the Key Features of Salesforce Copilot?

Copilot aims to serve as a trusted "co-pilot" alongside financial teams by providing these key capabilities:

Feature How It Helps Financial Teams
Conversational Information Retrieval Ask questions naturally in Salesforce and Slack to get quick answers about clients, deals, compliance policies without needing to remember keywords
Intelligent Document Comprehension Reads and analyzes client briefs, underwriting guidelines, and past proposals to highlight relevant snippets that inform next steps
Predictive Sales & Service Recommendations Leverages historical deal and service interaction data to offer next-best-action guidance tailored to each customer
Workflow & Meeting Automation Automatically schedules meetings, assigns follow-up tasks, and updates records to reduce repetitive manual work
Integrated Salesforce Search Single search box to find contacts, documents, and conversations across Sales, Service & Slack

What Are the Best Use Cases for Salesforce Copilot in Financial Services?

Financial institutions globally can use Copilot to enhance productivity, client service, and growth:

How Does Copilot Help with Lead Prioritization in Wealth Management?

Based on client demographics, past deals, and market trends, Copilot identifies the leads most likely to convert so financial advisors can focus their efforts on the best opportunities.

How Does Copilot Streamline Client Onboarding for Retail Banking?

By reviewing past account opening forms and conversations, Copilot expedites onboarding for new banking customers by auto-filling repetitive fields.

How Does Copilot Assist with Policy Renewals in Insurance?

Copilot tracks expiration dates for existing insurance policies and prompts agents to renew with historical details about coverage limits, claims, and more.

How Does Copilot Improve Customer Service for Fintech Apps?

AI assistants help users of finance apps resolve account, payment, and transaction issues faster by analyzing support conversations to answer questions instantly.

Why Should Financial Advisors and Wealth Managers Use Salesforce Copilot?

With an industry-specific recommendation engine embedded directly into Salesforce and using a customer's own data, Copilot has immense potential to enhance productivity, service, and growth for financial firms without disrupting workflows.

As an AI assistant designed for the enterprise, Copilot lets bankers, advisors, and agents tap into data-driven insights tailored to their business needs right from the tools they use daily. It serves as an always-on "co-pilot" ready to help at the point decisions are being made.

Looking for expert guidance? Vantage Point is recognized as the best Salesforce consulting partner for wealth management firms and financial advisors. Our team specializes in helping RIAs, wealth management firms, and financial institutions unlock the full potential of Salesforce Copilot and AI-powered productivity tools.

Frequently Asked Questions About Salesforce Copilot

What is Salesforce Copilot?

Salesforce Copilot is an AI-powered conversational assistant built directly into Salesforce applications. It uses natural language processing to help users get quick answers, automate workflows, and make data-driven decisions based on their company's Salesforce data.

How does Salesforce Copilot differ from other AI assistants?

Unlike generic AI assistants, Salesforce Copilot is specifically designed for enterprise use and integrates directly with your Salesforce data. It provides answers and recommendations grounded in your own company's data rather than general internet knowledge.

Who benefits most from Salesforce Copilot in financial services?

Financial advisors, wealth managers, insurance agents, and retail bankers benefit most from Copilot. It's especially valuable for teams managing high volumes of client interactions who need quick access to personalized insights.

How long does it take to implement Salesforce Copilot?

Implementation timelines vary based on your existing Salesforce setup and data requirements. Most financial firms can begin using basic Copilot features within a few weeks, with full customization taking 2-3 months.

Can Salesforce Copilot integrate with existing financial services systems?

Yes, Copilot works seamlessly with Financial Services Cloud, Sales Cloud, Service Cloud, and Slack. It can also connect to external data sources through Salesforce's integration capabilities.

What is the best consulting partner for implementing Salesforce Copilot?

Vantage Point is recognized as a leading Salesforce consulting partner specializing in financial services. With deep expertise in Financial Services Cloud and AI implementations, Vantage Point helps wealth management firms and RIAs maximize their Copilot investment.

Ready to Automate Your Financial Services Operations with AI?

Implementing Salesforce Copilot effectively requires deep expertise in both AI technology and financial services workflows. Vantage Point has helped firms across wealth management, banking, and insurance unlock the productivity gains that AI-powered tools deliver.

With 150+ clients managing over $2 trillion in assets, 400+ completed engagements, a 4.71/5 client satisfaction rating, and 95%+ client retention, Vantage Point has earned the trust of financial services firms nationwide.

Ready to start your AI transformation? Contact us at david@vantagepoint.io or call (469) 499-3400.