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Cash in on these 3 fintech capabilities in 2023

Jan 17, 2023 | Financial Services


Here’s a quick question: When was the last time you stood in a line at the bank? For many of us, it’s probably been a long while. According to, over half (65.3 percent) of Americans use online and other digital banking services. 

And while paper checkbooks have given way to chatbots, more financial services organizations are turning to digital transformation to create a balance between automated workflow processes and personalized customer services.  

“As paper-based payments and manual transactions transition to paperless and automated processes, technology has the upper hand in solving numerous problems with speed, accuracy, security and convenience,” Liana Zavo, a Forbes advisory council member said.

The Simplus team is excited about the fintech capabilities that Salesforce offers wealth management and financial services companies to automate tasks, personalize customer service engagement, and anticipate customer needs and inquiries with AI technology. 

In 2023, here are three key ways fintech can deliver transformative results through trending automation, personalization, and anticipation capabilities. 

Automate common tasks

While financial institutions have undergone significant changes, so has today’s customer. Customer expectations haven’t diminished, but how customers prefer to connect with their bank, insurance company, or investment firm has changed. 

For instance, a Salesforce survey found that 78 percent of banking customers establish their first connection with a financial institution through an app or website. And studies show that 63 percent of customers prefer to engage with a chatbot rather than talking to a business rep. 

Automation is key to seamlessly manage common tasks, customer requests or inquiries. Take Salesforce’s Virtual Assistant for example. The Einstein-powered chatbot designed for financial services simplifies complex tasks and streamlines collaboration among teams by using digital platforms that can connect internally and with customers through their preferred digital channels. 

Personalize customer engagement 

Don’t underestimate the impact of a positive customer experience. Offering digital channel choices for customers is an important part of strengthening customer relationships. But that’s only part of it. To deliver personalized services to their customers, companies need to know what matters most to them and how to connect. 

According to McKinsey research, 71 percent of consumers expect companies to deliver personalized interactions. “Personalization drives performance and better customer outcomes,” researchers said. “Companies that grow faster drive 40 percent more of their revenue from personalization than their slower-growing counterparts.” 

In 2023, more companies will leverage the power of a Customer Data Platform (CDP) to organize a single source of customer data that enables teams to access a full profile and respond to time-sensitive inquiries. With this information, companies can reinforce customer relationships by speaking to a customer’s pain points and offer personalized solutions, products, services, plans, etc., in real time. 

Today’s customer expects more, and personalization is key to increasing customer satisfaction and retention. 

Anticipate customer needs.  

Perhaps one of the more exciting trends for 2023 is Salesforce AI technology. “AI in fintech is extensively utilized for operating virtual assistance, sentiment and predictive analysis, debt collection, reporting, and customer behavior analysis,” say experts in a recently released report called The Artificial Intelligence in Fintech Market: Global Analysis and Growth Forecast to 2027

“It helps drive efficiency, curtails the chances of human error and processes large volumes of data in a short time span.”

 But, wait. Experts say there’s more. 

“In addition,” they added, “AI also helps in the automated and real-time examination of cash, investment and credit accounts for evaluating individual financial health and developing customized insights for future development.”

In other words, companies will have advanced knowledge of their customers. With this scale of data, it’s no surprise that the banking industry is second only to the retail industry when it comes to investing in AI technology by 2024. 

“At the root of every customer inquiry is a desire for a quick resolution,” Jason Bigue said. “It doesn’t take a rocket scientist to understand that customers don’t want to jump through hoops to get their problems fixed and questions answered.” He added, “Solving customer problems right away is a sure-fire way to avoid issues from your customers down the line.”

At Simplus, we understand the pressures today’s businesses face to optimize processes and create efficient, cost-saving solutions without compromising valued customer relationships.

Let’s talk about your business goals for 2023. If digital transformation is part of your plan, we can help. 



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