The 10 Best Salesforce AppExchange Apps for BFSI Companies

Share This List

Evolve Banking/Finance, Insurance (BFSI) industry quickly customers want safety and need to get personalized responses, but regulators increase enforcement of compliance.

Simultaneously, financial institutions struggle with cyber security intrusions, operational inefficiencies and the burden of legacy systems.

The incumbent world’s most renowned CRM platform, Salesforce provides BFSI firms with the step stone to go all out. However, for financial institutions to make use of all this they have to find the right AppExchange Vendors that improve security and automate workflows, while being compliant with regulations.

Here is a list of 10 top Salesforce AppExchange apps, aimed at helping BFSI companies thrive in this battle-like arena to accomplish the operation, compliance and customer engagement.

Now let’s get into them in depth.

Top 10 Salesforce AppExchange Apps BFSI Companies

The Salesforce AppExchange offers a range of powerful apps tailored to improve efficiency, security, and customer engagement. Here are the top 10 must-have Salesforce AppExchange apps for BFSI companies.

1 Building Operating System (BOS) of the Bank

• nCino is a cloud-based banking platform designed to streamline the whole lifecycle of banking.
• It links in with Salesforce to improve operations of origination and loan execution (account opening/regulatory compliance tracking)

Features:

• Loan Origination System (LOS): This automates a loan application including underwriting and then releasing the funds.
• Customer Onboarding System: Automated customer on-boarding and reduced manual paperwork.
• Compliance: Comes with tools for compliance that allow built-in tracking and reporting.
• Data Analytics and Reporting: Provides instantaneous view into the health of customer and financial data

Benefits:

• Reduces time to process loan, which results approval speed and enhances customer satisfaction.
• Improves operational efficiency by way of automating manual banking processes.
• Ensures that BFSI companies are legally compliant and fulfil audit requirements.

2 Vlocity(Salesforce industry, BFSI)

• Vlocity (Banking Cloud Service), what it does turn which is a mid-market platform solution that specific for food and beverage companies to deliver personalized customer experiences and manages policies, claims management.

Features:

• AI-powered CRM-Allows financial houses to unique customer engagement
• Omni-Channel Support: Comes with customer interactions on all channels, email, mobile social media.
• Policy & Claims Management: Enables insurers to respond to claims faster, via automated workflow.
• Financial customer insights: Emulates AI to analyze credit data and relay suitable products.

Benefits:

• Improve customer satisfaction and get customized financial solutions.

3 FinancialForce Accounting & ERP

• FinancialForce (cloud) – Accounting and ERP for BFSI firm to do financial operations with ease in Salesforce

Features:

• Automated Reporting of Financials: Produces financial statements as of date and P&L reports and balance sheets of the day.
• Revenue Recognition & Bill Automation: Accurate invoicing and cash flow proforma.
• Expense Tracking: Works on tracking corporate expenses and provides real time cash flow analytics.
• Multi-Currency & Multi-Tax: Solves the global finance needs for financial institutions

Benefits:

• Decreases manual accounting errors by automating financial reconciliation and reporting.
• Works in real-time for cash flow performance using revenue tracking.
• Simplifies compliance with international accounting.
• Operational efficiency is increased by making the issuance of policies and claims processing automatic.
• Deep insight into financial behaviors of customers to make good decisions

4 SFDC DocApp Integration – DocuSign ESignature

• DocuSign is the industry leader in electronic signature to BFSI companies that demand fast, secure and legally signed approval of documents.

Features:

• Digital Signatures: Comes with secure digital tools, for the end-users to make their marks on paper contracts and other legal instruments while they sit at home
• Audit Trail & Compliance Tracking: Verifies each transaction as legally compliant.
• Smart Automation for Document Workflow Quick approval speeds: Utility eSignatures with Salesforce workflows Compatible on multiple devices

Benefits:

• Streamlines turnaround time on transactions and cuts out the paperwork.
• Encrypts bank-grade and follows compliance for document security.
• Ensures that BFSI players comply (compulsory) with e-signature regulations such as ESIGN, UETA and GDPR.

5 Conga Composer

• Conga Composer gives BFSI firms the ability to easily generate financial reports, contracts and policy docs via document automation.

Features:

• Invoicing, Contracts & Financials: Auto-generated All in one Pre-Designed Document
• Templates Integrates with Salesforce: Directly import the salesforce data into documents
• E-Signature: Integrates with DocuSign and Adobe Sign. Is Real-time Collaboration (where User 1 can edit while User 2 can edit simultaneously)

Benefits:

• Automatically generates financial documents so they save time.
• It has fewer errors because of the pre-populated data in Salesforce Better customer experience with faster contract turnaround.

6 Risk management App Logic Gate

• Logic Gate – An advanced and brilliant risk management tool for BFSI firms which helps to identify, evaluate and then mitigate the risk preemptively

Features:

• Automated risk assessments: AI-driven compliance and operational risk detection.
• Compliance Tracking With: FINRA, SEC and GDPR compliance enforcement.
• Facilitates: Incidents management & reporting that carries out security incidents and responds with automated workflows in an organized fashion.

Benefits:

• Reduces the likelihood of financial loss through automation in mitigating and avoiding fore seeable risk.
• Streamlines regulatory compliance.
• Provides more transparency through comprehensive risk reports and audit logs.

7 OwnBackup Data Security

• OwnBackup enables BFSI companies to have a safe, automated backup that can help save them from loss of data and ensures business continuity.

Features:

• Automated Backups Every Day: Eliminates accidental data loss or system crashes.
• Recoverable Data: Bring your lost or corrupt data back in seconds.
• Encrypted cloud storage for sensitive financials: Safe, reliable and secure way to store cloud-based files.

Benefits:

• Preserves data from cyber-attacks, and human errors of customer information / financials.
• Enforces compliance with laws and regulations that applies to data security such as GDPR, CCPA.
•  Eliminates the need to manage data related operational impacts

8 Mulesoft Anypoint Platform

• Mulesoft makes it quicker for BFSI to connect their multiple applications, databases and services in a single system.

Features:

• Integrates banking systems, payment processors & CRM tools Platform-to-Platform
• Data Synchronization: Merge financial data coming from different sources.
• Real Time Analytics: Empowers financial institutions to take data-based decisions.

 Benefits:

• Streamlines data synchronization between banking applications and helps in improving customer service.
• Connected financial systems, fewer operational bottlenecks as the fragmented systems are seamlessly integrated.
• Improved decision quality with live financial intelligence.

9 Smart Communication for Salesforce

• Smart Communications is a customer communication management software (CCM) tool to streamline, manage and automate all the available channels between customer-centric banks and their customers.

Features:

• Personalized Documents: forms, policies & loan agreements to be dynamic documents from start to finish.
• Multi-Channel: Email, SMS and also web portals for delivery of communications.
•  Salesforce Financial Services Cloud Integration: Automates the data flow on your cloud and also sends automated responses.
• Compliance Management: World Bank financial documents meet industry requirements

 Benefits:

• Increased customer engagement with aware and well-timed touchpoints.
• Ensures the compliance of BFSI Firms with communications compliances.
• Reduce workload done manually by system creating and delivering the document.

 10 Fenergo’s KYC Solution

• Know Your Customer (KYC) Solution Learn More Fenergo | Simplifying Your Experience with Fenergo

Features:

• Fully Automated KYC & AML (Anti-Money Laundering) Verifications: Performed real-time verification of customer identity.
• Customer Segmentation Based on Risk Factors: This classifies all customers based on various factors.
• Compliances FATCA & GDPR: Compliance with international compliance laws.
• Audits workflow automation: Streamlines audit trails & Regulatory Reporting

 Benefits:

• Ensures rapid customer onboarding with automatic verifications.
• Fiber is reduced for compliance risk due to less due diligence & AML checks by Automation
•  Enhances operational effectiveness with live time regulatory surveillance

Conclusion

How to effectively future proof your BFSI business the banks and financial institution sector is now heading towards a complete digital, automated future. Organizations that use AppExchange apps will gain a competitive edge by optimizing efficiency and minimizing risk and delivering frictionless client experiences.

Essential 10 Salesforce apps for BFSI to stay ahead in dynamic financial landscape ranging from Fin Admin (financial management i.e. Financial Force) to secure digital transactions DocuSign and risk mitigation Logic Gate

Share This List