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Financial Service Industry Trends Lead to New Data Challenges


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We appreciate how the financial services and accounting industries help us keep things running smoothly during tax season and all year long. (It makes it more bearable.) As part of celebrating their contributions, we’re sharing the latest industry trends and our top financial services customer successes.


Like many industries, the events of the past two years have had an impact on the financial service industry. In their “Trends in Financial Services Report,” Salesforce® found, “Much like the 2008 financial crisis tested FSIs’ liquidity, today’s health and economic crises are a stress test of their technology foundations. In this case, FSIs’ digital transformations are on trial, spurring companies to improve their technologies.”

For example, as a result of the rapid transition from in-person transactions to online, FSIs now have overwhelming amounts of digital information they need to manage, analyze and leverage. 

Plus, new technologies have come into play with advancements in automation and AI. When you combine the increased online customer data that’s available with these new technologies, it leads to new opportunities and challenges. “Such advancements have opened doors for FSIs to offer new products, services, and even new modes of business. One potential application is an emerging technology: autonomous finance,” explains the Salesforce “Trends in Financial Services Report.” 

What is autonomous finance? Forrester defines it as algorithm-driven services that make financial decisions or take action on a customer's behalf. Autonomous finance gives financial institutions the ability to provide support for individual customer journeys, resulting in better end-user outcomes. 

“Other strong sub-trends include personalization, where data is used to match customers precisely with products and services that they actually need, rather than just the ones a financial services company wants to sell them. An example of this is when a lender is able to pre-approve a customer for a loan without carrying out a search that impacts their credit record. This means they are able to go to that customer with an offer of a loan, rather than just an invitation to make an application,” adds Forbes in their article The 5 Biggest Financial Services Tech Trends In 2022.

Increasing Tech Spend and Exploring New Possibilities

Arizent, which is the parent company of American Banker, conducted a study on what financial companies are seeing in terms of technology, the economy, innovation, consumer behavior, and more. The Arizent report found, “Eight in ten financial advisors say they’re in the process of incorporating AI technology into their practices… More than eight in ten banks and nearly as many mortgage companies expect their tech spending next year to increase moderately or significantly.”

The advances in smarter technologies are rapidly accelerating, as are the costs of implementation. The possibilities for uncovering new ways to better serve financial services customers by leveraging technology and data are endless.

While it’s important to look at emerging trends like AI, they can require a significant investment, so don't look so high up the tree that you ignore the low hanging fruit. There are cost-effective solutions like Passage Technology's apps that you can use right now to extend Salesforce. Progress can be made by enhancing what you're already doing and leveraging apps that help you manage your data better, so you can get the most out of it.

Financial services institutions should look for transformation opportunities across the entire spectrum, from better data management at one end to predictive analytics at the other end.  These stories show how our financial services customers are using Passage Technology’s Salesforce apps to expand their innovation and take their data and insights to the next level:

Bank Gets Broader View of Client Data and Insights

FineMark National Bank & Trust offers a comprehensive array of banking, trust and investment services to their clients. FineMark had multiple Objects that needed to be rolled up to the Household to see the entire relationship in one snapshot. With Rollup Helper, FineMark can roll several sets of information across Objects up to the targeted field/Objects that they need. Their associates no longer need to visit multiple screens and multiple Objects to connect pieces of information. See the full story.

CFO Cloud Consulting Gets Real-Time Actionable Data For Clients 

CFO Cloud Consulting bridges the gap between accounting and technology by leveraging the Salesforce platform to digitize and simplify accounting processes. They use Rollup Helper to get real-time, actionable data that shows how much clients are owed on a specific account and assist their clients with identifying billable hours and generating revenue reports. See the full story.

How Clear Capital Stays on Top of Data Trends and Simplifies Reporting

When Clear Capital needed to display multiple revenue and volume summaries for use in multiple business units, they chose Rollup Helper and Lookup Helper to achieve their goals. Learn how Clear Capital is providing data for their teams that would otherwise be done manually. See the full story.

Community Cloud Solution for Rockpool Investments Empowers Customers 

Rockpool Investments LLP needed to provide customers with more information about their investments and empower them to request investment opportunities through a customer community, all while providing more transparency for their 2,500+ investors. Passage Technology's Development Services team created a new customer community that allows Rockpool Investments to access existing data in their Salesforce org and display this data to the client. See the full story.

At Passage Technology, our goal is to help you do more with Salesforce. Whether your business is B2C- or B2B-focused, when it comes down to it, the customer is at the center of everything you do. Our mission is to extend the capabilities of the Salesforce Platform and put data in your hands. We want to help take your business to the next level, so you deliver exceptional experiences.

*Clear Capital®, the Clear Capital logo, and other trademarks of, Inc. included herein are the property of, Inc. or its subsidiaries

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