Financial Services Keynote - Agentforce: Transforming Business with Humans and AI | Dreamforce 2024

Financial Services Keynote Overview

Introduction and Acknowledgments

• The speaker welcomes attendees to the financial services keynote, expressing gratitude to customers, partners, and participants both in-person and online.

• An exciting agenda is outlined, connecting previous keynotes to the financial services industry.

Transformative Technologies in Financial Services

• Aaron Agrios will present how Salesforce's technologies are being implemented in Financial Services Cloud.

• Salesforce has over 25 years of experience in the financial services sector, focusing on delivering industry-specific innovations.

Trust and Compliance as Core Values

• Trust, security, and compliance are emphasized as essential for the financial services industry.

• Salesforce launched its first industry-specific cloud—Financial Services Cloud—ten years ago to enhance customer success.

AI Innovations and Capabilities

• Salesforce pioneered Enterprise AI with the introduction of Einstein analytics and recently enhanced capabilities with Einstein GPT.

• Over 2 trillion AI results are delivered weekly to help customers strengthen their relationships.

Autonomous Agents: The Future of Customer Experience

• The third wave of AI introduces autonomous agents that can reason and act on behalf of users.

• Customers demand hyper-personalization; however, many organizations struggle with manual tasks and fragmented experiences.

Agent Force: Revolutionizing Workflows

• Agent Force aims to automate back-office processes while allowing humans to focus on high-value tasks like client interactions.

• These intelligent agents operate continuously, providing scalability across various functions within financial services.

Enhancing Data Management with Agent Force

• Agent Force streamlines processes such as onboarding in banking and automates claims processing in insurance.

• Built on a secure platform, Agent Force ensures trust compliance while managing customer data effectively.

Integration Across Salesforce Applications

• A wide range of agent force agents have been announced for sales, service, marketing, insurance, banking, and wealth management sectors.

Introduction to Data Transformation at American Family

The Importance of Data

• Brad Burke, CTO of American Family, emphasizes that the journey towards autonomous agents and proactive actions begins with data.

• He highlights the significant data-driven transformation undertaken by American Family, facilitated by Salesforce and Data Cloud.

Challenges in Financial Services

• Burke discusses the complexities faced by financial services companies due to multiple distribution channels including exclusive agents, independent agents, and direct-to-consumer partnerships.

• He notes that regulatory requirements across 50 states necessitate a swift data transformation to maintain customer trust.

Data Transformation Journey

• The company partnered with Google to unify their data systems for better governance and a comprehensive view of customer policies.

• Over four years, they have focused on integrating various contract management systems into a cohesive framework.

Leveraging Data Cloud for CRM Transformation

Value Drivers from Data Cloud

• Burke shares insights on how Data Cloud has enhanced their core CRM deployment using Financial Services Cloud.

• The zero-copy capabilities of Data Cloud allowed them to efficiently organize existing information without duplicating efforts.

Enhancing Agent Experience

• By making critical information readily available to both exclusive and contact service agents, they can focus on high-value tasks rather than administrative burdens.

Future Potential with AI Integration

Excitement Around Big Data and AI

• Burke expresses enthusiasm about leveraging harmonized datasets in conjunction with autonomous and generative AI technologies.

Customer Experience Insights

• He points out that different stages in customer journeys require varying levels of urgency; some moments demand quick responses while others are emotionally charged (e.g., loss or major life changes).

Contextual Support for Agents

• The integration of automated agents providing context will enhance human agent performance during sensitive interactions.

Conclusion: Partnership Acknowledgment

Gratitude for Collaboration

• Burke thanks Steve for his partnership throughout the transformation journey at American Family.

• This collaboration is seen as pivotal in achieving their goals within the financial services sector.

Transitioning to Innovation Showcase

Introduction of Aaron Agrios

AI Redefining Customer Service

The Shift from Traditional to AI-Driven Service

• The cost of building trust with customers is now being redefined by AI, moving from deterministic chatbots to proactive and intelligent AI agents.

• Businesses previously scaled contact centers by hiring numerous service representatives; now, AI agents can handle more complex tasks alongside human workers.

• This evolution allows companies to view customer service not just as a cost center but as a profit center, enhancing overall business scalability.

Implementing AI Agents in Service Processes

• In the context of transaction disputes, defining the role of an agent is crucial; they act as business service representatives needing access to specific data.

• Essential data may include core banking systems for transaction details, along with establishing guardrails that define what actions agents can or cannot take.

• The introduction of "Agent Force" for financial services aims to enhance various use cases beyond just transaction disputes.

Building Trust and Ensuring Compliance

• Developing customer trust is vital for increasing business opportunities; skepticism exists regarding AI adoption in regulated industries.

• Five pillars of trust are essential for broad-scale AI adoption: innovation, trust layer (masking PII), clear guardrails on agent capabilities, and ensuring response accuracy through reliable data sources.

Getting Started with AI Integration

• Organizations should begin identifying existing processes that could benefit from AI integration, such as complex claims or transaction disputes.

• Over 30 out-of-the-box processes have been developed to facilitate collaboration between humans and agents effectively.

• An available library of AI actions will help organizations quickly implement these solutions into their workflows.

Encouragement for Adoption and Exploration

• A QR code provides access to resources where teams can explore various AI use cases and start experimenting within sandbox environments.

Hypothesis of Value in AI Implementation

Defining Objectives for AI in Contact Centers

• The initial step involves defining the hypothesis of value, focusing on whether the goal is to drive efficiency or transform the contact center into a profit center.

• Emphasis on not implementing AI for its own sake; clarity on objectives is crucial for effective deployment.

• Teams must feel confident and competent with new technology, which requires an easy onboarding process.

Data Utilization and Customization

• As organizations progress, they will require more data, prompting integration with data clouds to enhance AI use cases tailored to specific business needs.

• Introduction of embedded AI agents that can work alongside human agents or autonomously handle tasks.

Demonstration of Technology Integration

Customer Interaction Scenario

• Corey Haynes introduces a demo featuring Rachel Morris, a customer facing a transaction dispute with her bank.

• The CSR (Customer Service Representative) has access to comprehensive information about Rachel's account without needing to switch between multiple screens.

Addressing Transaction Disputes

• An alert system informs the CSR about potential fraud related to Rachel’s dispute, highlighting the growing issue of transaction disputes (42% increase year-over-year).

• Discussion on the service process library that includes all necessary interactions for resolving issues like fee reversals and transaction disputes.

Service Automation and Agent Force

Enhancing Customer Service Efficiency

• All relevant behavioral and transactional data are consolidated for both customers and CSRs, improving management processes.

• Introduction of Agent Force as a tool for CSRs to manage disputes effectively by summarizing case details and providing next steps.

Security Measures in Information Access

Agent Force: Enhancing Customer Service Efficiency

Integration of Policies and Procedures

• The discussion highlights how policies and procedures guide agents in customer interactions, ensuring they provide accurate information while redirecting inquiries effectively.

• Agents are equipped with specific next steps based on claim data, which enhances their ability to assist customers efficiently by knowing when to escalate issues.

Role of Human Agents in the Process

• The responsibility for issuing provisional credits lies with the CSR agent, emphasizing the importance of human involvement even in automated processes.

• Communication back to the customer is crucial; agents can review emails generated by the system before sending them, maintaining a personal touch.

Impact on Customer Satisfaction

• Quick resolution times significantly enhance customer satisfaction; what traditionally took days or weeks can now be accomplished in minutes.

• Cumulus Bank benefits from adhering to its policies while also strengthening customer relationships through trust and effective problem-solving.

Productivity Gains Through Automation

• The automation of routine tasks allows agents to focus on more complex issues, leading to increased productivity across teams.

• Agent Force exemplifies how integrating technology with human expertise can transform service delivery within financial services.

Standard Bank's Journey with Salesforce

Overview of Standard Bank

• Standard Bank has a long history (162 years), operating across 20 African countries and focusing on facilitating trade and investment both into and out of Africa.

Adoption of Salesforce for Customer Engagement

• In 2020, Standard Bank decided to implement Salesforce as a unified platform for customer engagement across various regions, overcoming challenges posed by different tech stacks.

Enhancements in Service Delivery

• The bank utilizes Salesforce for comprehensive service management including omni-channel support (calls, emails, live chat).

• By building effective service processes within Salesforce, agents are empowered not just to manage cases but also resolve them directly through digital channels.

Commitment to Training and Development

AI Strategy and Innovation in Banking

The Role of AI in Banking

• The speaker expresses strong belief in AI's potential, particularly emphasizing its integration into workflows with humans involved.

• Initial use cases include generating draft responses for customers, summarizing client profiles, and creating marketing communications.

• AI is also utilized for code generation and enhancing DevOps processes through automated testing and UI improvements.

Trust and Relationship Management

• Transitioning to the topic of trust, the discussion pivots towards relationship managers and bankers within a B2B context.

• Emphasis on understanding customer complexities and business hierarchies as critical challenges faced by bankers.

Innovations in B2B Banking

• Research indicates that many banks rely on manual processes for annual business planning, often using Excel or relying on memory.

• The need for innovation is highlighted; efforts are focused on improving collaboration among relationship managers to create effective growth strategies.

Enhancing Onboarding Processes

• Introduction of banking agents aims to streamline the onboarding process by collecting necessary information early on.

• New tools will help automate previously manual tasks, allowing bankers to focus more on expediting client onboarding.

Dynamic Business Relationship Plans

• A new feature available in sandbox allows dynamic planning infused with data and AI to enhance banker efficiency.

• This tool aims to unlock organizational value by making all products and services dynamically accessible across teams.

Real-Life Application: Cumulus Bank Case Study

Richard Allen's Role as a Relationship Manager

• Richard Allen works with a local coffee roasting business aiming for expansion; he needs comprehensive support from his bank.

Accessing Information Efficiently

• Richard can now access rich information about his client's business without logging into multiple systems or using spreadsheets due to new banking accelerators.

Team Collaboration Enhancement

• All team members engaged in the client's expansion project can view their contributions through an activity timeline, promoting better collaboration.

Middle Office Integration

Business Relationship Management and AI Integration

Enhancements in Business Hierarchies

• The system has been enhanced to support complex business and people hierarchies, including regulatory alerts for new business entities.

• Compliance processes like "Know Your Business" are built with industry best practices and available out of the box.

Business Relationship Planning

• Aaron can initiate business relationship planning with a simple click using the Action Launcher, which is designed with embedded AI insights.

• The banking agent compiles extensive meeting notes, calls, financial documents into a summary that saves Richard hours of research time.

Structured Sales Methodology

• Cumulus Bank emphasizes a structured sales methodology; the embedded AI prompt assists Richard by outlining key discussion points for his upcoming CEO meeting.

• Objectives tied to interaction summaries help the team focus on necessary actions without sifting through extensive call notes.

Measuring Success

• Measurable outcomes linked to objectives provide clarity on what success looks like for Richard's plans, aiding management reporting.

• The relationship plan consolidates opportunities and deal information across the bank, highlighting issues such as deals being on hold due to mismatched application addresses.

Problem Resolution via AI Assistance

• When faced with an issue regarding an application address mismatch, Richard turns to his banking agent for guidance.

• The banking agent translates Richard's queries into actionable topics and retrieves relevant policies from data clouds to assist him effectively.

Innovations in Insurance Agency Management

Redefining Agency Management Systems

• A new approach will redefine agency management systems on the Salesforce platform, integrating various roles such as producers and account managers into one unified system.

Roadmap for Future Innovations

• The innovation roadmap includes purpose-built capabilities focusing on transforming front office productivity and personalization while automating middle office processes.

Industry Data Integration

Celebrating Achievements and Core Values

Acknowledgment of Teams

• R and Brett received commendations for their impressive demos, highlighting the hard work of product and engineering teams in driving innovation.

• Michelle Lewis, leader of the brokerage team, was recognized for her contributions, emphasizing teamwork and collaboration.

Commitment to Financial Literacy

• The speaker emphasized trust and equality as core values, focusing on enhancing financial literacy among girls and women.

• A donation of $10,000 was announced to support Girls Inc., an organization dedicated to empowering young women through financial education.

Support for Girls Inc.

• Selena Salario from Girls Inc. was acknowledged for her efforts; a QR code was provided for additional donations to support their initiatives.

Key Takeaways from the Session

Roadmap Sessions

• Attendees were encouraged to participate in roadmap sessions focused on banking, wealth management, and insurance customers to explore innovations further.

Industry Campground Engagement

• Participants were invited to engage with demos more deeply at the industry campground based on previous inquiries about exploring these innovations.

Building Agents