During the early Roman Empire, temples were sometimes used to safely store assets and exchange currencies from other regions. As the empire expanded, so did these banking activities. Argentarii, money managers who belonged to guilds, provided currency exchange services, received deposits, made loans, and even facilitated an early form of checking.

Everything since then has changed except the basics: Today’s wealth managers and personal financial advisors are still concerned with finding and retaining customers, as well as protecting and growing assets. However, the competitive landscape for banking has intensified over the last few millennia, particularly in recent years.

To keep up, bankers need better insights into clients, markets, and competitors, and that requires a more robust data pipeline. Tools are also needed to help analyze, visualize and make sense of the information the data pipeline provides. Although, insights alone aren’t enough. Wealth managers need a way to proactively act on insights and engage clients and prospects. The combined power of Snowflake, Tableau, and Salesforce provides a complete solution to address these common challenges.

As I discussed in my previous blog, Snowflake’s unique Data Cloud capabilities include features that are synergistic with Salesforce and Tableau CRM (TCRM), making it a natural choice for anyone who wants to accelerate their CRM and analytics projects. Specifically, Snowflake Data Marketplace and Snowflake Data Exchange allow users a clear path to external and partner data, including financial markets and other subject areas. Tableau CRM’s native connections to Snowflake, accelerate data delivery, analysis, and predictive model creation. These predictive insights can be essential to wealth advisors seeking to better understand and serve their clients and prospects. TCRM’s native integration into Salesforce allow users to move frictionlessly from insight to action without ever leaving the Salesforce UI.

Some specific wealth management use cases that a Snowflake/Tableau/Salesforce solution can accelerate include:

Lead scoring and prioritization: Wealth managers can become overwhelmed by the number of leads they have to work, but this process can be greatly improved by scoring and ranking available leads. Using Tableau CRM’s predictive modeling, leads can be scored and ranked, allowing advisors to focus on the leads most likely to close, or that have the highest impact. The predictive capability of the models can be enhanced by adding data from sources outside of Salesforce, including Snowflake data warehouses and the Snowflake data market place. These scored leads can be prioritized and worked directly in Salesforce by adding the clients to marketing campaigns, engaging via email and meetings, and creating opportunities for related products and services.

Opportunities for existing clients: Financial advisors often offer a wide range of services to their clients. Customers that use more services tend to be more profitable, and less likely to leave. One way to proactively increase “share of wallet” (i.e., how much a customer spends with you) is to surface insights that signal an opportunity for additional services. For instance, if a client has a large increase in deposits to their checking account, they might be a good candidate for additional trust services, or an expansion of their investment portfolio. By leveraging Snowflake as a data mart or enterprise data warehouse, it becomes easier to surface and act on these insights in Salesforce via embedded Tableau CRM dashboards and visualizations.

Customer attrition: Another area whereTableau CRM’s predictive models can be useful is proactively identifying those customers in danger of leaving. By creating a model in Tableau CRM to score a customer’s likeliness to leave, you can identify the customers at greatest risk of churn. Again, data stored in Snowflake as part of an EDW or Data Mart that includes deposit and/or transaction information can provide a useful signal to TCRM models used to predict attrition. Once identified, customers that are an attrition risk can be given the white glove treatment, customer service specialist teams can be engaged, and special offers can be created to help reduce the risk of churn, all directly in Salesforce. The path from insight to action is straight, clear, and well-lit.

While banking and investment management has become more complex and has evolved greatly from it’s humble origins in temples of the ancient world, at its core the business of banking remains unchanged. Wealth managers still need to find customers, take care of them by providing a positive experience, and productively manage their assets. The convergence of Salesforce, Snowflake and Tableau makes that journey a lot easier.