How can we boost sales and personalize the customer experience

Universidade do Minho Escola de Engenharia Luis Manuel Monteiro Barboza How can we boost sales and personalize the customer experience June 2022 How can we boost sales and personalize the customer experience Luis Barboza UMinho | 202X Luis Manuel Monteiro Barboza (83702) How can we boost sales and personalize the customer experience June 2022 MSc Dissertation [integrated] Master’s in Engineering and Management of Information Systems Thesis performed under supervision of Professor Vaibhav Hemantkumar Shah Professor José Luís Mota Pereira COPYRIGHT Third parties can use this academic work if the internationally accepted rules and good practices are respected, about copyright and related rights. Thus, the present work may be used under the terms set out in the license below. If the user needs permission to be able to use the work under conditions not foreseen in the abovementioned licensing, he/she should contact the author, through the RepositóriUM of the University of Minho. Atribuição-NãoComercial CC BY-NC https://creativecommons.org/licenses/by-nc/4.0/ v ACKNOWLEDGEMENTS First and foremost, I would like to express my gratitude to Professor José Pereira and Professor Vaibhav Shah, who served as my supervisors, for their unwavering support, tolerance, and availability during this research. Thanks, in especially to Professor Vaibhav Shah for his unending assistance, even during his busiest hours, in helping to create and write the theme. My sister and parents come in second because they gave me all I needed to grow as a person and potential employee, without whom I would not be who or where I am now. Additionally, I want to thank my uncle Adalberto Costa for his encouragement and concern throughout my academic career. Deloitte believes it is because of them that this concept was created. I would especially like to thank my work team for all the time, a positive work atmosphere, guidance, and support they have provided. Thanks to my closest friends for their patience, daily chats, amusing moments, support, and enjoyment not only this year but also in years past and ones yet to come that will last a lifetime. To Chinelos, Texas, and many others for all the times we were in touch and conversing constantly, even when we were apart during school hours. Thank you for the calls during pandemics, the yearly summer vacations, and the everyday happiness. I will carry you for life. vi DECLARATION OF INTEGRITY I hereby declare having conducted this academic work with integrity. I confirm that I have not used plagiarism or any form of undue use of information or falsification of results along the process leading to its elaboration. I further declare that I have fully acknowledged the Code of Ethical Conduct of the University of Minho. vii ABSTRACT How we can boost sales and personalize the customer experience Currently, there is a large number of consumers motivated by mediocre quality of care/service seeking new service providers. Consequently, there is a great need for organizations to invest in customer relationship management, seeking a combination between business strategies and technology that result in action plans directed and customized to the target audience. With the evolution of the digital, customer relationship management takes particular importance in keeping and attracting customers. The high demand of the modern consumer, as well as the quick and agile interchangeability of their preferences, have led to an urgent strategic need in the adoption of organizational software that responds to current commercial impositions and brings competitive advantages by its adoption. So, it is necessary to supply customer satisfaction, which is beneficial for companies. In this way, CRM (Customer Relationship Management) system is of high importance in today's organizations. Considering this, the presented dissertation reports on a consulting project by Deloitte for a financial institution, more specifically a CRM implementation. Salesforce is a cloud computing technology with a high growth rate in the IT industry. It is available in the cloud, with no need to install any software or hardware. Together with Salesforce, Deloitte is currently developing and implementing a CRM solution using Salesforce technology in a financial institution in a real environment. In this way, it is possible to enhance a better relationship and commercial effectiveness between the institution and the client. More specifically, the dissertation will focus on a Salesforce implementation developed by the author and a multidisciplinary team. Business, technology, and design skills involved in the conception of this solution from its start are covered. Also, the phases of its production, from ideation, requirements identification, solution design, implementation, and testing, are presented. Keywords: Customer Relationship Management; Salesforce; Information Technology. viii RESUMO Como podemos impulsionar as vendas e personalizar a experiência do cliente Atualmente, existe um grande número de consumidores que procuram novos fornecedores de serviços motivados pela fraca qualidade de atendimento/serviço. Consequentemente, existe uma grande necessidade por parte das organizações em investirem na gestão da sua relação com os clientes, procurando uma combinação entre estratégias de negócio e tecnologia que resultem em planos de ação direcionados e personalizados ao público-alvo. Com a evolução do digital, a gestão de relação com o cliente assume particular importância na retenção e captação de clientes. A elevada exigência do consumidor moderno, assim como, a rápida e ágil permutabilidade das suas preferências, levou a uma necessidade estratégica urgente na adoção de softwares organizacionais que respondam às imposições comerciais correntes e tragam vantagens competitivas pela sua adoção. Assim, é necessário proporcionar uma satisfação por parte do cliente, o que é benéfico para as empresas. Deste modo, o sistema de CRM (Customer Relationship Management) tem uma elevada importância nas organizações atuais. Perante isto, a presente dissertação relata um projeto de consultoria da Deloitte para uma instituição financeira, mais especificamente uma implementação de um CRM. O Salesforce é uma tecnologia de computação em nuvem com um elevado crescimento na indústria de TI. Encontra-se disponível na nuvem, sem necessidade de instalar qualquer software nem hardware. Juntamente com a Salesforce, a Deloitte encontra-se na fase de desenvolvimento e implementação de uma solução CRM em tecnologia Salesforce numa instituição financeira em ambiente real. Desta forma, é possível potenciar uma melhor relação e eficácia comercial entre a instituição e o cliente. De forma mais especifica, a dissertação irá incidir numa implementação Salesforce desenvolvida pelo autor e por uma equipa multidisciplinar. Estão englobadas competências de negócio, tecnologia e design, envolvidos na conceção desta solução desde o seu início. Também estão presentes as fases da sua produção, desde a ideação, identificação de requisitos, desenho da solução, implementação e testes. Palavras-chave: Customer Relationship Management; Salesforce; Tecnologia de Informação. ix INDEX Copyright ................................................................................................................................... iv Acknowledgements .................................................................................................................... v Declaration of integrity ............................................................................................................. vi Abstract .................................................................................................................................... vii Resumo .................................................................................................................................... viii List of abbreviations/Acronyms ................................................................................................ xi List of figures ............................................................................................................................ xii List of tables ............................................................................................................................. xiv 1. Introduction ........................................................................................................................ 1 1.1 Customer Relationship Management .......................................................................... 1 1.2 Deloitte ......................................................................................................................... 1 1.3 Overall Project Objectives ............................................................................................ 2 1.4 Methodology ................................................................................................................ 3 1.5 Structure ...................................................................................................................... 4 2. Literature Review ................................................................................................................ 5 2.1 Information Technology Revolution ............................................................................ 5 2.2 Cloud Computing.......................................................................................................... 6 2.3 Advances & Advantages of Customer Relationship Management .............................. 7 2.4 Customer Satisfaction .................................................................................................. 9 2.5 Cloud based CRM ......................................................................................................... 9 2.6 E-CRM ......................................................................................................................... 10 2.7 Salesforce ................................................................................................................... 11 2.8 Research Methodology .............................................................................................. 13 2 1.3 Overall Project Objectives Deloitte's goal is to provide flawless solutions by combining technological and human resources. Deloitte used a Salesforce solution to create a valuable and efficient delivery to a banking institution in this case. The project's main goal is to implement a CRM that meets all of the banking institution's needs, whether the client or Deloitte's ability and knowledge can meet them. • Creating a Client 360° View of a client that incorporates all available relationship data. • Adaptation of various modes of communication - voice, chat, SMS, email, electronic messages exchanged through internet banking/App, and others - to customer preferences and the complexity of issues addressed. • Ability to more closely track customer journeys and qualify their feedback. • Possibility of increasing customer-to-manager ratios while maintaining high levels of contact personalization, even for customer groups with fewer relationships. • Commercial Structure's organization is more efficient, allowing specialization in contact activities versus other service activities versus back-office activities. • Ability to make proactive contacts at the appropriate time and in the appropriate format, promoting the Banking Institution's commitment to its customers and increasing its relevance as a financial partner. • The need to efficiently select clients to be contacted with proactive contacts in order to sell or enhance the relationship on a large scale, with a dynamic capable of maximizing the return on investment in contacts, in order to meet the Banking Institution's commitment to grow the business more efficiently before other stakeholders. Due to the time limitation in realization of dissertation work (implementation and documenting), it was not possible to achieve all of the objectives listed above. However, the goals that are achieved were determined by two factors: the importance of the goal in achieving a successful implementation; and the time required to complete and implement that goal in the project. The implemented solution was developed by me in a sandbox environment provided by Salesforce. The project contains more functionalities but only the ones I was directly involved with will be developed. 3 1.4 Methodology Since the goal of this project is to implement a CRM, it is necessary to conduct thorough and focused research about the system's various functionalities. Hence, the Design Science Research (DSR) method is the most appropriate among the existing research methods for the presented work. Also, DSR was developed specifically for the Information Systems domain, thus more suitable for this dissertation’s topic. This method is known to include not only the development of the solution, but also the research behind this development. It is regulated by some guidelines, in this case for a dissertation, because it is a rigorous research method that is widely cited and used in this type of solution development [3], [4]: 1. Problem identification and motivation - Defining the research problem and elaborating on the significance of the proposed solution. 2. Defining solution goals - Based on the defined problem and an understanding of what is valid and achievable, identify and propose solution objectives. 3. Designing and developing the solution - Developing the solution, which include figuring out the system's architecture, functionality, and design requirements. 4. Demonstration - Using the answer in tests and experiments to determine whether or not it is appropriate for the issue at hand. 5. Evaluation - To evaluate and determine how well the solution fits the situation, compare the targeted goals with the outcomes obtained. At this stage, it might be essential to go back to step three and put some improvement strategies in place. 6. Communication - Inform the public about the problem and the importance of resolving it, as well as the developed solution and its applicability. This type of investigation method is then represented in Figure 1 [3]. Figure 1: DSR Process Model (adaptation from [3]) 4 1.5 Structure It was organized in a chronological order of events to ensure a better understanding of the theme and, as a result, of the individual project. The background and need for the development of a CRM system capable of meeting the needs of the banking institution are presented in Chapter 1, which is the introduction. The literature review in Chapter 2 focuses on the main incentives for the author's proposed solution. To begin, a historical overview of the Information Technology Revolution is provided, as well as all of the organizational effects that digital migrations have brought. The client's current business reality and the future of its Customer Relationship Management unit are described in Chapter 3. Chapter 4 discusses the model that will be used as a solution to the proposed theme, as well as previous work. Chapter 5 wraps up the dissertation with a discussion of the project's importance, both from the client's perspective and in terms of the company's lessons learned. The major drawbacks of the proposed solution are also discussed, as well as future directions for improvement. 5 2. LITERATURE REVIEW 2.1 Information Technology Revolution Due to an innovative explosion of economic, technological, and political factors in the 1980s, the IT revolution erupted, resulting in a disruptive historical event comparable to the Industrial Revolution in terms of future business opportunities. This revolution had several pivotal moments, the first of which was when IT solutions went from being regarded as a luxury item to being regarded as a cost-effective item. The binary language then appears, removing many barriers and allowing data sharing. The last critical point emerges in the corporate and cooperative sector as a result of countries' efforts to deregulate and privatize some public monopolies, resulting in an increase in competitors in the market and making it more competitive. Companies made efforts to improve the quality of their products, resulting in an increase in IT integrations in the business model [5]. For competitive reasons, today's businesses must virtualize everything. IT is viewed by institutions as a tool for achieving better results, promoting innovation, and generating progress in overburdened industries. Several trends and strategies, such as E-Business, have emerged over time. Different strategic approaches considering the company's goals and principles can result in electronic business (E-Business) migrations. E-business allows for more global, virtual, and efficient business environments to be created. Institutions can explore and improve their processes based on the constraints and capabilities involved [6]. That in a highly demanding world, the IT Revolution has abruptly changed the current business reality. The IT revolution has had a significant impact on businesses, improving profitability, quality, and efficiency, but it has also created some challenges. A well-implemented IT system can be expected to boost productivity by making more efficient use of capital and resources, as well as making workers more productive. It boosts growth indirectly by providing access to global markets and allowing quick decisions. 6 It allows for more efficient allocation of goods and services, as well as higher business quality, innovation, and economic full capability performance. The transformation of the business model may present some challenges. SPAM, cyber-attacks, and legitimate e-mail are examples of additional economic costs associated with its maintenance and purchase. Can experience IT failures put the privacy of the company's community at risk by allowing corporate and government tracking [7]. 2.2 Cloud Computing Cloud computing is a straightforward approach that offers on-demand access to a shared network of customizable computing resources such as networks, servers, storage, applications, and services that can be instantly made accessible and used with minimal administration effort. The cloud model is made up of a few key characteristics, service models, and deployment models. The cloud computing architecture includes several cloud components. The cloud architecture is separated into two parts: the front end and the back end, which are linked via a network, often the Internet. The Front-End component of the cloud computing system is concerned with the system's client side and comprises interfaces and applications needed to use cloud computing platforms. The back end is primarily concerned with the cloud in general, as well as all the resources needed to deliver cloud computing services. The back end includes large data storage, virtual machines, services, security measures, servers, deployment methodologies, and other back-end components [8]. In other terms, cloud computing refers to accessing software and data storage through the internet as opposed to a local server or computer hard drive. The advantages of cloud computing over traditional systems include: Benefits Description Operating Costs Cloud-based software works in a way that you only pay for the storage space and processing power that you use. A cloud-based service can be hosted and have its fundamental components maintained by a thirdparty service provider. 7 Flexibility and Scalability The potential for limitless resources and storage space exists on cloudbased systems. Consequently, your company can keep growing. Scaling is possible without worrying about how your server will manage and store additional data. Durability The benefit of cloud-based storage is that the data is replicated across numerous servers. An automated load balancer connects and controls them all. This indicates that no data or service would be lost if one server failed, or the connection was lost. As a result, downtime is automatically avoided. Accessibility The main advantage of cloud computing over traditional IT infrastructure is the accessibility of it at any time and from any location. If you have an internet connection and a login. Table 1: Advantages & disadvantages of Cloud Computing 2.3 Advances & Advantages of Customer Relationship Management The acquisition of customers is the primary goal of traditional marketing. CRM, on the other hand, has a broader focus, with the goal of gaining and keeping customers. CRM has ushered in a new era of marketing. It became necessary to evolve business processes, with a focus on improving customer retention through effective customer relationship management. CRM is a strategy for maintaining a positive relationship with customers, increasing customer loyalty, and increasing the lifetime value of a customer. CRM analyzes customer behavior in depth, collecting data using information and communications technology (ICT) that can then be analyzed and processed to streamline customer interactions by having more customer information [9]. Strategic CRM, analytical CRM, and operational CRM are the three types of CRM. The strategic aspect of CRM denotes the approach taken to identify profitable customers and convert them into long-term customers. The operational part of CRM includes sales, marketing, and customer service automation. Analytical CRM is the transformation of customer data into a format that can be used for strategic or operational CRM purposes [10]. In saturated markets, a CRM is the most important method for gaining and maintaining strategic advantages. 8 CRMs are implemented with the goal of maximizing value for both customers and businesses, while simultaneously increasing their individual benefits. Given the increasing demand for resources in today's information systems, cloud computing has emerged as a new method of delivering IT services, resulting in new business opportunities for IT companies and allowing customers to cut costs while improving service quality. Rather than investing in a traditional and standard computing infrastructure, most organizations will prefer to hire companies that provide cloud computing services these days. Processing power, storage, and business applications are the most common services requested by these businesses. As a result, the most widely used model is Software as a Service (SaaS). There are numerous benefits to hiring an outside vendor to manage a company's cloud computing, including not having to invest in hardware, software, or infrastructure, as well as keeping software and solutions centralized. A CRM is more than just an information system; it's also a business tool and a marketing strategy. It provides information about what a customer wants and how he buys, allowing for a stronger customer-company relationship. CRM provides a comprehensive view of the customer. Communication and actions with customers become deliberate and consistent when using a CRM. Customer relationship management's sole purpose is to showcase a company's (virtual) side. It is possible to determine a customer's value to a company, which includes both immediate value and future benefits that this customer/company relationship may bring [1]. When looking at Figure 2, it's clear that Salesforce is the CRM that stands out above the rest [11]. Figure 2: Gartner board of CRM providers (May 2021) 9 2.4 Customer Satisfaction Customer happiness is considered to be one of, if not the, key goals of any firm. Customers are satisfied when their requirements are addressed. They assess items and services in light of their expectations. When a product or service meets their expectations, they are satisfied. Customers evaluate the quality of a service they receive by comparing their impressions of the performance of the product or service to their expectations. Customers do not all have expectations; rather, they assess items and services based on their values, or their needs and desires, rather than their expectations. Finally, in transactional interactions, customers evaluate items and services by comparing net gains to those of a control group. Customer satisfaction is a customer's overall evaluation of a product or service. Customer satisfaction could be defined in the context of CRM by determining the extent to which customer needs are met through CRM activities [10]. 2.5 Cloud based CRM CRM systems are typically internal applications, meaning they are installed and run on servers within an organization. The new CRM system models are cloud-based, which means that the application and data are both stored on the CRM provider's servers in a data center that can be accessed via a web browser. SaaS CRM, online CRM, and Web CRM are all terms used to describe cloud CRM. This type of CRM has numerous technical and financial benefits. Because Cloud CRM does not require a local server to run, there are no infrastructure, server software, or maintenance costs, and updates, backups, and maintenance are all guaranteed by the Cloud provider. Users can access the system via the Internet from any location, including their home, office, or smartphone. The service is paid for monthly rather than in advance, lowering the financial risk of these projects and improving the organization's cash flow. Nowadays, having a good CRM is critical to a company's relationship with its customers; as a result, it necessitates great caution when entrusting this asset to an outside service provider [1]. 10 2.6 E-CRM E-CRM is a type of customer relationship management system (CRM) that refers to marketing activities, tools, and techniques delivered via the Internet. Using technologies like Web sites and e-mail, as well as data capture, warehousing, and mining. E-CRM, like any other CRM, focuses on finding, building, and improving long-term customer relationships in order to maximize their individual potential. Customer loyalty is important in e-commerce; a customer's online loyalty to an online service may be stronger than a customer's traditional loyalty to a traditional service [12]. e-CRM markets, e-CRM business models, e-CRM knowledge management, e-CRM technology, and e-CRM human factors are the five major non-exclusive e-CRM research areas [9]. Each of the five research areas has an impact on e-CRM research and practice. Some topics are more closely related than others. Markets, for example, are more likely than knowledge management or technology to be influenced and have a greater impact on human factors and business models. Similarly, technology and markets have a greater impact on human factors than business models or knowledge management. In some way, all areas influence each other, either directly or indirectly. Figure 3 presents the input-process-output model that serves as the theoretical framework for studying some of the variables that influence e-CRM processes and results. This framework is helpful because the fields and associated constructs, variables, and measures that can be obtained from them can serve to guide future research on e-CRM [13]. Figure 3: e-CRM research framework (adaptation) 11 2.7 Salesforce Salesforce is a California-based software company with headquarters in San Francisco. It provides customer relationship management (CRM) services as well as customer service, marketing automation, analytics, and application development business applications. Marc Benioff, Dave Moellenhoff, and Frank Dominguez founded the company on February 3, 1999. They started out as a software-as-a-service (SaaS) company. The company was listed as a CRM on the New York Stock Exchange in 2004 and was valued at $110 million US dollars. Salesforce now offers several types of customer relationship management (CRM) services, including: Commerce Cloud, Sales Cloud, Service Cloud, and Data Cloud are all examples of cloud computing. Marketing Cloud, Community Cloud, Manufacturing Cloud, Analytics Cloud, App Cloud, Vaccine Cloud, and IoT Cloud are all examples of cloud services. And collaborate with more than 100,000 customers. Salesforce's main services are case management, task management, and issue management tools. It also provides customers with case tracking capabilities and social networking site chat features, as well as analytical tools and other services such as email alerts, Google searches, and access to customer entitlement and contracts. They also collaborate with businesses like IBM, Accenture, and Saggezza to help them integrate Salesforce's cloud-based services into their operations. Customer 360 is their main product, which gives users a 360-degree view of their business, with a single, shared view of every customer across all departments to help manage and perfect the customer experience. For the purpose of increasing sales productivity and performance, the CRM is capable of increasing sales productivity and performance, creating smarter marketing journeys that deliver "Return On Investment (ROI), providing more effective customer service, and allowing customers to build custom apps in just a few clicks. Salesforce is the fastest growing top 10 software company in the world and has been ranked as one of the world’s most innovative companies by Forbes for eight years in a row [14]. Salesforce is a cloud provider that specializes in CRM software. The service cloud, the marketing cloud, and the sales cloud are all supported [15]. 18 3.3 Salesforce Solution The in-progress Salesforce solution aims to be the financial institution only tool for customer manager. The key functional requirements to be achieved until the end of the project: • Characterising and prioritising Clients and large-scale contacts (e.g., customer, contact, account, etc.). • Combine the use of commercial levers, such as events, with information generated by the solution itself based on customer behaviour and journeys (e.g., sales forecasting and analytics, opportunity management, lead scoring, etc.). • Automate as many customer interactions and less productive, repetitive tasks as possible to free up sales staff time for higher value-added interactions with a greater impact on sales and customer satisfaction (e.g., automated mails, sales and follow-up funnels, automated tasks, product knowledge, etc.). • Monitor and promote a performance commercial (e.g., team performance evaluation, KPI, sales range, etc.). With the objective: to increase the capacity and efficiency of distance managers, increasing the effectiveness of daily sales, while significantly increasing the ratio of Customers per Commercial. This said, to ensure the achievement of these objectives, Deloitte delivered an offer that investigate account two principal managerial layers. Firstly, on the functional side, the recommended solution should meet a set of general requirements: • Customer Management: provides a 360º view of the Customer that concentrates contact and commercial management information and mechanisms to assess their needs and satisfaction. • Contact Management: Customer contact channels and media management. Create, share and update contact lists, make appointments, establish contact schedules and the tracking of tasks, events and contacts made or yet to be made. Enable the implementation of a customer communication profile with the financial institution, with contact preferences, consent indicators, requests for customer information. 19 • Account Management: Complete view of customer relationship, including contacts, contact, history, completed transactions, current orders, enquiries, service history, opportunities and proposals. • Activity Management: All activities, complete or pending, related to a customer, contact or opportunity, establishing task lists, setting priorities, monitoring progress and scheduling alerts. • Contract Management: Create proposals, follow up, make progress and accelerate, monitor and control the contracting of products and services with customers. • Event Management: Manage triggers and tasks based on customer events, their activity or products in portfolio (e.g.: birthday, product expiration, etc.). • Opportunity Management: Management of sales opportunities records and their monitoring. • Document management: Capture, certification and organisation of sales process documents, facilitating their receipt and/or submission to the client and ensuring that it is always the most up-to-date version. Finally, on the technical side, the recommended solution must meet a set of general requirements: • Framework for rapid development and deployment in a Cloud and/or on-premises environment. • Compatibility with the bank's integration environment and with APIs (e.g., REST/SOAP), as well as the facility to integrate data files (excel, txt...). • Work methodology should follow agile practices and include DevOps tools / solutions. • Solution must have high availability (24x7x365) and be flexible, stable and robust to be adequate to the high volumes of information that characterise the bank's channels. • Platform and components must conform to the best market practices and standards. 20 3.4 Salesforce Solution Problem Financial Service is a package provided by Salesforce for financial services. It's a solution created to assist you in managing and enhancing your interactions with clients and customers. The Financial Service Cloud is the top customer interaction platform in the world that has been redesigned for the financial services industry. It is the ideal entry-level solution for businesses that provide wealth management, banking, and insurance. The essential capabilities of the Sales and Service Cloud are enhanced and expanded by the data model. However, the data model is customized for your industry and includes a separate B2C model so your company may communicate with customers directly. Custom objects make it easier to manage customer goals, provide financial information to customers and groups, and use the financial accounts model. The financial services bundle from Salesforce offers more functionality than the standard Salesforce package. Although not all financial businesses are the same, the Salesforce financial services suite is an excellent place to start for financial services CRM. Nevertheless, certain improvements still need to be done. The most significant Financial Services concerns are included in the following table. Concerns Description Object Fields, picklists, layouts, and other elements required to support your business operations must be modified. Accounts The record type person account will now be used by all accounts, not supporting enterprise clients. New Permission Set To fulfill the demands of each user, it is necessary to review the permissions and create new ones. Customization Customization of any kind is more challenging to complete. The package includes non-editable features, fields, and rules. Table 2: Concerns of Financial Services Cloud Implementation 21 4. IMPLEMENTED SOLUTION As previously stated, it will not be possible to implement all the banking institution's functionalities, so we will concentrate on the most important project requirements. The Core functionality group, the Financial Account & Opportunity functionality group, and the Reports & Dashboards functionality group are the three groups. Our goal is to implement at least one feature from each group, with a focus on the Core group, which contains the most critical features. 4.1 Core The system is made up of various modules, which are linked to each other through relationships created between them. It is possible to add modules without compromising the system. The system is called Financial Institution, in Figure 12 we can see the App Homepage, what the user sees when entering the system. We can view a variety of items on the homepage, including a few dashboards, All Opportunities, Open Tasks, Contacts with Birthdays within the next week, All Financial Accounts, Recently Opened Accounts, and a panel showing the stages of Opportunities. To enhance the user experience, a dropdown menu was made with the Navigation Items so that it would be simple to switch between the various modules, as we can see in the Figure 13. Figure 5: Financial Institution App 22 When opening an account, we have an idea of the Client 360º View. For this to happen, you need to generate new customers, and there are three different types of accounts you can create. Household for a grouping of related persons and institutions. Business for a company or an organisation. Person Account for individual accounts, which will be our focus (Figure 14: New AccountFigure 14). The three record types have different fields, different layouts and different ways of handling the information. Figure 15 shows the fields needed to create a Person Account. A Client 360° View, which contains the client's financial condition, account information, life events, connections to other accounts, interactions, and account notes, is available to us once the account has been opened. The Financial Accounts tab allows you to examine the person's existing financial accounts and establish new ones, there are two types of accounts the Passive Accounts (Figure 16) and the Other Accounts (Figure 17), you may also view all Financial Accounts. The Details page shows the data that was supplied when the account was established and lets you change it if it's inaccurate (Figure 18). The Life Events page allows the customer to enter and view some of their most major financial life events, such as their wedding, car purchase, and child's birth, among others (Figure 6,Figure 19, Figure 20 & Figure 21). It is possible to arrange new interactions on the Interactions page, where you may view upcoming and past-due events, tasks, and calls (Figure 22). The Related page serves as a list of all the customer's accounts, the groups to which he belongs, and the contact information for those with whom he has shared accounts (Figure 23). The last item is the Notes tab, where you may see a history of previous account changes and leave a note for later use (Figure 24). Five other components are also visible on the Account page. The first one, Account Compact Layout, is at the top of the page and allows a maximum of six Account fields to be displayed; the fields cannot be edited. Figure 6: Life Events 23 The second component is a lightning web component, which was developed using HTML and JavaScript and allows you to display whatever field you desire (Figure 50,Figure 51,Figure 52 & Figure 53). Figure 7: LWC Account Depending on the customer's information, the warning sign's colour may change (Figure 25). You can access the client's name and phone number in the Account Details component in case you need to get in touch with them right away. You can examine and add the client's documents, including their citizen card, driver's license, and other types, under the Identification Document component (Figure 26 & Figure 27). The opportunities component displays the account-related opportunities. By developing various profiles, the financial institution will be able to regulate the degree of visibility of each user. Two distinct profiles have been created for FI Advisors and FI Senior Advisors. Sue Berry has the FI Advisor profile, and Hank Burton has the FI Senior Advisor profile (Figure 43). Both identities established to verify the permissions of each profile can log in using the system administrator profile. A bar at the top of the screen that shows which user is logged in and the option to log out appears when the administrator logs in using a different account (Figure 44). FI Advisors have more restrictions than FI Senior Advisors. Financial Advisors can only read and view all opportunities, they cannot delete any Financial Accounts (Figure 45 & Figure 46) or any Account, cannot create or edit opportunities (Figure 47). As a Senior FI Advisor you can perform any operation of creating, reading, updating and deleting (CRUD) any object such as Financial Accounts (Figure 48) and Opportunities (Figure 49). 4.2 Financial Account & Opportunity Financial Account functionalities are related to all financial account record types and opportunities in order to approach a client with the right information and increasing the chances of success. 24 On the Account page or the Financial Accounts page, where you can establish new Financial Accounts and view all Financial Accounts, are the two sites where Financial Accounts can be created. An account must be linked to a financial account. Financial Accounts have four different record kinds (Figure 28). Bank Account, bank account such as savings, checking, and credit. Checking Account, represents a deposit account for withdrawals and deposits (Figure 29). Credit Card represents a type of payment card issued with a line of credit (Figure 30). Investment Account, investment accounts such as brokerage accounts. The two main ones are Checking Account (Figure 31) and Credit Card (Figure 32). One or more Financial Account Cards may or may not relate to each of these cards. Comparable to a card, the Financial Account Card performs similar operations, has a BIN number, and may or may not be active. It also indicates the financial account it belongs to (Figure 33 & Figure 34). Financial Accounts come with a variety of capabilities depending on the type of record type, but they all support file attachments and have fields for Name, Ownership, Status, and Description, among others. Opportunities are ongoing transactions. Deal information, such as which accounts, they are for, who the participants are, and the prospective revenue, is tracked in opportunity records. For accounts you are working on, opportunities can be created directly from the Opportunities page (Figure 35). Figure 8: Credit Card Account Figure 9: Opportunity 25 There are two types of opportunities, General (Figure 36 & Figure 38) and Opportunity (Wallet Share) (Figure 37 & Figure 39). Opportunities have a status bar that shows the opportunity's stage. The stage varies from record type to record type, it is not possible to return to a past stage (Figure 40) this happens because a validation rule has been created that does not allow to select a state before the current one. The opportunities page additionally has an Account Details component that pulls information about the account associated with the opportunity; this component allows users to update the information presented about the account without entering the account itself. A contact is connected to an opportunity via the Contact Role. 4.3 Reports & Dashboards The goal of the Reports & Dashboards group is to improve the bank's commercial actions by preparing, monitoring, and tracing reports and dashboards related functions. A report is a well-organized, thoroughly researched document that educates a specific group on a given issue or subject. The aim of a report is to provide information, provide direction, or affect decision-making and/or the result of a course of action. A dashboard's primary function is to provide a thorough overview of data from reports. Dashboards can be used to track, measure, and analyse pertinent data in important areas. In Salesforce, four different report types are available. Summary, Matrix, Tabular, and Joined. Depending on what you want from a report, each one is ideally suited to display various types of data. The report is meant to give the user a more comprehensive understanding of the company or a single client. The user gets the ability to design their own report and, if they so choose, export it to Microsoft Excel. As the user can create and modify reports to see the desired information, the information offered by the report will depend on what the user wants to see. It may be a report about the status of Opportunities or about a specific client. The records that fulfil the criteria you specify are listed in a report. It can be sorted, grouped, or shown as a graphical chart in Salesforce, where it is displayed in rows and columns. Each report is kept in its own folder. Folders can be read-only or read/write and can be made public, 26 hidden, or shared. An easy sample report is displayed in the Figure 42, where you can view all the opportunities in the "Client Presentation" stage. Opportunities Stages is a Lightning Web Component that can be found on the homepage (Figure 54,Figure 55,Figure 56 & Figure 57). It allows you to select the status of an opportunity and view the relevant report for each step to get an indication of how many opportunities are in each stage. In Figure 41, an illustration of a report designed to show how many open cases there were by account. The dashboard is depicted in the same illustration. Salesforce dashboards are visual representations of reports. It displays graphic elements made from data from the cited reports. These elements give a quick overview of important metrics and performance indicators. Most outcomes and activities will be shown in a graphical way on dashboards. There are plenty developed dashboard examples on the homepage (Figure 12). 4.4 Process Improvement The solution was implemented in a Salesforce sandbox environment following the setup of the financial services cloud package. Important functionality was added to the solution by the cloud package for financial services. The points in the next table are those that made the previous sections' solution better. Figure 10: LWC Opportunity Figure 11: Dashboards 27 Features Description Core The creation of the "Financial Institution" application within Salesforce included the definition of the homepage and the choice of objects to be shown in the navigation bar. The record types that would be presented in the Account object were chosen and constructed with their appropriate layouts and fields, utilizing features from the financial service cloud package like the "life events" and "related" tabs. Additionally, connections were made between the objects that are shown in the related list. Different permissions on various objects were used when creating the profiles FI Advisor and FI Senior Advisor. Financial Account & Opportunity The record types that would be displayed in the Financial Account and Opportunity objects, as well as their corresponding layouts and fields, were chosen and built. A rule was defined in the Opportunity object utilizing native Salesforce technology called Validation Rules, which prohibits changing the status to a previous state. Reports & Dashboards To display as dashboards on the homepage, many Report types have been developed. Lightning Web Components In order to take full use of Salesforce's level of customization, two Lightning Web Components have been developed. Table 3: Process Improvement Features Due to some users’ resistance to change, the solution adopted was not immediately beneficial. To reduce resistance, a series of presentations were given to consumers to explain how the technology worked. A number of reports and dashboards were developed, but only board members had access to them. The reports provide information on how the platform is being used, including data on 34 ANNEX I Figure 12: Financial Institution App Homepage 35 Figure 13: Financial Institution App Navigation Items Figure 14: New Account 36 Figure 15: New Person Account 37 Figure 16: Account-Financial Accounts Tab ref. to Passive Accounts Figure 17: Account-Financial Accounts Tab ref. to Other Accounts 38 Figure 18: Account-Details Tab 39 Figure 19: Account-Life Events Tab Figure 20: Account-Life Events Tab (More Events) 40 Figure 21: Account-New Life Event 41 Figure 22: Account-Interactions Tab Figure 23: AccountRelated Tab 42 Figure 24: Account-Notes Tab Figure 25: Lightning Web Component 43 Figure 26: Account-Identification Document Figure 27: Account-New Identification Document 50 Figure 40: Opportunity-Cannot Select a Past Stage Figure 41: Report-Cases Currently Open by Account 51 Figure 42: Report-Opportunities Client Presentation Figure 43: Users-Profiles 52 Figure 44: FI Advisor Profile Figure 45: FI Advisor Profile – Delete 53 Figure 46: FI Advisor Profile - Delete Warning Figure 47: FI Advisor Profile – Edit 54 Figure 48: FI Senior Advisor – Delete 55 Figure 49: FI Senior Advisor-Edit 56 APPENDIX I 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 <template> <lightning-card> <lightning-layout horizontal-align="space"> <lightning-layout-item padding="around-small"> <div class="header-column"> <p class="field-title" title="Account Name">Account Name : </p> <p>{result.Name}</p> </div> </lightning-layout-item> <lightning-layout-item padding="around-small"> <div class="header-column"> <p class="field-title" title="NIF">NIF : </p> <p> {result.NIF__c}</p> </div> </lightning-layout-item> <lightning-layout-item padding="around-small"> <div class="header-column"> <p class="field-title" title="Returned Cheques">Returned Cheques : </p> <lightning-input type="checkbox" onchange={handleChange} checked={result.Returned_Cheques__c} disabled></lightning-input> </div> </lightning-layout-item> <lightning-layout-item padding="around-small"> <div class="header-column"> <p class="field-title" title="Incidents">Incidents : </p> <lightning-icon if:false={result.Incidents__c} iconname="utility:warning" alternative-text="Warning!" title="No Incidents"> </lightning-icon> <lightning-icon if:true={result.Incidents__c} iconname="utility:warning" alternative-text="Warning!" variant="error" title="Incidents"> </lightning-icon> </div> </lightning-layout-item> </lightning-layout> </lightning-card></template> Figure 50: lwc_Account.html 57 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 .c-container { border: 1px solid #d8dde6; margin: 10px 0 20px 0; } .header-column { padding: 0 2rem; } .field-title { font-size: .75rem; line-height: 1.25; color: #54698d; margin-bottom: .25rem; } .custom-box { text-align: center; background-color: #f4f6f9; padding: 1rem; border: 1px solid #d8dde6; } .dark-background { background-color: #16325c; padding: 12px; color: #fff; } .row { margin: 10px 0 10px; } Figure 51: lwc_Account.css 58 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 import { api, LightningElement, wire } from 'lwc'; import { getRecord } from 'lightning/uiRecordApi'; import NAME_FIELD from '@salesforce/schema/Account.Name'; import NIF_FIELD from '@salesforce/schema/Account.NIF__c'; import RETURNED_CHEQUES from '@salesforce/schema/Account.Returned_Cheques__c'; import INCIDENTS from '@salesforce/schema/Account.Incidents__c'; export default class Lwc_Account extends LightningElement { @api recordId; result = [] @wire(getRecord, { recordId: '$recordId', fields: [NAME_FIELD, NIF_FIELD, RETURNED_CHEQUES, INCIDENTS] }) wiredRecord({ data, error }) { if (data) { const { fields } = data Object.keys(fields).forEach(item => { let value = fields[item] && fields[item].displayValue ? fields[item].displayValue : fields[item].value this.result = { ...this.result, [item]: value } }) console.log(JSON.stringify(data)) } if (error) { console.error(error) } } } Figure 52: lwc_Account.js 1 2 3 4 5 6 7 8 9 10 11 <?xml version="1.0" encoding="UTF-8"?> <LightningComponentBundle xmlns="http://soap.sforce.com/2006/04/metadata"> <apiVersion>55.0</apiVersion> <isExposed>true</isExposed> <targets> <target>lightning__AppPage</target> <target>lightning__HomePage</target> <target>lightning__RecordPage</target> </targets> </LightningComponentBundle> Figure 53: lwc_Account.js-meta.xml 59 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 <template> <lightning-card title="Opportunities Stages"> <lightning-layout horizontal-align="spread"> <lightning-layout-item padding="around-small"> <div class="custom-box">Opportunities Qualification</div> </lightning-layout-item> <lightning-layout-item padding="around-small"> <div class="custom-box"> <a href="/lightning/r/Report/00O7Q000005PnbjUAC/view"> <lightning-button variant="brand-outline" label="View Report" class="slds-m-left_x-small"> </lightning-button> </a> </div> </lightning-layout-item> </lightning-layout> <lightning-layout horizontal-align="spread"> <lightning-layout-item padding="around-small"> <div class="custom-box">Opportunities Discovery</div> </lightning-layout-item> <lightning-layout-item padding="around-small"> <div class="custom-box"> <a href="/lightning/r/Report/00O7Q000005PngLUAS/view"> <lightning-button variant="brand-outline" label="View Report" class="slds-m-left_x-small"> </lightning-button> </a> </div> </lightning-layout-item> </lightning-layout> <lightning-layout horizontal-align="spread"> <lightning-layout-item padding="around-small"> <div class="custom-box">Opportunities Develop Proposal</div> </lightning-layout-item> <lightning-layout-item padding="around-small"> <div class="custom-box"> <a href="/lightning/r/Report/00O7Q000005PngGUAS/view"> <lightning-button variant="brand-outline" label="View Report" class="slds-m-left_x-small"> </lightning-button> </a> </div> </lightning-layout-item> </lightning-layout> <lightning-layout horizontal-align="spread"> <lightning-layout-item padding="around-small"> <div class="custom-box">Opportunities Client Presentation</div> </lightning-layout-item> <lightning-layout-item padding="around-small"> <div class="custom-box"> <a href="/lightning/r/Report/00O7Q000005Pnc3UAC/view">