Salesforce, Inc. (CRM) Earnings Call Transcript & Summary

All right. Great. Thank you. Welcome to this Driving Service Innovation and Financial Services webinar. First and foremost, thank you. Now we understand many businesses and individuals have been going through challenging times. So we really, really want to thank you for joining us today. These past few years we were faced with a number of things, global pandemic, economic crisis, political upheaval. And you've shown us what resilience, inspiration and innovation look like. And also, thank you to our trailblazers, your resilience over this last year has been truly, truly inspiring. Now we hope to make today a valuable use of your time. So your success is a priority for us, and we're definitely committed to being your partner in the days and years ahead. Now my name is Sonny Santos, a Distinguished Solution Engineer from Salesforce, and I'm focused on helping customers like yourself to find business solutions to realize their vision, your vision. My colleague, Brisa Quek, will be talking you through a demonstration. So you see what the solution looks like later. And of course, I am thrilled to also be joined by a special guest, Weng Espiritu, digital store head -- Virtual Store Head for Bank of the Philippine Islands. Welcome, Weng, please. Say hello.

Hello, good afternoon and pleasure to be here.

Great. Thank you very much. Really appreciate your time. Now we have an action-packed agenda for all of you today. Let me run you through that one. So first, we'll cover key trends in customer service, and then we'll take you through how you can drive service innovation as well reproductivity via data, AI and automation, we'll take you through a customer trailblazing sharing session. We'll bring back Weng, she's from BPI. And then, of course, before we wrap up for today's webinar, we will be opening up for maybe 10 to 15 minutes Q&A, and this will be your opportunity to ask all our speakers' questions, right? So you can submit your question at any time through the webinar using the Ask a Question widget, that's on towards the right side of this platform that we're using right now, and we want to make this as an engaging conversation as engaging as possible. So please be sure to drop your questions in the chat. Of course, we'll do our best to get through as many questions as we can. All right. So let us start. So times are hard. We already know that, right? At the same time, of course, this presents opportunities as well, right? So the left side of that slide, inflation. So inflation is stubbornly high, which means rates will continue to rise, putting pressure on lending growth. At the same time, this is an opportunity to automate for cost takeout. Now in the middle, bank profits have climbed higher on that interest income. But this is an opportunity, of course, to invest your higher net interest income to make technology shifts. And on the right side, the stock market is down. Year-on-year, market is actually down, checked recently it's improved a bit. The slide says 14%. It's improved to 9%, but year-on-year-end, still mean, it's down. This means clients, yours truly, my retirement next day has been compromised. So now more than ever, your clients need you well, I need you, right -- in these difficult times. Like I said, this is really an opportunity, right? So to think in real time to address your customer needs at that moment of need. But -- even if we give you great technology, we're not going to succeed unless we do several things really well. See, the thing is, it's all about your customers' financial wellness, whether it's opening their first bank account, purchasing a home or evolving their priorities and needs because of their growing family, for example, customers need help across all of these. And here's what we've heard, right? Companies that are able to have a unified view of their customers end-to-end and even more importantly, a way to engage them all, these are the companies that succeed. Moreover, these companies can move faster and serve their customers more efficiently, which improves the customer experience while also improving the bottom line. Unfortunately, here's the thing. So about 13%, right? We've also heard that your customer expectations are changing. And oftentimes your customers don't feel understood. That's unfortunate. And this is especially between financial services, well, where our service has only 13% of customers agree that companies anticipate their financial needs. That means that a whopping 87% of financial services institutions don't understand customer needs and don't anticipate customer needs. Now that's not a good number, especially considering that banks know what those needs are because they're existing customers. So we're going to talk about some innovations that are going to help us pick up that number to a more acceptable number. I guess the challenge really is, there's pressure for banks to deliver great experience to power business growth. Another statistic is 88% of customers say the experience that banks provide is as important as the product or the service itself, and that's really key, because that's a differentiating factor. Customer service used to be simple. Used to be able to meet customer needs by just assisting them, let's say, over the phone or e-mail. And those interactions were reactive. You didn't have to act until a customer reached out to you. But times have changed, right? Times have evolved not only do customers have high expectations for great experience, but the nature of these inquiries have become more complex. And regardless of whether it's a simple question, or a complicated drawn out issue where they need help, they expect a number of things. Number one, to have different channels to engage and get support depending on the complexity of their issue, like self-service portal or a health site or get assistance from a live agent immediately, right? Number two is, once your customer -- once your agents are working the case, your customers actually expect to -- expect you to know them and know their preferences and tailor that conversation. And the third is your customers don't want to repeat themselves over and over again, every time they are transferred from self-service to assisted from one agent to the next. They expect every interaction to be connected so that they can pick up from where they left off, even if they jump from channel to channel. After all, while many of these customers are digital first, most are really not digital exclusive. So where can we help? Well, the Customer 360 is the answer to unify your bank, your data and your teams to put your customer at the center for everything that you do. We've been building financial services in Salesforce. We've been building financial services relevant solutions across that Customer 360, that will -- that you see there on the left, that meets the needs of your business, and they speak the language of your business, helps us deliver automated intelligence and real-time experiences so that you can create those moments that your customers love and that is very important to them. Now our platform makes our CRM differentiated in future proof because we add new innovations to our platform. And it shows throughout that field that you see on that left at Customer 360, making every cloud even more powerful and relevant to your business. So on the right side, you'll see a few things. I'll touch on that a bit. It starts with Hyperforce, our trusted compliance scalable platform that run Salesforce where you need it with data residency and security built in. Then on top of all that data, we have built in automation so that you can make your business more efficient by automating end-to-end business processes across every one of our clouds. On top of that, again, we've built intelligence to power predictions, recommendations, personalizations, to help you proactively meet customer needs and focus on the things that will drive growth. Now of course, we've wrapped all that up. We've given you the power of real-time data so that you can create different things, unified profiles for every customers across any channel and across any interaction, right? So that's really great. On service side, what's really important is that these -- that Customer 360 wheel that you saw earlier, it's the one that powers that service excellence journey that will actually show you in the demo. I'll just give you some highlights of it, then we'll go to the demo, right? So because really innovative service is connected journey, it's not just a singular transaction. Your customer journey includes empowering them to get help when they need to, have access to customer service rep when they need help, have issues resolved correctly. And then lastly, anticipating future needs, right? Now all throughout this relevant KPIs are measured to improve the customer experience and also reduce cost to serve. So let's briefly go through each one, right? Empower me to self-service. Now this is really about solve -- resolving issues quickly with intelligence across every customer interaction. You could leverage Einstein Bots to support interactions to assist with, let's say, redundant tasks to help banks deliver more efficient resolutions, right, for customer issues. And in turn building loyalty, increasing customer satisfaction and reflecting incoming case volumes. It's about enabling customers to shift channels based on convenience and case complexity without having to repeat themselves. And in the background, there's -- we enable an end-to-end process automation by extending workflows to Chatbots across any digital channel. And you'll see some of that in the demo. All right, providing assistance quickly. Providing assistance quickly really is about assisting the agent, because an agent's job is more difficult than ever. They're bombarded with cases, they lack the appropriate trading to be successful in getting support from specialists or managers is challenging because they can't always just ask the person next to them. They like the technology to make their jobs easier. So when your service employees aren't set up to be successful with their experience, technology and training, not only do they suffer, but so do the customer experience, right? And that service console for banking reduces that average handling time and the cost to serve. It contains a comprehensive time line, capabilities for identity verification and proactive alerts and financial accounts. So you actually know what the customer needs and so on. All right. Next one is resolve my issues and the complexity around it. So this is about efficiency and timely resolution of issues. It's automate faster with prebuilt templates for common processes like fee reversal or a household address change. It's streamlining resolution with automatic prioritization and routing of cases, not just to the front line, but all the way to the middle and back office and orchestrate that whole process. And then the last one before we go to the demo is anticipating my future needs. This is about us leveraging insights to anticipate customer needs and automatically generate leads where appropriate for personal bankers and commercial bankers as well. This is about AI-driven as best actions and recommendations that really drive meaningful conversations with the customers at the right time. So that's it. That's the overview. Now I will hand it over to Brisa to walk us through that demo.

Hi, everyone. My name is Brisa, and I'm a service cloud solution engineer at Salesforce. I previously worked with a lot of banking clients across ASEAN and so how they successfully transform their business. Before using Salesforce, they had a lot of manual processes and are unable to check metrics successfully. But after they implemented Salesforce, they have seen more visibility of the data and through that data, they're able to gather insights and turn it into actions that benefited the agents to be more proactive and also efficient. So today, I'm really excited to share more with you a driving service innovation demonstration, and I hope you will bring home with you a few key takeaways as well. All right. Now let's jump into the next slide. Before I jump in our demo, I'd like to introduce the new 2 personas today. So firstly, we have Rachel, who is the holder of Cumulus credit card. She recently bought her first home and plans to shop for furnitures and appliances. Then we have [ Cain ], who will be paying as the service agent at Cumulus contact center. He is responsible for helping customers to solve their problems fast. All right. So this is a demo journey that we are prepared for you today, and we'll be splitting it up into 5 different themes. So the first theme that we wanted to showcase to you is how you can empower your customers to sell so. This is where we will see Rachel, your customer. She has gotten a new home and would like to furnish it with new furnitures and appliances. She realizes that her credit limit is currently too low to buy the things that she needs and wants -- wants to actually increase the limit temporarily. So this is for actually utilized the Einstein Bot to increase her credit limit. All right. So we'll see how this plays out in the next slide. So right now, I'm on my mobile phone, and this is Rachel going into Cumulus Bank website. And she actually notices a help icon on the bottom right-hand side of the screen, and this is where she can actually reach out to Cumulus Bank via different service channels. So today, [indiscernible] she wants to reach out via webchat because webchat is the most convenient option for her. And once she clicks on webchat, what will happen is that the Cumulus, Einstein Bot where she get connected to her and will greet her with a menu of options. So the chatbot has been connected and chatbot says, Hi Rachel, welcome to Cumulus Bank. What can I do for you? For Rachel, she'll click on apply for temporary credit limit increase. This is where the bot will ask her to indicate her identification number, so she should indicate her identification number. She also need to indicate the last 4 digits of her credit card. And what's the purpose of the requests to get some context and also to indicate the amount that she'd like to increase. And lastly, the duration. So for her, it'd be 30 days that she has ample of time to choose the furniture. Now this has been completed. What will happen at the back end? An automatic workflow will be triggered to help Rachel to increase the credit limit and at the same time, send her a confirmation e-mail once it has been completed. So this is really intuitive, convenient and simple for your clients are to self-serve, it's really just a matter of a few clicks and reduces their more time that they need to actually reach out to the customer service team. Additionally, it also enables our agents to only interfere when its compact cases. Such repetitive cases can actually be resolved via the usage of a bot and automatic workflows. All right. So this concludes the first demo journey of how your customer can actually empower themselves to self-serve. In the second demo journey, well I'm going to show you is, how Rachel, your customer, is going to report a fraudulent transaction via the voice hotline. This is where we see how getting connected to the team. Jim will actually be able to provide her assistance really quickly, resolve her issue completely and also anticipate her future needs. Some of the key features will see this in this demo is how the voice UI is integrated with the agent console. The voice record is also given and also customer identity workflow. There will also be automatic transcription powers as well as the expressed action recommendation. And of course, subsequently, we'll see how the case will be addressed by our workflow and close out the case and also send a survey form. So without further ado, let's jump into a demo, and I'll show you how it looks like. All right. So typically, this is how [indiscernible] in the banking services council. He actually has visibility of its performance metrics. So this is where he can actually track his resolution time, compliance rate and also response time. And we can see it's all green right now. So he's obviously all start playing. Now I'm going to play as Rachel, which is the customer, and I'm going to dive into the customer contact center. This is where she actually get engaged to team. All right? So now I'm using my phone to call into the contact center, and I will put you -- on a speaker for you. [Presentation]

Now we can see the call has actually been [ routed ] in to omnichannel, so let's click on accept the call. Once we click on accept the call, immediately the voice record profile of Rachel will actually pop up. Now omnichannel actually helps to push the right work to the right agent at the right time. So Tim can no longer need to monitor queues and pull up manually. What is happening right here is that the call controls are also integrated directly into omni-channel. So it really makes it easy for agents to set and control calls or even work in digital channels as well, all right? So this really makes it more productive for them. And of course, right here, you can see the live conversation transcript is actually being connected to the console as well. So this is powered by Amazon Connect. And we can also have the call controls right here. So let's say, for example, it requires help, you can raise back to get his supervisors notice. He could also pause the call also meet himself. On the right-hand side of our screen, we see a verification identity workflow. So this is where Tim can actually see. Hello, I am Tim, with whom am I speaking today. And Rachel will say, hi, Tim, I'm Rachel Razali. I think there's a fraudulent transaction made on my credit card. Could you please help? So this is where Tim can actually utilize this verification identity to double confirm whether this is the perfect person he's speaking to. Now understanding that there's a fraudulent transaction, what will Tim do is, he'll go into the case detail, and this is where he can actually see that the case layout page actually has a case life cycle right here. So right now it's in a walking stage. On the right-hand side of our screen, we also have milestone. This is the service level in stated with the customer. So he is about 8 minutes for first response. So little down we also have knowledge. So knowledge is actually powered by Einstein Recommendation. Knowledge is actually recommending an Einstein article on how to handle fraud incidents. So this is actually really powerful as it saves agents a lot of time from searching and also reduces the number of clicks he has to make as well. So by just hovering around this article, let she can allow the agent to read through this article, and what this article is seeing is that, Tim should actually run a fraud flow to help Rachel to resolve case. Now our knowledge is also KCS v6 certified. What this means is that? The agent is actually able to provide real-time customer support and also create and maintain documentation as part of the process, all right? So in this case, it's really simple and easy for them to maintain the content of the article. Now this has been [ really helpful ]. So for Tim, he's going to actually click on this icon right here, and he's going to attach this article to this case, so that in future, other agents can actually learn from this article. Now right now, what Tim has to do is, he has to pull up the record of Rachel, and this is the profile of Rachel Razali with Cumulus Bank. We can actually see a very detailed financial summary of a total investment with this bank, the number of cards that she has and also savings accounts that she have, the journey with the bank as well, such as the live event of her current issues working at Deloitte and also some of the goals that she have and her funds. This is really interesting because we can also see that interest tax right here that she's a millennial in the VIP segment. She is interested in cryptocurrency and also [indiscernible] tasting. Now what's amazing about this consent as well is that there's a lot that tells actually there's a potential fraudulent transaction. This means that the system is actually able to pick up and identify that fraudulent transaction has actually happened. So what happens right now is the agent just has to click on the fraud investigation workflow and runs the omni script. Now this really is very simple and also seamless for the agent to utilize. All the agent has to do is to actually click on a series of questions and answer it and run this workflow. So what Tim is doing right now is he has to certify for the customer and say that the charges were not made by Rachel. Clicking on next, we actually see the case detail. You actually can see the case origin is from fraud, but as always [indiscernible] and also some of the cases that have been locked. So the current call will be canceled and a new call will be replaced for Rachel. We could also keep the PNR change to PIN and also indicate the priority of the case. Now let's click on next. This is where we can actually select a replacement card design for Rachel. And also, we have addressed [indiscernible] release that is being created. And also, we can see do you have any other questions? And Rachel say no, so we'll click on next as well. Now this just really seamless and easy because we are using an omni script flow to run at the back end. And what will happen right now is that the card replacement case will be created, the transaction dispute case will also be created, and once we click on finish, what will happen is the flow orchestrated at the back end will pull in multiple different users and multiple departments embark and help her to resolve a transaction dispute case. So this is very simple and easy and seamless. And with just a few clicks, we can help Rachel to resolve her issue. Now earlier on, I touched upon a little bit about [ mix-priced ] action, and this is where we can actually display the right kind of recommendations to your agent at the right time. So mix-priced action, while on the call with Rachel, we can actually share with her some of the home loan that's currently available, credit card that's also available right now for installment payment plan as well as other cash access that she's able to get to her profile. So unless we actually can turn your contact center into a profit center by sharing corrective recommendation with Rachel based on her journey with the bank, all right? So this is and [ art-back ] an expense action recommendation. Now let's go back to the case page layout. So this is the case console again, and we're back here. And right now, we're going to actually close out this case because we already helped Rachel to resolve her issue. So we're going to click on end call. Now once we click on end call, immediately back in the voice call back, there's actually a component called the other conversation book. So this gives agent a set amount of time to actually resolve the conversation and also wrap up their work before they start another new conversation with another customer. So the time remaining, they can actually use it to follow up e-mails, update a case or finalize accommodation notes. And let's say, if there's not enough time, you can also extend my 30 seconds. And once they're done, they just click on all done. So back in the case right now, what team has to do is just utilizing an automated workflow like macro to close out the case. And once it clicks on one macro, what will happen is the system will take control. My hands are off my keyboards and mouse. The system will just send an e-mail with our customers survey form to Rachel and also help to close out the case. So in this way, it really saves him a ton of time by reducing the number of clicks and also drive consistency for different business processes that he needs to keep check off, all right? So this is really simple for the agent to utilize. Now going back to our slides right here. This is the end of the second demo, and this is how we can actually show to provide assistance quickly for clients to resolve the issue completely via the Service Cloud console and also anticipate the future needs by the usage of express action. In the last demo, we're going to switch chat and put our head on for Ali, which is the Service Manager. So Ali will actually get an overview of the service request summary, and he is able to also share these metrics with his team. Now let's see how this plays out by him. He, typically, start off his day with the service analytics overview. This is where he can actually track is backlog cases, agent performance, and also channel review and also account review. So he could actually feel that there is -- last 7 days as well the last 30 days or 180 days. Now this reducing the first eye view of what is happening in his contact center. Now let's say, zooming into a particular omni dashboard, he can actually change it to phone channel specifically and actually track the incoming volume, the average speed to answer average travel and then time and also active time. Now he can actually scroll down and also see a hourly breakdown as well. And what is amazing about this dashboard is that, he can actually share this snapshot of the dashboard with his team and say that, hey, this is your current metric to me. So he's going to share this with the customer service team and going to say FYA team, this is your metrics, your current metrics, all right? And once you click on post, it will immediately reflect in every agents chat feed, which is the single place they go to for our income tax communication and collaboration. Apart from this, he could also exported to create or he could also download it as an image in Excel format or in CSV, just in case he need to tabulate and sell it across through his managers as well. Apart from such a dashboard, there is also another real-time omni supervisor dashboard as well for Ali to actually manage its customer service business. So in this dashboard, it is actually a one-stop shop to check on the health of the contact center. Manager can actually see the work summary of all the key different agents, their capacity, their workload, the channels that they are serving. Some of them are just working on cases. Some of them are working on phone calls and also chat. And also their skill sets as well, whether they are able to speak in English or not. So this actually gives you a really good overview and landscape on his customer service business. And let's say, if there is anybody that need help, it will also be raised up here in this spec icon and he can actually jump in to help his team as well. All right. So this concludes the scenario for Ali, where he's able to track the number of service requires comes through, and he is also able to share the metrics together with his team. Thank you so much for joining this webinar today. I hope this demo has actually given you a few key takeaways where you can actually use it to help improve your customer service business. Thank you.

All right. Thank you, Brisa. Really appreciate it. Yes, that's a wonderful demo. So in summary, right, the service innovations, the Salesforce delivers helps you across 4 different areas that you see there on the left side of the screen, reduced cost to serve with AI-powered virtual assistance and self-service capabilities. Number two, personalize every engagement and resolve issues quickly in unified agent experience. Third is scale service with low code or no code automation for quick time to value. And then the fourth really simplify integration with prebuilt connectors to your core banking platforms. Now in our annual customer success metric using Salesforce reduces support -- support cost by 29%. And it's also -- there's another -- a bunch of other metrics, right? It also increases agent productivity by 28%. It increases customer satisfaction by 30% and even increased the sales revenue by 28%. So that's our summary. All right. Now on to my favorite part of this webinar. So I'm really delighted to kick off this customer Trailblazers session with Weng Espiritu from BPI. So, Weng, we're really delighted to have you with us today.

Wonderful to be here today, Sonny, to share the BPI Salesforce journey.

Great. Great. Can you just share with us a little more about your role at the bank so that everyone understands.

Sure. So I am the head of the BPI Virtual Store and our team was the pilot users for the Salesforce sales modules. But prior to this assignment, I used to have the BPI contact center and had the privilege of again being the first users of the Salesforce service module.

I see. I see. Thank you very much. I just wanted to make sure I can see you on camera as well. Thanks for sharing. Now what was that -- well, we spoke about another things, right? We heard today the customer expectations are changing. And what about from BPI's perspective? What kind of experiences do your BPI customers expect?

Okay. So the pandemic has sort of fast tracked our customers' openness to new ways of doing things, online banking, if you did. And once people became more comfortable and confident with transacting digitally, their level of expectations also went up from what their bank can deliver. So in keeping with the times, BPI despite being a 171-year-old company, made the deliberate stance to be a Trailblazer, and embracing new technology to keep up with the rapidly changing needs of our customers. So in mid-2021, we implemented the Salesforce Service Cloud in our contact center, which allowed us to have full visibility of relevant customer information via the golden screen or what you're referring to earlier, Sonny, as the Customer 360, Frontliners loved it, primarily because it eliminated the need to open several legacy systems just so we can see the complete customer picture. And with this feature alone, we were able to shave off quite a significant chunk of our average handle time. And in a matter of 6 months, upon implementation, we were able to hit best-in-class performance on our SLAs. By that, I mean service levels, speed of answer, and even abandon inventory.

I see. I see. That's really had a, I imagine a positive impact on the experience of your end customers as well, right?

Absolutely.

Excellent. Yes. How does -- based on that wonder, how does BPI deliver personalized service today after implementing all these?

Sure. So again, Sonny, thanks to the golden screen. We now have a 360 view of the customer across all touch points. So our customers expect to be known, right, whether they choose to engage us in the branch, through our social media pages, through our contact center, and with the service request module that we built inside the Salesforce platform. All are frontliners, whether -- again, they're in a contact center, they're in the branch or they're manning our social media pages are able to knowledgeably assist and provide updates because of the visibility in the cases whether open, close or cancel that they're available to them. And when they recently launched Sales Cloud, we are able to customize our sales conversations based on the clients current holdings. The ability to provide contextual engagements have made our customers feel that they're not just another name in according list that needs to be checked off, right? Our front liners are also able to create interact milestones and life events that we can strategically schedule so that when we engage our clients, we are there in the moments that matter.