Leads and Referrals In Financial Services is a feature that helps take the clunkiness and wait time out of referring a customer to a colleague to meet that customer’s needs.
A lead is generally self-sourced, can be unreliable and if they are generated off a big campaign may come in such a volume it is hard to know which ones to deal with first.
A referral is specific and helps to meet customer needs faster. They can get routed to an expert who can attend to and provide help quickly. The customer has indicated what they want to know and they generally already have a relationship with your company.
For example, a personal banking advisor knows that their customer will need mortgage advice as they are looking to purchase a house. That personal banking advisor does not have all the information to advise on this issue, so they use Leads and Referrals to alert a mortgage advisor to follow up with the customer. As a result, the customer receives targeted assistance that fulfills their needs.
The Leads and Referrals feature is built on top of the standard Lead functionality. It is out of the box with Financial Services Cloud there are a number of fields as well as four record types:
- Person Referral
- Business Referral
- General
- Retirement Planning
More can be created to meet your company’s needs.
The fields include “Expressed Interest” which is a picklist of values for Products that a user may wish to explore further (such as mortgages, or other estate planning).
Prioritisation can be made based on lead scoring and referral scoring. Referral scoring adds weight to where and from whom the source of referral was made. There may be a customer who always sends through key leads that convert into business opportunities. These may be prioritised higher than others.
A new Lead & Referral record can be created from Global Actions, As a standard action from a list or record page and with a web-to-lead form housed on an Experience site.
Using Lead Assignment Rules and Lead Queues, the flow of referrals can be automatically followed up using Salesforce standard Lead management functionality. It is also possible to set up referral acceptance or re-assignment using approval processes. Therefore referral cadences can be set: Refer -> assign -> accept -> Prioritise -> convert. These open up more robust reporting on what works and does not.
To read more in our Financial Service Cloud Series: