{"id":8205,"date":"2024-07-19T18:42:04","date_gmt":"2024-07-19T18:42:04","guid":{"rendered":"https:\/\/tup.kxe.temporary.site\/how-salesforce-data-cloud-supports-cx-for-principal-financial\/"},"modified":"2024-07-19T18:42:04","modified_gmt":"2024-07-19T18:42:04","slug":"how-salesforce-data-cloud-supports-cx-for-principal-financial","status":"publish","type":"post","link":"https:\/\/okdesign.ca\/en\/how-salesforce-data-cloud-supports-cx-for-principal-financial\/","title":{"rendered":"How Salesforce Data Cloud supports CX for Principal Financial"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p>Salesforce\u2019s Marc Benioff believes that 2025 will be the year of Data Cloud. In one sense, this might be seen as celebrating the end (or nearing the end) of a very long journey. Salesforce has been trying to create a viable CDP, under various names, for at least five years. And now we have Data Cloud, threading together data from across the Salesforce suite (Marketing Cloud, Sales Cloud, Service Cloud), able to pull data from external sources and, perhaps most significantly, able to reach into data warehouses like Snowflake and Databricks and activate brand data from those deep wells.<\/p>\n<p>In that sense, this could be the beginning of a new journey, putting Salesforce in pole position if brands are really intent on abandoning apps-plus-data-siloes for an architecture in which (largely) data-free apps sit on the IT-run organization-wide data warehouse or lake. That\u2019s the future, <a rel=\"nofollow\" href=\"https:\/\/martech.org\/cloud-data-warehouses-set-to-disrupt-the-martech-stack\/\">some say<\/a>.<\/p>\n<p>But how are customers actually using Data Cloud, and what benefits are they drawing? We spoke with Ryan Downing, VP and CIO of enterprise business solutions at Principal Financial Group about Principal\u2019s ongoing Data Cloud journey.<\/p>\n<h2 class=\"wp-block-heading\" id=\"h-principal-s-business-models\">Principal\u2019s business models<\/h2>\n<p>\u201cPrincipal is a Fortune 500 company and we just celebrated our 145th anniversary,\u201d said Downing. Before understanding how Principal is using \u2014 and intends to use \u2014 Data Cloud, it\u2019s important to understand the multiplicity of audiences it serves.<\/p>\n<p>\u201cOur business model is mixed,\u201d Downing explained. \u201cWe have three main business units. We have a global asset management business, we have a retirement business that operates in the U.S. and we\u2019ve got a benefits and protection business that operates in the U.S. as well.\u201d<\/p>\n<p>Principal is the third largest provider of defined contribution plans, 401Ks, he went on. \u201cThat model is very much a B2B model; honestly, it\u2019s almost a B2B2B model, where you\u2019ve got an adviser, an intermediary, consulting with businesses as they\u2019re choosing a provider for the 401K for their employees.\u201d<\/p>\n<p>There is also a group benefits business, including things like vision, dental or disability. \u201cA similar sort of model,\u201d said Downing, \u201cbut within that, once the employer chooses Principal, their employees all become customers of Principal. That\u2019s where the B2C aspect of things comes in and how we create experiences for those people to achieve financial security. Helping businesses and their employees together is how we think about that.\u201d<\/p>\n<h2 class=\"wp-block-heading\" id=\"h-deploying-data-cloud\">Deploying Data Cloud<\/h2>\n<p>\u201cWe really started first with the adviser audience,\u201d Downing said. \u201cWe\u2019re now moving into the individual employees, or participants. For these use cases we\u2019re actively looking at bringing data together. The employer audience will be the next one we\u2019re working through.\u201d<\/p>\n<p>Principal is taking a hybrid approach in terms of where the data is held. \u201cThere are places where we are ingesting data [into Data Cloud], but one the value propositions we saw with Data Cloud was that there was zero-copy data integration capabilities. Our enterprise data foundation is built on Snowflake and we\u2019re continuing to build that out, so that was a really appealing aspect of things: to leverage the investments we\u2019re making in data, not just for customer experience, but to run and operate our business holistically.\u201d<\/p>\n<p>What came before Data Cloud? \u201cI think it was a mix of solutions,\u201d said Downing. \u201cWe have had internal data platforms. We\u2019ve had other tools in the marketing technology stack, things like Salesforce Marketing Cloud. In the different channels, we would apply levels of personalization at a much smaller scale.\u201d<\/p>\n<p>Downing expects to use Data Cloud to evolve customer experiences across Principal\u2019s businesses in a more consistent and connected way. That\u2019s not an overnight transition, of course. \u201cWe\u2019ve been at this for probably about 18 months,\u201d Downing told us. \u201cWe haven\u2019t really started on the employers yet; we\u2019re focused on the advisers and the employees. The key thing we\u2019re trying to drive is personalization in the customer experience and we think those audiences represent the most value for that.\u201d<\/p>\n<h2 class=\"wp-block-heading\" id=\"h-examples-of-activations\">Examples of activations<\/h2>\n<p>We asked about actual use cases for these developing capabilities. \u201cWithin our Principal asset management business, a lot of work we\u2019re doing is with advisers to help them have the right investment options for their clients. We\u2019ve been leaning into our web channel to really personalize the content they are seeing, using data we have about that adviser and their business to say, here are the things that would serve their customers best.\u201d<\/p>\n<p>For individual participants, personalization means not just helping them understand their 401ks, but supporting their overall financial wellness goals. \u201cWe have content that is advice-based,\u201d said Downing, \u201cand we want to personalize what people are getting to what their needs are based on where they are in their lives.\u201d<\/p>\n<p>Engagement with individuals goes beyond the web channel, of course. \u201cEmail is important, mobile is important. What we can\u2019t lose sight of is that decisions about retirement, for example, require some sort of human interaction.\u201d The aim is to make the digital experience personal and relevant while also making the hand-off to a human, when it becomes necessary, as seamless as possible.<\/p>\n<p>The vision is to provide the human with all the information they need to help that customer. \u201cWe haven\u2019t gotten to all the channels yet, but that\u2019s very much the vision of how we think about this.\u201d<\/p>\n<h2 class=\"wp-block-heading\" id=\"h-calling-einstein\">Calling Einstein<\/h2>\n<p>Data Cloud, like the rest of the Salesforce suite, uses Einstein AI. Is that something that just operates under the hood and makes things work smoothly, or is Principal conscious of its operations?<\/p>\n<p>\u201cIt absolutely has to be front and center,\u201d Downing said. \u201cWe\u2019ve been leveraging artificial intelligence for many years. The advances in generative AI over the last couple of years have been tremendous and provide amazing opportunities. You have to be actively engaged in governing that. You have to be actively engaged in tuning those models so that they are providing the right responses and answers for your customers and your business. You continue to train those things, providing more and more data to round out the knowledge base that it has access to.\u201d<\/p>\n<p>As part of a regulated industry, Principal needs to balance using AI to add value for its customers with an understanding that guardrails are needed to minimize risks. \u201cWhen we provide financial advice to customers, we have to be able to attest to why we gave that advice and be able to demonstrate why that was in their best interest. Generative AI doesn\u2019t provide that level of explainability. You have to be very mindful of where you can apply it and where you can\u2019t.\u201d Keep a human in the loop is the advice.<\/p>\n<div class=\"wp-block-media-text alignwide is-stacked-on-mobile is-vertically-aligned-center has-black-color has-white-background-color has-text-color has-background\" style=\"grid-template-columns:44% auto\">\n<figure class=\"wp-block-media-text__media\"><a rel=\"nofollow\" href=\"https:\/\/www.surveymonkey.com\/r\/HN2NQGJ\"><img data-recalc-dims=\"1\" fetchpriority=\"high\" fetchpriority=\"high\" decoding=\"async\" width=\"549\" height=\"354\" alt=\"2024 Replacement Survey Logo\" class=\"wp-image-392896 size-full\" srcset=\"https:\/\/martech.org\/wp-content\/uploads\/2024\/06\/2024-replacement-survey-logo.png.webp 549w,https:\/\/martech.org\/wp-content\/uploads\/2024\/06\/2024-replacement-survey-logo-524x338.png.webp 524w,https:\/\/martech.org\/wp-content\/uploads\/2024\/06\/2024-replacement-survey-logo-175x113.png.webp 175w\" data-lazy-sizes=\"(max-width: 549px) 100vw, 549px\" src=\"https:\/\/i0.wp.com\/martech.org\/wp-content\/uploads\/2024\/06\/2024-replacement-survey-logo.png.webp?resize=549%2C354&#038;ssl=1\"\/><img data-recalc-dims=\"1\" fetchpriority=\"high\" fetchpriority=\"high\" decoding=\"async\" width=\"549\" height=\"354\" src=\"https:\/\/i0.wp.com\/martech.org\/wp-content\/uploads\/2024\/06\/2024-replacement-survey-logo.png.webp?resize=549%2C354&#038;ssl=1\" alt=\"2024 Replacement Survey Logo\" class=\"wp-image-392896 size-full\" srcset=\"https:\/\/martech.org\/wp-content\/uploads\/2024\/06\/2024-replacement-survey-logo.png.webp 549w,https:\/\/martech.org\/wp-content\/uploads\/2024\/06\/2024-replacement-survey-logo-524x338.png.webp 524w,https:\/\/martech.org\/wp-content\/uploads\/2024\/06\/2024-replacement-survey-logo-175x113.png.webp 175w\" sizes=\"(max-width: 549px) 100vw, 549px\"\/><\/a><\/figure>\n<\/div>\n<p><!-- START INLINE FORM --><\/p>\n<p><!-- END INLINE FORM -->\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/martech.org\/how-salesforce-data-cloud-supports-cx-for-principal-financial\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Salesforce\u2019s Marc Benioff believes that 2025 will be the year of Data Cloud. In one sense, this might be seen as celebrating the end (or nearing the end) of a very long journey. Salesforce has been trying to create a viable CDP, under various names, for at least five years. And now we have Data [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":8206,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5],"tags":[],"class_list":["post-8205","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-agency"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.8 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>How Salesforce Data Cloud supports CX for Principal Financial - OK Design<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/okdesign.ca\/en\/how-salesforce-data-cloud-supports-cx-for-principal-financial\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How Salesforce Data Cloud supports CX for Principal Financial\" \/>\n<meta property=\"og:description\" content=\"Salesforce\u2019s Marc Benioff believes that 2025 will be the year of Data Cloud. 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