Integrating Salesforce with DueDil’s Continuous Updates

July 7, 2021
Integrating Salesforce with DueDil’s Continuous Updates

What is the most crucial shift the financial sector has seen over the last 18 months?

The accelerated digitisation of consumers, a restructured workforce, the need to reinforce business continuity plans – in truth, all could lay a worthy claim for the title.

But look a little bit deeper under the surface and you’ll find an equally ominous sea change, and one that has already cost one institution almost £40m.

We’re talking, of course, about the fine delivered to Commerzbank AG by the FCA for insufficient preventative measures against economic crime (you can read a more detailed analysis of the incident in this Finextra article, penned by our CEO and Founder Justin Fitzpatrick).

In short, the bank was not monitoring the customers they worked with closely enough. Because of this, financial crime was able to occur unchecked, and Commerzbank paid a hefty price as a result.

Now, it’s clear that in-life monitoring is something that financial service providers can no longer avoid. Static snapshots of companies, typically carried out every 3-5 years, are simply not fit for purpose in a world where 835,494 new businesses were set up in the UK in 2020 alone. 

The business landscape is changing, and banks need to remain one step ahead.

Integrating Continuous Updates with Salesforce: An automated, proactive approach to in-life monitoring

To help banks do this, we have a new integration for Continuous Updates – our product feature that enables you to monitor every single change to a customer’s information at any point throughout your relationship lifecycle – meaning now, it plugs in seamlessly to Salesforce.

Why is this important? Every day, there are 10,000 changes to customers in the UK and Ireland. Sometimes, this figure can peak at more than 60,000. Addresses, shareholders, employee count, newly filed financials – keeping on track of these in real-time is almost impossible. And that’s where Continuous Updates, mapped against your Salesforce account, comes in.

You can check it out in action via the video below.

How it works

Once the two platforms are integrated, all you need to do is refresh company information in your DueDil database. This signals to our API to pull the latest data and insights, ready to import back into your CRM.

Continuous Updates trawls millions of data points across the UK and Ireland registries for any changes that companies have exhibited, then highlights those that have done so. Each piece of new information is highlighted, meaning you can immediately identify the data you need. It’s the only way to know what has changed and when, in real-time.

What changes can I track to aid my in-life monitoring process?

  • Company status.
  • Officer appointments.
  • Company financials.
  • Employee count.
  • Almost anything else.

We recently dived deep into in-life monitoring – what it means for banks, and why the time for change is now – on the DueDil blog. In it, we unpack the changes listed above in detail; you can read that post here

Why it matters

So, you’ve seen the what and the how. But what about the why? Let’s explore three of the core benefits the integration can provide your organisation.

  • Stay on top of compliance. Surface all the customers and prospects in Salesforce and get notified of any changes to their business. Compliance risk is mitigated by ensuring all information is up-to-date at all times, helping you avoid costly remediation in the process.

  • Identify upsell opportunities, or re-engage prospects. Keep up with the changing demands of SMEs as their needs evolve. Real-time information means an easier way to identify when companies are ready for another product or service.

  • Improve client services. Relationship managers can remain focused on core activities while ensuring conversations with customers are both meaningful and proactively initiated. A simple way to save time where it matters.

For a full walkthrough of everything Continuous Updates has to offer, you can download our end-to-end product guide here

Want to learn more about the integration, or how DueDil’s full product suite can help your organisation? Get in touch with us today.

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