Salesforce targets finance industry with new app

27.02.2007
Claiming Bloomberg and the Bloomberg Terminal lock customers in with a proprietary workstation and software accessed on an archaic keyboard, and that Bloomberg offers a deep but very narrow selection of financial feeds, Salesforce.com will announce on Tuesday a competitive Wealth Management Edition'of its SaaS (Software as a Service) application for use by wealth management professionals.

Salesforce.com will also announce that Merrill Lynch'will deploy the Wealth Management Edition to its 25,000 financial advisors. In addition, the company is partnering with Cisco Systems' to deploy a VOIP phone with the wealth management solution for dialing customers within the context of the application.'

The major benefit to professionals using the Salesforce wealth management system is its integration capabilities of customer information with data services in real time, according to Kendall Collins', senior vice president, product marketing' at Salesforce.

Contextual relevance between market news and customers owning shares in a stock that is suddenly showing signs of movement would allow a manager to pull up a list of all clients who have a holding or interest in that stock and take an action, such as send an email, or execute a standing buy or sell order.'

According to Collins, Bloomberg is unable to match that capability.

"Bloomberg has moved slowly with the Internet," Collins said. But the question is whether or not Bloomberg is to Kodak as Salesforce is to digital photography?