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Wednesday, February 28, 2007

Salesforce Targets Wall Street

Salesforce.com Inc. is honing in on the financial institutions market, a space traditionally dominated by SAP, Siebel, and shoddy in-house application. This is a space where there is a definite customer pain-point, and Salesforce can solve this problem and generate a significant competitive advantage. The best banks on Wall Street have some of the shoddiest and simply dysfunctional products. These applications are old-school and a huge drain on employee productivity. It's my feeling that Salesforce's wealth management platform will be adopted quickly and eagerly by most of the white shoe firms.
Getting Merrill Lynch as a customer for the wealth management platform is huge. William Blair & Co. analyst Laura Lederman explained, "It's not just about the money. Winning Merrill Lynch makes Salesforce.com look more legitimate in the eyes of their customers." This is just more evidence that Salesforce isn't just about CRM--the company is rolling out Salesforce Banking Edition, Salesforce Capital Markets Edition, Salesforce Insurance Edition, and Salesforce Mortgage Edition.