Hearsay, a provider of compliant communications tools for banking and insurance companies, has announced a partnership with Salesforce that will facilitate partnership with Salesforce. It also announced that Hearsay has received a minority investment from Salesforce Ventures although company co-founder and CEO Clara Shih, didn’t provide any details on that part of the announcement.
Salesforce and Hearsay said talks about a potential partnership started before the pandemic-related shutdown but “remote-first environment” — in which advisors and team members work from home on personal devices — made the requirement for more tracking of these communications more essential.
“This is really about Salesforce doubling down on wealth management and financial services,” said Hearsay CEO Clara Shih, in an interview. “Part of this involves Salesforce investing in Hearsay, and also the two companies are coming together with a joint offering that delivers the complete client experience [for firms].”
“Salesforce and Hearsay partnering more deeply is like the Prom Queen and Prom King deciding they actually like each other,” quipped Gavin Spitzner, head of Wealth Consulting Partners. “Respective leaders in their individual spaces, it makes perfect sense that they start ‘going steady.’”
Spitzner added Hearsay is “a proven leader in the last-mile compliant, connected client communication space,” and it is “not an area that Salesforce is going to try to build themselves.” He added integration and partnership is going to benefit their joint clients by facilitating more connectivity between “opportunity identification [and] execution using preferred client communications channels.”
“Salesforce moves Hearsay closer to becoming the utility for social media archiving in financial services,” said Tim Welsh, head of the consulting firm Nexus Strategy.” Anytime a firm with such vast reach as Salesforce invests in a financial services technology company it means big things.”