Unlock the Power of Financial Services Cloud: Revolutionize Your Business Today!

WHAT IS FINANCIAL SERVICES CLOUD?

As businesses constantly seek innovative solutions to streamline processes, enhance customer experiences, and stay ahead of the competition, Financial Services Cloud is emerging as a trailblazing platform, revolutionizing how financial institutions streamline operations and cultivate meaningful client interactions.

The financial services industry has unprecedented potential to interact with customers, and Financial Services Cloud can help you get there.

Financial Services Cloud is the world’s first CRM reinvented for the financial services industry. It is intended to assist everyone from personal bankers to financial advisors in seizing the chance to earn client trust and loyalty via meaningful interactions. Financial Services Cloud continues to push innovation thrice a year based on industry leaders’ feedback. It has added new functionality such as shield encryption, analytics, and communities for partners, workers, and customers.

Connect your entire institution across lines of business, geographies, and channels, from retail banking to wealth management, to place your clients at the center of every contact.

This powerful tool harnesses the power of cloud computing to deliver a seamless, integrated experience that caters to the unique needs of banks, insurance companies, wealth management firms, and other financial service providers. In continuation of part 1, this blog will delve into the world of Financial Services Cloud, exploring its key features, benefits, and how it’s transforming the financial industry for the better.

Unlock the full potential of your financial institution.

Financial institutions may take a significant step toward eliminating silos across lines of business and collaborating as one team to support consumers along their financial life journey using Intelligent Needs-Based Referrals and Scoring in the Financial Services Cloud.

Unlock the Power of Financial Services Cloud: Revolutionize Your Business Today!

 

FINANCIAL SERVICES CLOUD SUB-VERTICALS

FSC helps financial institutions to provide services for these sub-verticals.

1. Wealth Management — Assists their clients in growing and protecting their wealth.

  1. Personalize Wealth Client Relationships at Scale – Capture and visualize financial account information, goals, trusts, business groups, and interactions within and across clients, households, and relationship networks.
  2. Supercharge Advisor Productivity – Jumpstart every advisor’s day with a tailored list of tasks, client life events, opportunities, and access to essential client information aggregated by integrated partner solutions — all in one place.
  3. Make Smarter and Faster Client Decisions – Put artificial intelligence to work for your advisors so they can personalize every engagement with immediate insights and subsequent action recommendations.

 

2. Banking — Lends, holds, and invests money for customers and businesses.

  1. Know Your Customers and Their Needs – Track and visualize key customer relationships and financial information and keep context with a single pane of glass for managing customer engagements.
  2. Delight Customers with Convenience and Consistency – Provide commercial clients with a streamlined onboarding experience powered by automated task orchestration and contextual customer surveys.
  3. Unify Relationships Across All Lines of Business – Connect retail and commercial banking on the same platform for rich customer insights in-segment and bank-wide. Understand household and business financial needs and source referrals across lines of business from customers or their circles of influence.

 

3. Insurance — Serve the changing need of every policyholder and share risk among a group of people.

  1. Know Your Policyholders  Get always-on panoramic views of performance metrics, insights, and actions across each policyholder’s family, claims, and business milestones.
  2. Be Smarter with Built-in Analytics – Empower agents with rich analytics and real-time insights that provide recommendations for the proper coverage.
  3. Deliver Exceptional Service – Connect agents and customer service representatives with relevant insights about policyholders with out-of-the-box dashboards.

 

4. Mortgage & Lending

  1. Streamline Mortgage Lending – Deliver a seamless lending experience with a single view of each borrower’s loan applications, documents, accounts, and relationships. Offer step-by-step guidance and transparency and get integrations to digitize the entire process.
  2. Increase Loan Officer Productivity – Connect systems, channels, and processes to streamline handoffs. And coordinate partners like realtors, brokers, and appraisers to translate data into actionable insights.
  3. Deepen Borrower Relationships – Increase visibility into borrowers’ financial, household, and employment information to prioritize relationships and collaborate across lines of business.

 

FINANCIAL SERVICES CLOUD ARCHITECTURE & DATA MODEL

Financial Service Cloud comes with OOB structured and pre-build data models specific to tailor each need of financial sector client. It provides insightful information at every stage of a client’s lifecycle.

FSC Managed Package Data Model

The above FSC managed package diagram includes the Sales & Service cloud objects, FSC standard, and package objects.

FINANCIAL SERVICES CLOUD PACKAGING

Financial Services Cloud functionality comes up with two packages. One is managed package that delivers most of the features, and another is an unmanaged extension package that provides the field sets.

• Managed Package

It includes most FSC functionality, with custom fields and objects, list views and profiles of clients and households, and administrative configurations.

• Unmanaged Package

The unmanaged extension package provides field sets that configure how fields display in the client and household profiles and retail banking dashboard, and the banking extension package provides the commercial banking dashboard.

DATA SECURITY WITH SALESFORCE SHIELD

Financial Services Cloud with Salesforce Shield assists financial services institutions in complying with industry regulations, such as the U.S. Department of Labor’s Fiduciary Rule; it can support firms with visibility into interactions between clients, advisors, agents, and teams.

With a Client Data Model at the center of Financial Services Cloud, firms can easily track client relationships and follow each interaction to help achieve compliance. Salesforce shield supercharges organizational security in three ways.

  1. Field Audit  Giving financial service firms a valuable record of how their data has changed. Industry regulations require institutions like banks to record changes to track necessary fields.
  2. Platform Encryption  Encrypts sensitive data such as PII, credit card, or bank account information at rest, meaning that even when data is not being transferred anywhere, platform encryption is a must for complying with industry regulations and internal policies
  3. Event Monitoring  This feature can show what users are accessing, when they’re accessing it, and from where. It’s also essential for complying with industry regulations like FFIEC, SOX, and PCI

 

FINANCIAL SERVICES CLOUD USE CASE

Below are a few of the industries specific use cases:

• For Banking 

    • Problem Statement  In today’s world, people love to get engaged online rather than visiting the bank in person; online banking gives customers great flexibility to conduct their banking stuff with greater convenience, but banks still face the challenge of engaging their customers in a personalized manner.
    • Solution  Salesforce Financial Services Cloud is designed to help the banking sector to bring in-person banking to the digital age. FSC enables bankers to be on top of their customer’s needs to develop meaningful relationships and have a complete view of their needs.  It also allows bankers to segment their customers according to their interests, so the most appropriate bankers can service them.

• Insurance

    1. Problem Statement  Insurance companies proactively respond to challenges caused by changing consumer behavior, digital disruption, regulatory pressure, and high competition.
    2. Solution  Salesforce FSC for Insurance serves as a unified platform to improve the visibility of the customer’s interactions across any device. Businesses can ensure all customer requests should be answered by tracking website, social media, email, and call center requests. Additionally, 360-degree view and AI help representatives make quick decisions on customer requests and reduce the turnaround time.

• Wealth & Asset Management

    1. Problem Statement – The wealth & Asset management sector faces challenges in tailoring financial advice that meets customers’ needs to provide them the actionable insight based on their current financial needs.
    2. Solution – Salesforce FSC provides a holistic view of customers’ financial accounts, goals, and relationships to create a modern experience from initial engagement to ongoing relationship management. FSC also uses AI to identify client needs and make recommendations.

     

    What’s holding you back?

    Financial Services Cloud is simple to get started with. Unlock the built-in capability that puts customers at the center of every contact. Tavant can help you quickly achieve flexibility, scalability, and reliability.

    Tavant, an experienced Salesforce partner, has assisted global enterprises in maximizing business value through Salesforce transformation. With our extensive industry knowledge and Salesforce expertise, we have helped clients reimagine efficiency, collaboration, and customer relationships. Reach out to us at [email protected] or visit us here to learn more.

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