Salesforce Financial Services Cloud (FSC) is a relatively new offering from Salesforce (launched in 2015). But it’s already a hit with the Financial Services industry – wealth & asset management, banks, and insurance – with its out-of-the-box workflows and data models.
Managing relationships is a key element of the industry and it’s here that the FSC is proving to be quite useful. It offers real-time access to critical data, visibility into unique customer journeys, and meaningful insights at every stage of the customer lifecycle across sectors in the industry.
Here’s how FSC is reshaping the financial services industry.
For implementing any of the Salesforce Cloud products, you have to design a custom data model to represent various entities, which is a time-consuming process. Salesforce FSC comes with built-in, out-of-the-box structured and flexible data models that save a lot of time. With these models, advisors can easily manage their clients’ households, businesses, and related individuals all in one place.
Another element that goes in the favor of FSC is its pre-assembled industry workflows. You can easily make changes to tailor these flows to your business needs and quickly go live instead of spending months developing custom processes.
Financial accounts and goals
The goal-building process is much easier for advisors in FSC. There are pre-defined record types for different financial accounts in the Financial Account object, using which, advisors can view data for each member of the household, as well as the member’s household record.
Leads and referrals
This is an extremely critical activity in this industry. The FSC offers several referral components that help advisors and retail bankers keep track of leads and referrals – from creation to conversion. The system automatically creates an Account and an Opportunity in FSC as soon as conversion happens.
This is a real game-changer. FSC offers various in-built features that help you stay compliant with industry regulations.
- Compliant Data Sharing helps administrators and compliance managers configure advanced data sharing rules.
- Intelligent Document Automation helps manage consent and disclosure documents, track user responses, and generate authorization request forms.
- Interaction Summaries manage client and partner interactions.
- Financial Deal Management helps manage every aspect of deal-related information.
FSC offers several pre-defined reports and dashboards that can be customized as needed by financial firms to help them make informed decisions. It also enhances the customer experience.
A Reliable Partner Can Accelerate the Effectiveness of Salesforce FSC Implementation
Customers continue to demand more connected experiences. And Salesforce’s powerful capabilities in this field are unbeatable for reducing friction and improving efficiency. The FSC enhances and optimizes urgent communications and workflows between your teams and those you serve.
But to leverage these benefits, it’s important you choose a reliable partner. TechForce Services is a Crest-level Salesforce partner with five-star reviews on Salesforce AppExchange and solid expertise in financial services. We have undertaken several complex implementation projects across Australia. Connect for a free consultation to help us understand your unique challenges.