Financial Services Cloud
About Financial Services Cloud
The Financial Services Cloud, powered by Salesforce, is an integrated platform designed to drive stronger financial relationships that last longer. A financial services platform is considered the future of wealth management, as it nurtures financial relationships deeper with proactive tracking, reminding organizations about their client’s needs.
This platform helps financial advisors save time and effort by avoiding gathering information about the clients and spending more time on the things in which they are brilliant, like goal-based advice and investment advice, which ultimately helps clients grow their businesses.
Salesforce Data Model for Financial Service Cloud
Main features of Financial Services Cloud
1. Advisor Analytics. Financial Services Cloud has Einstein Analytics artificial intelligence layer with five analytics dashboards embedded in the app:
- Client list: Displays a list of clients that can be filtered according to different criteria.
- 80/20: Automatically displays a list of the clients who generate the top 80% of revenue.
- Activities: Assists you in determining how you interact with clients and which activities influence client relationships, allowing you to identify opportunities to improve client engagement.
- Financial accounts: Analyzing the various types of financial accounts and securities in your business books allows you to respond quickly to market conditions.
- Client goals: Measure client goals so you can spot trends and create tasks or opportunities to help keep your clients on track.
Role-based Banker Console
In addition to recording complex, multi-party relationships using groups, Financial Services Cloud also models one-to-one relationships between people and businesses. These help to understand spheres of influence and spans of control. Within a relationship, a reciprocal role describes the role of one entity relative to another.
Financial Account Cases and Alerts
A case can be created from a client’s financial account so that the advisor can see it from the financial account page or the client’s profile page. Also, an external core financial system can now push financial account alerts to the Financial Services Cloud so advisors can keep up with critical information about their clients’ financial accounts.
A Few Challenges with Financial Services Cloud
Financial Services Cloud does not support Person Accounts and a new org should be created.
We can upgrade the existing org (Non-Person Accounts), but account and contact records of individuals need to be recreated because Financial Services Cloud does not allow changes to record type.
Top features of Salesforce Financial Services Cloud
The benefit of using the Salesforce Financial Services Cloud is that you will improve your data and communications security. As well as a firewall, Salesforce Financial Services Cloud provides a range of robust protection and enforcement capabilities designed for financial services firms.