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.

With Salesforce financial services cloud, you will get

An opportunity to match the dreams with your client’s goals
Get a 360 overview of your book of business
Automate the daily processes
Connect with clients from any device anytime
Manage the client’s entire financial life smoothly.

Salesforce Data Model for Financial Service Cloud

Individual Client Model

Individual client is mapped through a combination of Account and Contact; a unified view is provided.

Mapping of Client’s Financial Account

It is mapped through the Financial Account custom object linked with Account and its related objects (Financial Holding, Securities).

Client’s Other Assets, Liabilities, and Goals

It is mapped using the Assets and Liabilities and the Financial Goals custom objects.

How is Household Modelled?

Account -represents the Household entity and the various relationships are mapped through the Account-Account Relationship, Account-Contact Relationship, Contact – Contact Relationship, and Reciprocal Roles custom objects.

Does it implement a Party Model?

Supports party and party relationship concepts but not party role.

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.

Financial Accounts & Goals

Separate objects in the system for storing information about the client’s financial accounts and financial goals. Goals allow the advisor to capture information from the client about the purpose of the financial account opening.

Relationship Builder & Map

There is an opportunity in the system to track relationships between people and institutions, create groups, know the role of each member of the group, and view the relationship’s map.

Client & Household Profiles

Allows you to see all information about client finances in one place. For example, if you’re using Console for Retail Banks, the Financial Summary displays information about Total Bank Accounts, Total Outstanding Credit, Total Number of Financial Accounts, and more.

Intelligent referral management

Allows you to create a lead and referral record and redirect it to a person or queue inside the organisation or to the partner through a configured community.

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.

Communities

Empower partners and customers by providing access to the Financial Services Cloud via community licences for external users. Financial Services Cloud lets you give access to a client’s profile, including account details, financial accounts, and more, with Community Cloud.

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

Improved Client Engagement

Salesforce Financial Services Cloud enables you to truly know your customers and provide timely feedback, results, and recommendations. You’ll be able to provide a consistent experience across all company touchpoints.

Lead Tracking

Being able to track leads and references is vital in the financial sector. The Salesforce financial service cloud includes several referral features that make lead tracking simple.

Smart Scheduling

It makes scheduling easy. The software enables any user to search for and invite anyone in the company by entering a name. And you can use the scheduler to arrange conferences and meetings with clients.

Advanced Analytics (SFEinstein)

Salesforce is at the forefront of advanced cloud-based analytics. Salesforce Einstein allows you to engage with empathy through deep insights, enriched databases, and personalised workflows.

Increased ability to gather feedback

Salesforce Financial Services Cloud allows you to create personalized surveys that can be easily compiled into reporting and analysis.

Enhanced Security

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.

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