While thinking about adopting Salesforce for the finance domain, it is essential to understand the in and out of the Salesforce Financial Services Cloud. In this article, we will explore the crucial things about this particular topic and how to use the same for your business’s success.
What is Financial Services Cloud?
Powered by Salesforce Lightning, Financial Services Cloud is a highly integrated platform meant to ensure stronger customer relationships, which can be long-lasting. With its robust tools, Financial Services can help the financial advisors spend less time exploring the customer information and dedicate more time to doing what they can do the best for customer satisfaction. This includes, but not limited to:
- Providing very holistic and goal-based advice to the customers
- Offer timely support and provide needed information
- Work in close coordination with sales, marketing, and operations to leverage the opportunities
The Salesforce Financial Services cloud tends to put the customer at the center of all activities. We can see that Salesforce in financial services can help the advisors to offer concierge grade services in a more personalized and proactive way.
Growing your business with Salesforce Financial Services Cloud
Salesforce has made the businesses more easygoing. Financial Services can help the users to turn their existing client base to a live referral network. By actively tracking the referrals from the external or internal influence centers, in-line processing can ensure that maximum opportunities are acquitted and converted through this approach. Using this winning strategy, you may also know more about every customer than just focusing on their investment strategy and can also have access to the networking tools essential to grow your business.
Securing client data on Salesforce Financial Services Cloud
With its advanced security features, Salesforce Financial Services Cloud is deemed to be very secured. Salesforce Shield, along with Financial Services Cloud, can offer an additional security layer along with many tools for real-time monitoring of the data access and user privileges to prevent any suspicious activities. Along with the most updated security features, you can also render activities like real-time event monitoring and field audits. The features like platform encryption can also ensure that the users’ account information is kept confidential and highly secured.
Integrating existing systems and data with Salesforce Financial Services Cloud
The most reassuring part about launching Salesforce is that there is no need for you to know all the hard-technical rules as Salesforce can easily export any existing data to its service clouds. Salesforce comes packed with various tools for data integration, and it also can put forth a complete solution to address your customized business needs. Along with this, Salesforce can also ensure a higher degree of scalability when needed in the future, promoting continuous innovation and ongoing integration.
Salesforce Financial Services Cloud to meet regulatory compliance of financial services
Along with Salesforce Shield protection, Financial Services Cloud implantation by FLOSUM now comes with an impressive set of features to ensure regulatory compliances for financial services. It covers the agents, advisors, and financial firms who need to adhere to all the regulatory standards at a scale. It can also quickly drive visible and repeatable collaboration of various levels across the firm. Salesforce cloud can also keep a record of all client communications and client relationships. It can also establish consistent and ongoing onboarding tasks to fulfill the client’s best interest over each interaction.
Difference between Financial Services Cloud and wealth management tools
Financial services cloud functioning is centered around a unique Client Data Model. The users have instant and anytime access to the vital info needed to nourish and grow client engagement opportunities. Also, as we know, Salesforce keeps releasing frequent updates (three times a year lately). The financial services cloud will also benefit from this, which means the users get access to three fresh updates now and then, offering them more features to take the businesses to the next level of growth.
Considerations to make while moving on to Financial Services Cloud
During the Financial Services Cloud implementation, you have to spend less time building the foundational components. More time has to be invested in setting up the business-specific functionality. The examples of foundational elements for Financial Services Cloud are as below:
- A unified customer profile
- Goal tracking
- Interaction management etc.
In addition to these, Salesforce Financial Services Cloud also has pre-built analytical tools at Einstein Analytics. With this, the teams can quickly analyze their business books and effectively determine the needed actions to increase the AUM. So, Salesforce Financial Services Cloud can bring everything needed into the context and put the customers at the center of all activities. Here are some other primary considerations to make while moving on to Financial Services Cloud.
Financial Services Cloud needs Lightning. You need to check how many Visualforce pages, triggers, APEX classes, JS buttons, validation rules,and objects you have out there. For many organizations, setting up a new Lightning org and installing the Financial Services Cloud may be a better approach to be successful in the longer run.
You need to also check it out as to whether the organization is comfortable with less freedom for customization and fully committed to Householding’s data model. This is a relationship-based model when compared to the standard model of account-based. In this case, Household is the account with Household records type. In managed packages, major benefits are that you automatically get all the updates, but with a lesser ability to customize.
It would help if you also plan your data migration by ensuring that the implementation team understands your data model and the complexities involved in the account structure. It is fundamentally different from the standard Salesforce and may take more time to explore this part well.
Financial Services Cloud is made available in different editions as Enterprise, Professional, and Unlimited editions to be used based on the user needs. With all these in and out of the Salesforce Financial Services Cloud know, hope you will be able to make a better decision on migrating to the same.
Kelly Wilson is an experienced and skilled Business Consultant and Financial advisor in the USA. She helps clients both personal and professional in long-term wealth building plans. During her spare time, she loves to write on FLOSUM. She loves to share her knowledge and Experts tips with her readers.