Business today is all about managing relationships. The ways we grow and invest in those relationships has changed drastically for the better due to the capabilities brought by cloud technologies. Building relationships with existing and potential customers, increasing revenue, and delivering the right information at the right time now takes more than industry expertise — it relies on technology.
Salesforce Financial Services Cloud (FSC) provides real-time access to critical data, perceptibility into unique customer journeys, and meaningful insights at every stage of a customer’s lifecycle. Regardless of which financial services sector, it has the potential to solve any challenge businesses face.
Launched in August of 2015, FSC has been proven to be the most suited Salesforce Cloud product for the financial services industry. It is a packaged service that extends the functionality of Sales Cloud and Service Cloud combined to meet the needs of wealth management firms, insurance companies, and banks. Bankers and financial advisors can use FSC to gain full insights into their clients and adapt their sales strategy to best serve their clients.
Salesforce Financial Services Cloud carries a pre-built Tableau CRM application geared toward consultants and administrators. Organizations can interpret their business books efficiently and immediately define actions to boost their growth.
Let’s take a deeper look at the key benefits of implementing FSC Cloud.
- Household Data Model
It helps financial advisors manage their businesses, clients’ households and related individuals all in one place. Administrators can choose from an Individual data model or Personal Account data model to line up the Household-Individual relationships.
Three important object relationships help advisors view their clients’ household map: Account-Contact Relationships , Account-Account Relationships and Contact-Contact Relationships.
- Financial Accounts and Goals
FSC supports various financial accounts such as Investment Accounts, Bank Accounts and Insurance Policies. The Financial Account object has pre-defined record types for various financial accounts. Financial Account data can help with viewing each member of the household and is also rolled up to the member’s household record.
- Financial Goals help advisors keep track of their clients’ investment goals which helps in building investment strategies to meet those financial goals.
- Any member’s role in a particular financial account can be defined using the Financial Account.
For example, Rachel Adams is the primary owner of the Investment Account.
- Tracking Leads & Referrals
It is necessary to track leads and referrals in the Financial Services industry. The FSC package includes various referral components that can help advisors and retail bankers keep track of the referrals. A referral in FSC goes through a series of stages from creation to conversion. The system automatically creates an Account and an Opportunity upon conversion. Referrer information can also be viewed on an Individual record to spot the highest referrers.
- Action Plans
In FSC, action plans can also automate some recurring tasks and ensure deadlines are met for predefined steps. Tasks are auto-assigned to different team members and compliance at every step is ensured. For example, several stages are included in onboarding a new client such as setting up a first meeting, discussing financial goals and signing documents.
All these steps can be defined in an Action Plan template and later can be used in the Action Plan to monitor progress.
- Advisor Analytics
FSC provides access to analytics reports and dashboards which empowers financial advisors to make informed decisions faster and serve their clients better. Financial institutions can also customize several pre-defined reports and dashboards as needed. Tableau CRM for Financial Services is also a great add-on for financial institutions looking for more advanced analytics and predictive alerts powered by Artificial Intelligence.
Financial Service Cloud is a powerful tool and can save time and money over customizing Sales Cloud and Service Cloud. FSC is available in the Enterprise, Professional, and Unlimited editions. It even supports APEX steps and bulk actions. It is always recommended that you work with a Salesforce consulting partner to implement this in your organization because of its complexity.
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