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. It has the ability to solve multifaceted challenges, no matter which sector of financial services.
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. Businesses can access actionable insights at anytime to aid their decision-making process.
Let’s take a deeper look at the key benefits of implementing FSC Cloud.
1. Smart Referral Routing
With an intelligent, AI-powered referral scoring and routing system, FSC helps you better manage and prioritize relationships.
2. 360 Relationship Center
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.
3. Better Visibility Into Financial Accounts
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 Goals help advisors build investment strategies to meet their clients’ financial goals. Any member’s role in a particular financial account can be defined using the Financial Account.
See sample Investment Account below.
4. Seamless Tracking, Case Alerts, And Approvals
It is necessary to track leads and referrals in the Financial Services industry. A referral in FSC passes through a few different stages from creation to conversion. When you convert a lead, an account and opportunity are automatically created. You can view referrer information on an individual record to identify the highest referrers.
5. AI-Powered Business Intelligence With CRM Analytics
With FSC’s analytics reports and dashboards, financial advisors can make informed decisions in a timely manner and better represent their clients. The ability to easily make changes to pre-defined reports and dashboards is a bonus.
Financial Service Cloud is a profitable and efficient tool. It is available in the Professional, Enterprise, and Unlimited editions. 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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