Remember when Salesforce first launched Financial Services Cloud in 2016? The managed package brought a standardized data model that revolutionized how banks, credit unions, and implementation partners worked with Salesforce. It was a game-changer!
But Salesforce hasn’t stood still. Since 2019, they’ve been steadily enhancing the core platform, driven by the need for greater performance and flexibility. Now, in 2024, they’ve introduced their biggest core release yet: Financial Account Management Standard Objects. This is a major strategic move that could redefine how you manage financial data within FSC.
Understanding these changes is crucial for every FSC customer. The introduction of these standard objects marks a significant shift in the platform. Staying informed is essential to leverage the full potential of Financial Services Cloud and ensure your institution remains at the forefront of innovation.
Let’s break down what’s changing and why it matters.
1. We’re entering a new era for financial accounts
Say goodbye to limitations and hello to flexibility! Core introduces a modern approach to managing financial accounts:
- More flexible account ownership: Move beyond the old primary/joint owner model. Core introduces a more flexible way to manage account ownership and relationships that accurately reflect complex real-world relationships.
- Expanded toolkit: Leverage new objects like Party Financial Asset and Financial Account Fee to manage complex financial relationships with ease.
- Improved performance: Enjoy a significant boost in performance with the removal of financial account triggers. This paves the way for seamless real-time integrations and a more efficient data model.
The removal of financial account triggers is a major win for performance. Salesforce is focused on enabling a data model that’s built to handle real-time integrations. For many, this change will be a breath of fresh air. However, you don’t have to go all-in on real-time integration. The right mix of batch integration, on-demand integration, and data visualization depends on the specific needs and objectives of your financial institution. If your nightly batch data load is taking too long due to the financial account triggers, it might be worth considering the new standard objects to increase performance.
Financial Services Cloud Managed Package Data Model
NEW! Financial Services Cloud Standard Data Model
2. Core offers benefits for everyone
New to Financial Services Cloud? Core gives you the freedom to build a tailored solution that perfectly aligns with your needs and avoids unnecessary complexity. You can choose the best implementation approach, whether it’s leveraging standard objects, integrating with existing systems, or utilizing Salesforce AppExchange apps. If you don’t require specific features only available in the managed package or partner solutions built on it, going Core might be the ideal starting point. This is especially beneficial for new fintech companies with modern tech stacks, credit unions with unique requirements, or any institution looking for a streamlined and flexible foundation.
Already using Financial Service Cloud? No need to panic! Your current setup will continue to work. But why stay with the status quo when you can unlock a world of benefits? Core offers increased flexibility for customization, seamless alignment with future Salesforce releases, potential cost savings, and a more streamlined experience. If you’re experiencing performance issues with nightly data loads or integration, you may want to explore the new financial account standard objects (in a sandbox first of course!). But take the time to explore the new Core features and see how they can benefit your business.
3. The FSC Managed Package is still supported
Salesforce has reassured customers that the FSC Managed Package will continue to be supported. However, with the advancements in Core, Salesforce is actively evaluating its long-term strategy to deliver the most streamlined, flexible, and scalable solutions.
While migration isn’t currently mandatory, this ongoing evaluation suggests that aligning with the core platform may offer increasing advantages over time. To stay ahead of the curve and ensure access to the latest and greatest features, we recommend exploring the potential benefits of migration and staying informed about Salesforce’s evolving roadmap. Our team of experts can help you assess your current environment, understand the implications of migrating to Core, and develop a tailored strategy and roadmap that aligns with your business objectives.
4. There are some exciting Core enhancements
Say goodbye to complex configurations and hello to streamlined data management! Core introduces powerful new features that simplify how you work with financial data, including:
- Flexible households: The new “Party Relationship Group” object provides a more intuitive and flexible way to model households and relationships. This allows for a more accurate representation of complex family structures and business affiliations.
- Enhanced householding capabilities: With the removal of financial account triggers and the power of the Data Processing Engine, you can now roll up financial data to multiple households or groups. This provides a more comprehensive view of customer relationships and financial holdings, unlocking new possibilities for analysis and reporting.
- Increased rollup performance & improved UI: The original managed package rollup-by-lookup configuration rules have many limitations, from limited objects available to performance implications with nightly data loads. However, with the Core release, Salesforce is including 8 out-of-the-box Data Processing Engine templates to get you started with high-performance rollups. Additionally, Salesforce is providing new Lightning Web Components (LWC) for both record and summary rollups. On-demand record and summary rollups to perform real-time calculations are on the roadmap.
5. The future is Core, and you need an experienced partner to help you chart your course
Salesforce’s move towards Core is a clear signal of where the platform is headed. While the managed package remains relevant for now, Core offers a more modern and flexible approach to managing financial data. To fully leverage these advancements and ensure a smooth transition, choosing the right partner is essential.
While the potential benefits of Core are exciting, it’s important to plan your transition carefully with expert guidance from the right partner. Here are 4 steps to charting your path:
- Assess and explore: Evaluate your current needs and how Core functionalities align with your long-term goals. Work with a knowledgeable partner to explore the new features in a sandbox environment and understand their potential impact on your organization.
- Test thoroughly: Don’t enable the new financial account data model in your production org until you’ve thoroughly tested it in a sandbox environment. This will help you identify any potential issues and ensure a smooth transition.
- Develop a migration plan: If you decide to utilize the new financial account standard data model, you’ll need to go through a migration and/or integration activity. This requires careful planning and execution to minimize disruption to your business.
- Choose your path: Remember that this transition to the financial account standard data model is optional. Salesforce allows you to use either the Financial Services Cloud managed package objects OR the standard objects, but avoid mixing both when setting up Financial Accounts and related features.
Ready to explore the power of Core? Contact Atrium today to learn more about how we can guide you through this transition and help you leverage these new features to drive your business forward. Learn more about our solutions and services for financial services firms.
