Author: Shibu Unni | Date: March 23, 2024
What is Salesforce Financial Services Cloud?
Salesforce Financial Services Cloud (FSC) is a specialized solution tailored for the financial services industry, offering pre-built workflows and data models designed specifically for financial institutions. FSC addresses the unique needs of three key financial services sectors, as outlined in the table below:
| Wealth and Asset Management | Banking | Insurance |
|---|---|---|
| Private Banks | B2B | Life and Annuities |
| Registered Investment Advisors | B2C | Property & Casualty |
Financial Services Cloud Vs. Sales Cloud vs. Service Cloud
While Sales Cloud and Service Cloud are powerful tools, they often require significant customization to meet the specific needs of the financial services industry. In contrast, Financial Services Cloud comes with industry-specific features that make it a more efficient and effective solution for financial institutions.
Top 5 Reasons Financial Services Companies Should Implement Financial Services Cloud
1. Financial Services Industry Data Model
Implementing Sales or Service Cloud for financial services often necessitates the development of a custom data model to represent financial entities, which can be a time-consuming and resource-intensive process. Financial Services Cloud, on the other hand, comes with an out-of-the-box, structured, and flexible data model tailored to the financial services industry.
Key Components of FSC Data Model:
- Standard Objects from Sales and Service Cloud
- FSC-Specific Standard Objects
- FSC Packaged Objects
In addition to these, FSC includes specialized data models such as:
- Insurance Data Model
- Interaction Summaries Data Model
- Financial Deal Data Model
- Mortgage Data Model
- Action Plans Data Model
- Consent Data Model
2. Rapid Implementation of Industry Workflows
FSC provides pre-configured workflows specific to the financial services industry, allowing institutions to quickly tailor these processes to their needs and expedite the go-live process. This capability significantly reduces the time and effort typically spent on developing custom workflows from scratch.
Examples of Pre-Built Flows:
Retail Banking:
- Activate Card
- Close Account
- Issue New Card
- Update Address
- Order Checks
Insurance:
- Initiate FNOL (First Notification of Loss)
- Add Beneficiary to Policy
- Add Driver to Auto Policy
- Cancel Policy
- Update Premium Payment Method
3. Access to Actionable Information at a Glance
FSC is equipped with several features designed to enhance user productivity by providing easy access to critical information with minimal clicks. These features enable users to quickly gather insights and make informed decisions.
User Productivity Features:
- Relationship Maps: Direct associations between businesses, legal entities, households, and groups.
- Actionable Relationship Center: A visual representation of customer relationships, enabling quick actions from a single screen.
- Life Events and Business Milestones: At-a-glance views of significant customer events.
- Action Plans: Automated task management with assigned owners and deadlines.
- Alerts: Timely notifications about client activities requiring attention.
4. Compliance with Industry Regulations
The financial services industry is heavily regulated, and these regulations are continuously evolving. FSC offers features designed to help financial institutions remain compliant with these regulations.
Key Compliance Features in FSC:
- Compliant Data Sharing: Advanced data-sharing configurations to improve regulatory compliance and adhere to company policies.
- Intelligent Document Automation: Tools to manage consent and disclosure documents, generate authorization forms, and track user responses.
- Interaction Summaries: Structured note-taking and compliant, role-based data sharing for managing client and partner interactions.
- Financial Deal Management: Comprehensive management of deal-related information with role-based data sharing to ensure compliance.
5. Empowering Agents and Customers
The FSC Managed Package includes feature-rich portals designed to enhance the experience for both agents and customers by providing access to key financial data.
FSC Experience Cloud Sites:
- Insurance Agent Portal: A comprehensive console offering a 360-degree view of policyholders for insurance agents.
- Financial Services Client Portal: A self-guided portal for loan applications and financial account management, designed to empower customers with direct access to their financial information.
Summary
Salesforce Financial Services Cloud offers a compelling alternative to Sales Cloud and Service Cloud for financial institutions, providing industry-specific data models, pre-built workflows, and compliance features that streamline operations and enhance customer engagement. By choosing FSC, financial services companies can significantly reduce implementation time, improve regulatory compliance, and empower their agents and customers with actionable insights and tailored experiences.
