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What is Salesforce Financial Services Cloud?

Salesforce is a robust Customer Relationship Management (CRM) platform, powered by Customer 360. It further offers a complementary suite of enterprise applications that focus on Marketing Automation, Data Analytics, Customer Service, and Application Development.

Originally designed for wealth management, Salesforce's financial services cloud has evolved to offer personalized interactions with high-profile clients. Statistically speaking, as per the Financial Services Global Market report 2023, the global finance service market grew from $25,848.74 billion in 2022 to $28,115.02 billion in 2023, marking a compound annual growth rate (CAGR) of 8.8%. Projections suggest that it will reach $37,484.37 billion by 2027, with a sustained CAGR of 7.5%.


Salesforce Financial Services Cloud allows you to connect your institution across geographies, businesses, and channels. It also gives you the benefit of more visibility into existing household opportunities and gets a complete view of held-away and managed assets.


This blog talks about the different crucial aspects of Salesforce for the Finance sector in detail. This includes Salesforce Financial Cloud’s key features and benefits. It also gives a brief introduction to the Salesforce suite and its key features before exploring Salesforce Financial Services Cloud.


The Financial Services Cloud, developed by Salesforce.com, is tailored to assist various sectors including wealth management, retail banking, commercial banking, and insurance carriers. Originally intended for wealth management, it has evolved to cater to other financial services like banking and insurance.


One of its key features is a pre-built data model that aids advisors, bankers, and insurance agents in effectively managing their prospects and clients. This enables them to deliver exceptional service by having comprehensive insights and tracking capabilities for their client base.


Not only that but Salesforce Financial Service Cloud can: 

  • Gain a comprehensive 360-degree view of your client portfolio
  • Streamline daily operations through automation
  • Engage with clients effortlessly across all devices, at any time
  • Seamlessly manage every aspect of your client's financial journey
  • Align client aspirations with their goals seamlessly


How Does Salesforce Financial Services Cloud?

Salesforce Financial Services Cloud (SF Cloud) operates as an extension of the renowned Salesforce CRM, prioritizing customer-centricity in financial services. By centralizing team efforts, SF Cloud enables departments to access a unified view of customer data, facilitating personalized services and efficient tracking of interactions.


The functionality of SF Cloud revolves around automating marketing and sales tasks within financial institutions. This automation streamlines processes related to customer acquisition and retention, bolstering business operations. Moreover, SF Cloud enhances decision-making through data visualization, performance analytics for marketing campaigns, and predictive insights.


Distinguished by its high degree of customization, Financial Services Cloud seamlessly integrates with various systems and applications. This adaptability ensures that organizations can leverage SF Cloud's capabilities while aligning with their specific needs and preferences.


Salesforce Financial Services Cloud features


1. Task Management

Gain instant access to essential tasks, priorities, risks, and opportunities. Customize your platform's homepage to suit your specific needs and preferences.

2. Client Navigation

Easily view filtered lists of individuals and households based on shared interests or financial characteristics.

Navigate quickly to client profiles for efficient management and communication.

3. Actionable Relationship Center (ARC)

Explore client relationship layers and related records using ARC. Organize all pertinent information and create records for clients' financial accounts, including holdings, assets, liabilities, and goals.

4. Advanced Analytics

Utilize advanced analytics solutions powered by Tableau CRM.

Manage books of business with actionable insights into client goals, satisfaction levels, leads, and referrals.


What are the benefits of the Salesforce financial services Cloud?


1. Lead Tracking

The Financial Services Cloud (FSC) facilitates seamless lead and referral management in the finance sector. It integrates powerful productivity tools and partner apps, enabling financial professionals to efficiently track leads from creation to conversion within their FSC accounts.


2. Action Plans

FSC eliminates task-related confusion by offering advanced action plan features. These features automate critical tasks and deadlines, assigning them to team members based on their profiles and capabilities. Organizations can monitor action plan progress, ensuring compliance and goal achievement.


3. Advisor Analytics

FSC provides financial advisors with analytics dashboards and reports for making informed decisions and driving growth. Customizable reports and dashboards cater to specific business requirements, powered by cutting-edge Artificial Intelligence technology for enhanced reliability and accuracy.


4. Data Model Management

Financial advisors can effortlessly manage various data models, including business, client, household, and individual account data. FSC organizes relationships such as Account-Contact, Account-Account, and Contact-Contact, streamlining data management processes.


5. Next-Level Customer Care

FSC enables organizations to deliver intuitive customer care by tracking activities, visualizing customer relationships, and streamlining coordination among stakeholders. It ensures transparency and meets customer expectations for beneficial advice, quick responses, and accessible communication.


6. Increased Engagement

FSC enhances engagement for stakeholders, employees, and end customers through robust features and digital engagement opportunities. Automation and Artificial Intelligence reduce human errors, allowing financial advisors to focus on customer retention and informed decision-making.


Applications of Financial Service Cloud in Various Industries

1. Financial Services Cloud for Banking

Salesforce Services Cloud empowers banks to enhance customer satisfaction and operational efficiency by providing a unified customer experience. It offers brand managers and retail bankers comprehensive visibility into customer data, leads, referrals, and branch activities. This enables them to segment clients based on their financial needs, deliver digital-first engagements, and deepen customer relationships, ultimately earning their loyalty.

2. Financial Services Cloud for Insurance

Salesforce Financial Services Cloud empowers insurers to prioritize customer-centric interactions and seamlessly implement digital insurance solutions. It provides insurance representatives and agents with tools for personalized and real-time communication across various devices. The platform offers insights into policyholders' life events, streamlines underwriting processes, and enhances the overall policyholder experience, including claims management.

3. Financial Services Cloud for Wealth Management

Salesforce Financial Services Cloud empowers wealth management firms to assist clients in achieving their financial objectives through customized advice and personalized services. It facilitates the tracking of client goals, leads, and referrals, providing actionable insights through visualized dashboards. With unified data and automated processes, wealth management companies can efficiently manage client relationships, work smarter, and grow their business faster.

4. Salesforce FSC for Mortgage and Lending

Salesforce Financial Services Cloud offers mortgage bankers a centralized platform to manage all aspects of their business. It provides valuable insights through predictive analytics, enabling informed decision-making and effective time management. The platform facilitates communication and collaboration between loan officers, borrowers, brokers, and real estate agents, optimizing the mortgage process and improving customer service.


Final Words

The Financial Services Cloud (FSC) serves as a robust tool for essential financial sectors such as wealth management, retail banking, corporate banking, insurance, and capital markets. It not only saves time and money for these institutions but also enhances their productivity significantly.


Adopting the Financial Services Cloud empowers financial advisors to stay ahead in the competitive market landscape. For financial organizations aiming to unlock new avenues in wealth management, integrating Salesforce's financial cloud into their business systems is a pivotal step forward. Implementing SFC can yield remarkable results for businesses in a short period.


For those seeking professional assistance, a leading Salesforce development company offers a range of Salesforce cloud solutions globally, ensuring 100% client satisfaction.


Article Source: https://medium.com/@marketing_96275/understand-the-power-of-salesforce-financial-services-cloud-in-2024-08e5a18e184b

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