Salesforce offers its services for many domains – Sales, Service, Marketing, Community, Commerce, and Finance. Salesforce addresses them as Clouds. Each one of them is a cloud offering by Salesforce platform. Then we have Financial Services Cloud: the world’s #1 CRM, formulated for financial services.
“According to an IDC study, between 2016 and 2022 Salesforce and its ecosystem of customers and partners will create more than 548,000 jobs and enable more than $164 billion in new business in financial services worldwide” – Salesforce quotes.
If you are from the Wealth Management, Retail Banking, Insurance Property, Life Insurance & Annuities sectors, then you should be looking at Financial Services Cloud product. Financial Services Cloud is an application for the financial services’ industry to manage customers. Businesses implementing Salesforce Financial Services Cloud will get the following benefits:
- 360-degree visibility into customers financial profiles puts the customers at the center of every interaction.
- Insight into a client’s family wealth ecosystem, a richer context helps you to understand your customers better and their financial goals.
- Insight into a client’s family wealth ecosystem helps financial advisors and bankers to work faster and smarter than ever.
Financial Services Cloud is fully integrated within the Salesforce world – you get the power, scalability, and security just as any other Salesforce cloud. The multi-tenant architecture, data services, Einstein Analytics intelligence, and existing applications from the Salesforce platform make your business successful and more productive.
Here’s an overview of how Salesforce Financial Services Cloud fits into the Salesforce ecosystem and how the platform fully supports it.
Top 10 Financial Services Cloud Features
Let’s dig deeper into the Financial Services Cloud layer. There are many features provided by the Financial Services Cloud specific to its business and industry needs. It is just not another Service cloud. The following are the top features you get when you implement Salesforce’s Financial Services Cloud:
- B2C Data Model. The data model expands and extends core Sales and Service Cloud functionality and also includes an added B2C model. Financial advisors job is to build relationships with clients, and they should spend time doing it instead of switching between systems to find relevant information about the clients. The data should be readily available, and that’s where Financial Services Cloud can get things going quickly.
Advisors can get instant access to all customer data in one place, also access that same data on their mobile phones as the data is centrally managed. Financial Services Cloud provides a framework for viewing customer data in a richer context.
- Rollups. You can create custom objects in Financial Services Cloud just like the other clouds but the Rollups features in Financial Services Cloud makes it easy to model financial accounts, roll up financial information for customers and groups, and track customer goals.
- Needs & Referrals. A needs & referrals component helps his advisors to nurture and convert client leads.
- Relationship Builder & Map. To get a full perspective of every customer in the context of the entire financial world, use the Relationship Builder & Map. The Client Relationship Map also links up the trusts, lawyers, accountants, and all others who help to form a customer’s monetary or financial world. Below is the Relationship Map view where it shows the customers households and all the other related persons.
- Advisor Analytics. The Advisor Analytics has Einstein Analytics artificial intelligence layer with five analytics dashboards:
- Financial accounts. This dashboard is to analyze the types of financial accounts and securities within your books of business, to react to market conditions quickly. We’ll look at this in detail later in the post.
- Client goals. With this dashboard, you measure client goals, spot trends, and create tasks or opportunities to help keep the client goals on track.
- Client list. This displays a list of clients with different filtering options.
- 80/20. This is a handy list which displays a list of the customers who generate the top 80% of revenue.
- Activities. Shows all the activities or actions you are performing with your clients and the essential activities that help build client relationships. Use this to improve your client engagement.
- Financial Accounts & Client Goals. Financial Services Cloud provides separate objects to store information about Clients’ Financial accounts and Financial Goals. Goals allow you as an advisor to capture information about the purpose of the client’s financial account opening. This is the place to view a customer’s financial accounts in one place. The Account view lists the investment accounts, bank accounts, deposit accounts, credit accounts, insurance policies, and many more. Talk about a single financial account view of your client.
- Client & Household Profiles. With these features, you will be able to understand the complete customers’ financial story. As discussed in the Relationship Builder & Map, the advisor can view each customer in a primary household, with all their household relationships like the spouse, children, and their parents’ too.
- Role-based Banker Console. Apart from registering complex, multi-party relationships using Relationship Builder, Financial Services Cloud also creates one-to-one relationships between people and businesses. These help to understand the fields of influence and control.
- Communities. You can also create online communities to allow customers to work together. Communities make it easier to work smarter. Use communities to create a group for people who share a common financial goal or mission, which connect online with each other, or with your institution. As an advisor, you can find all the components are to be used to in a Wealth Management org, including components for client profiles, referrals, and financial components. Of course, you also get the standard Community Builder features such as changing the branding, editing pages, and adding new pages.
- Dashboards. Financial Services Cloud has several dashboards. Some dashboards track critical business metrics to keep everyone focused on the right priorities. The dashboard ‘My Book of Business’ can benefit advisors get to know who is their most and least valuable clients. In this dashboard, you can view the Most Valuable Clients by AUM (Assets Under Management) in the 2nd card. It also shows the total value of the Financial Accounts.
To boost Advisor productivity, Salesforce brings in Einstein intelligence to Financial Services Cloud. This is the key differentiator between Salesforce products and other Financial Services products. Einstein Intelligence can help with intelligent referrals, client scoring, and track a customer across multiple touchpoints. This simplifies the tasks of advisors and bankers to focus on building relationships with customers, their first job.
Let’s look at a few Einstein features available in Financial Services Cloud.
- Einstein Lead Scoring. Financial Services Cloud works seamlessly with Einstein Lead Scoring. Einstein learns about referrals and referrers over time. Einstein Lead Score indicates how likely a referral is to be converted. If you have this score, it’s a lot easier to focus on the referrals which are most likely to convert first. Referrers have scores too to indicate the quality of their referrals. Referrer score helps the business to reward their most valuable referrers. The below component shows the referrals assigned to that advisor with the number indicating the likelihood of a referral converting.
- Einstein Cards. Financial Services Cloud uses Einstein intelligence to decide what cards to display on the home page. Cards such as upcoming calls, client birthdays, meetings, and more. Advisors are seamlessly guided into their most productive activities and can manage their day to day activities more efficiently.
- Customer Insights with Einstein Analytics. Preconfigured analytics dashboards are embedded directly into Financial Services Cloud. Advisors can make more informed client decisions all within a single, integrated application. The dashboards showcase the key insights, and Advisors can turn that insight into action right away.
- In-context Collaboration. Collaboration provides access to the right people at the right moment to make sure that the business is aligned. Anyone in the company can ask inside experts for help with questions.
What’s Latest in Financial Service Cloud
Salesforce releases new features to almost all of its clouds every quarter. Financial Services Cloud is no exception to it. Here are the top 2 features from its latest Spring 19 release cycle.
- Lightning Scheduler. It enables financial services professionals to benefit on every expressed interest by booking appointments with the right person, at the right time and place. It also helps in personalizing customer experiences. This drives efficiency and uncovers insights by embedding it into referral management.
- Einstein Actionable Insights. Uncover actionable insights faster with a new suite of prebuilt analytics apps specifically for financial services. The app enables advisors to manage their business better by providing insights into client goals, satisfaction, lead performance, referral performance, and sales too.
Implementing Salesforce Financial Services Cloud
For companies looking to implement Salesforce Financial Services Cloud, it is well advised by Salesforce to use the services of an expert registered Salesforce partner like us, Vantage Point Consulting. If you aren’t already aware, there are great benefits of working with a Salesforce implementation partner.
We have immense expertise and experience in implementing Salesforce Financial Services Cloud for many of our clients and also fully integrating their current systems with the Cloud. We have the Best-in-class technocrats to help accelerate sales by streamlining your business from paper to the Cloud. By helping you better leverage Salesforce Financial Services Cloud solutions through our consulting, implementation, and integration services, we can help transform your Organization outlook and performance.
We do offer Financial Services Cloud Quick Start Packages (Base, Intermediate, and Advanced) to cater to businesses of different sizes. Additionally, we do Design and Pre-implementation meetings and Configuration Review meetings with all our implementations. We understand and believe that every business is unique, and so we offer personalized services to every single customer. Do not hesitate to contact us to discuss a solution that is not out of the box.
Salesforce Financial Services Cloud
Salesforce Release Notes
Vantage Point Consulting