Uncover the Advantages of Salesforce Financial Services Cloud
Hasan Mustafa
Engineering Manager Salesforce at Folio3
Did you know that 79% of customers consider their banking relationship merely transactional? It shows that financial service organizations are on the border of facing CRM-related challenges.
Whether it is to face a labyrinth of complex regulations, the rising demand for tailored experiences, or a constant pressure to innovate–these challenges underscore the need for an all-in-one solution. Basically, it calls for an urgent need for Salesforce Consulting Partner.
Most enterprises in world facing CRM related issues, but now Salesforce is here to overcome such issues of enterprises. Moreover, advantages of Salesforce Financial Services Cloud is uncountable. Let’s dig deeper to explore them.
What Is Salesforce Financial Services Cloud?
Salesforce Financial Services Cloud is a cloud-based solution that enables financial service organizations to tailor customer experiences and deliver effective services. The platform allows banks, insurance firms, wealth management companies, and other financial institutions to manage their operations in one centralized location.
Financial Services Cloud is a pioneer in innovation and a customer-centric approach in the finance industry. With all the hustle and bustle of the digital age, financial cloud like Salesforce emerges as a beacon of transformation in this scenario.
This advanced platform can efficiently handle customer management and create tailor-made experiences that customers mostly ask for. Moreover, it prioritizes data security by safeguarding sensitive information against potential threats.
Read More: Features of Financial Services Cloud
Is Salesforce Financial Cloud for You?
A wide range of industrial professionals and enterprises can use and take the advantages from Financial Services Cloud due to its commendable qualities. With its advanced capabilities and industry-specific features, it provides solutions to the numerous professional in the finance sector. Some of them are:
Financial Advisors
Salesforce Financial Service Cloud is a centralized platform for financial advisors. It streamlines customer interactions, manages accounts, and help in giving an overview of financial status to the client. With Financial Cloud you can facilitate personalized reports by consolidating data from various points.
The Salesforce financial cloud implementation has robust analytics tools to understand customer preferences that lead to stronger relationships and drive customer loyalty.
Lending Sector
When it comes to the lending sector, the benefit of Salesforce Financial Services Cloud have become indispensable for managing loan processes. They proficiently handle applications from start to finish.
Moreover, its automation capabilities reduce processing times, while integration with various data sources causes a well-informed credit decision-making process. That is how lending professionals use the platform’s collaborative features to provide clients with a transparent and efficient loan experience.
Read More: Expert Salesforce Implementation Services
Insurance Sector
The power of Salesforce Financial Services Cloud prove to be instrumental for insurance professionals. From offering a unified platform to managing customer relationships to handling policies and claims, the Financial Service Cloud handles them all.
The platform’s automation features streamline policy administration, while data analytics works for risk assessment and personalized policy offerings. Together, they improve customer engagement tools for insurance providers to deliver a more responsive and tailored service.
Wealth Management Sector
Financial Services Cloud salesforce also plays a role in the wealth management department. The professionals of the wealth management sector need a comprehensive solution to elevate client relationships and portfolio management.
The platform integrates client data, financial planning tools, and market insights, enabling advisors to make informed investment recommendations. The communication between advisors and clients builds a transparent and personalized wealth management experience for both parties.
Read More: Salesforce vs. HubSpot Comparison
Financial Service Cloud Key Features
| Feature | Description |
|---|---|
| Financial Services Data Model | Designed specifically for the financial services industry to organize and manage client data. |
| Relationship Builder and Mapping | Visually map out and understand complex relationships between clients, households, and organizations. |
| Business Milestones | Capture and celebrate important events in a client’s financial journey. |
| Financial Accounts and Roll-Ups | Provides a combined view of overall financial accounts associated with the client. |
| Referrals | Simplifies and streamlines the referral process. |
| Business Intelligence and Analytics | Derive actionable insights from data and make informed decisions. |
| Action Plans, Document Tracking, and Approvals | Track action plans, manage client-related paperwork, and approve critical transactions. |
| AppExchange | Extend the platform’s capabilities with additional apps and integrations. |
Salesforce Financial Cloud stands out as a comprehensive solution to the diversified needs of many industries. Let’s highlight key features that make Financial Services Cloud an indispensable asset for their financial institutions.
Financial Services Data Model
Salesforce Financial Service Cloud data model is specifically designed for the financial services industry. This confirms that the model serves as the foundation for organizing and managing client data suitable for the industry’s unique requirements.
A unified view of customer profiles, transactions, financial accounts, and interactions within the Financial Services Data Model presents a 360-degree view of each client. Thereby enabling finance professionals to make informed decisions and deliver personalized services.
Relationship Builder and Mapping
One of the incredible Financial Services Cloud advantage involves strong relationship-building. After all, it is fundamental in the financial services sector to have a smooth and lasting customer relationship with clients.
Relationship Builder and Mapping feature allows users to visually map out and understand complex relationships between clients, households, and organizations. So that the financial professionals can identify cross-selling opportunities, manage family relationships, and tailor their services based on a comprehensive understanding of the client’s financial ecosystem.
Read More: Guide to a Salesforce Implementation
Business Milestones
Tracking and celebrating business milestones is crucial for maintaining positive client relationships. The advantages of Salesforce Financial Services Cloud contribute here as well. It introduces a business milestones feature for users to capture and secure the event in a client’s financial journey.
Milestones are of multiple types, for example, reaching a savings goal, completing a major transaction, or achieving a specific investment milestone. The feature allows financial institutions to acknowledge and appreciate these moments, reinforcing client engagement and loyalty.
Financial Accounts and Roll-Ups
There is no second opinion that efficient management of financial accounts is a cornerstone of the Financial Services Cloud. To be more precise, accounts and roll-ups are two features that render a combined view of overall financial accounts and are both associated with the client.
Their duties include checking accounts, savings accounts, or investment portfolios. Financial professionals can access real-time data in one centralized location, where Roll-Up summaries offer aggregated insights into a client’s overall financial health.
Referrals
Referral business is crucial in driving growth within the financial services industry. Financial Cloud Salesforce, a powerful tool, simplifies and revolutionizes the referral process.
Thanks to its collaborative features, professionals can effortlessly connect clients to the most relevant services or specialists to form a tailored approach. Above all, the advantages of Salesforce Financial Services Cloud improve cross-selling opportunities using the referral process, ultimately paving the way for continuous business growth and success.
Business Intelligence and Analytics
Business intelligence and analytics are paramount for informed decision-making in a data-driven world. Your Salesforce implementation partner integrates powerful analytics tools that enable you to derive actionable insights from vast data.
The customizable dashboards also support real-time analytics on performance metrics, client behavior, and business trends. This feature assists organizations in identifying areas of improvement and making strategic decisions to beat dynamic competition.
Action Plans, Document Tracking, and Approvals
Efficient workflow management is essential in the financial services sector, and Financial Services Cloud addresses this need with its Document Tracking, Action Plans, and Approvals features.
One of the greatest power of Salesforce Financial Services Cloud is that by using the respective technology, professionals become eligible to track action plans for client interactions to avoid overlooking important tasks and follow-ups. Document tracking streamlines the management of client-related paperwork, while the approvals feature enhances collaboration by providing a structured process for approving critical transactions and decisions.
AppExchange
Salesforce’s AppExchange is a treasure trove of additional capabilities and integrations that can further enhance the functionality of the Financial Services Cloud. With a vast ecosystem of third-party apps, financial institutions can extend the platform’s capabilities as per the set of specific business requirements.
No matter if it’s integrated with accounting software, compliance tools, or communication platforms, AppExchange opens up a world of possibilities for finance people.
Implement the Right Solution for Your Financial Services Business
The growing demand for personalized experiences calls for innovation because this is the right time to transform your financial services business. Folio3 offers the best Salesforce Financial Services Cloud consultant for your company.
With the right consultant, take full advantage of Salesforce’s powerful features to deliver exceptional client experiences.
Conclusion
Salesforce’s Financial Services Cloud is a powerful solution for the financial services industry. Yet, it has not been widely adopted till now.
Relevant industries should come forward to embrace the strength of the platform, which is designed to empower professionals to deliver exceptional outcomes. Particularly for customer relationship experiences.
As the industry continues to embrace digital transformation, the power of Salesforce Financial Services Cloud will become even more apparent.
Therefore, let Folio3’s experienced team help you implement the right solution for your business needs.
FAQs
Financial Services Cloud is tailored to meet the unique needs of the financial services sector, offering industry-specific features such as client profiles, wealth management tools, and compliance tracking.
Salesforce is used in financial services to centralize customer information, automate processes, and improve communication.
Salesforce helps banks improve efficiency, manage regulatory compliance, and adapt to changing market dynamics.
Salesforce Financial Services Cloud partners include a range of consulting firms, technology providers, and system integrators. Some notable partners include Deloitte, Accenture, PwC, and Capgemini.
Hasan Mustafa
Engineering Manager Salesforce at Folio3
Hasan Mustafa delivers tailored Salesforce solutions to meet clients' specific requirements, overseeing the implementation of scenarios aligned with their needs. He leads a team of Salesforce Administrators and Developers, manages pre-sales activities, and spearheads an internal academy focused on educating and mentoring newcomers in understanding the Salesforce ecosystem and guiding them on their professional journey. Additionally, Hasan holds certification as an eCommerce expert, demonstrating an in-depth understanding of various eCommerce platforms such as Magento2, Shopify, BigCommerce, WooCommerce, and Shopware. His proficiency extends to modern technologies including React, Docker, AWS, and Google Cloud Platform. Hasan extends his professional services to businesses seeking specialized knowledge in Salesforce implementation and development.
