What is Salesforce Financial Services Cloud?
As mentioned in my earlier blog Why Salesforce is not just “CRM”, we talked about various clouds offered by Salesforce such as Sales, Services, Commerce etc. In this blog, we will take a deeper dive about Financial Services Cloud.
Why Financial Service Cloud (FSC) Introduced?
In 2015, Salesforce released first industry-specific product called “Financial Services Cloud” to empower advisors to build deeper, 1-to-1 client relationships, be more productive, and engage more holistically with clients anywhere and on any device. Salesforce introduced FSC for banks, insurance companies, and fintech companies. Since its inception, Salesforce has been a regular when it comes to introducing industry-specific updates to help various financial services businesses modernize their complex processes.
Financial Services Cloud powered by Salesforce is an integrated platform designed to drive stronger financial relationships that last longer. Financial services platform is considered the future of wealth and asset management, banking, insurance as it nurtures the financial relationships deeper with its proactive tracking, reminding organizations about their client’s needs.
Salesforce is trying to bring various Out of the box (OOTB) capabilities for multiple line of business to enable best user experience by utilizing customer 360. In the FSC, Salesforce has developed Data Models and OOTB workflows for Financial Services Industry.
Some of the key reasons why Financial Services industries are leaning towards FSC instead of only relying on other Salesforce cloud -
- FSC provide objects and relationships within the Financial Services Cloud data model that represent a client along with their relationships and financial activities.
2. Ability to quickly implement the industry specific features such as Commercial Banking, Insurance, Mortage, Retail and Wealth management. FSC also comes with prebuilt flows to speed up the implementations, few of the key flows are Activate Card, Close Account, Issue New Card, Order Checks Update Address.
3. Actionable Relationship Center (ARC) helps to visualize customers relationships in new ways. Use ARC to see both Financial Services Cloud relationships and related list relationships in one view. FSC also provides features like relationship map, life event and business milestones
4. Compliance and data sharing as per industry regulations.
5. One of the key features provide by FSC in B2C model is the Person Account. This is especially relevant for several financial services organizations, so FSC comes with Person Accounts pre-enabled.
What all the different data models are available in FSC?
FSC provide below data model as a part of manage package. Further customization can be done based on the requirements:
- FSC Cloud Managed Package Data Model
- FSC Cloud Insurance Data Model
- FSC Interaction Summaries Data Model
- FSC Financial Deal Data Model
- FSC Mortgage Data Model
- Action Plans Data Model
- Consent Data Model
Why FSC is so popular?
FSC enables customer 360 view for agents or user. Customer 360 connects marketing, sales, commerce, service and IT teams with a single view of customer data, helping to grow relationships between customers and agents. It provides information about customer’s claims, insurance information, online transactions, bank information, relationship map, life events, leads, cases and many more on figure tips which is also powered by Insights / Next Best Action using Einstein. It empowers agent to know customer better and provide various upsell/ cross opportunities.
As per Salesforce definition “Financial Services Cloud enables financial services institutions to build trust by unifying the customer experience across channels, geographies, and lines of business — both commercial and consumer. Purpose-built industry functionality and the capabilities of Sales Cloud and Service Cloud enable financial services firms to increase employee productivity, accelerate time to value, and deepen customer trust with every interaction.”
In summary, most of the financial services players are adopting FSC cloud as it can save time and money over customizing Salesforce solution or other clouds. Just by installing the FSC package in the org with minimum configuration it can provide various OOTB capabilities to uplift the business and additional customization can be done as per the desired needs.
