Accelerating Sales and Service in Finance with Salesforce Financial Cloud


Accelerating Sales and Service in Finance with Salesforce Financial Cloud

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Written by Poonam Chandersy

Technical Content Writer

August 29, 2023

In today’s evolving financial landscape, organizations face unique challenges and make huge investments to meet customers’ demands. Salesforce Financial Services Cloud is designed to empower financial service providers with tools and capabilities to thrive in the dynamic environment. Read this blog post to learn about Salesforce’s Financial Services Cloud and how businesses can leverage it to revolutionize customer engagement, streamline operations, and enable personalized experiences that redefine the future of financial services.

What is Salesforce Financial Services Cloud?

Salesforce Financial Services Cloud is a customer relationship management software that empowers companies to manage customer relationships skillfully, expand quickly, and get customer insights. It has pre-built workflows and data models customized to the financial services sector. Also, it offers detailed information about all stages of the customer’s lifecycle. The Salesforce Financial Services Cloud is used extensively across various sectors, such as mortgages, wealth management, and banking.

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Features of Salesforce Financial Services Cloud

Financial Services Cloud is based on the Salesforce Customer Success Platform. Its features are created specifically for client engagement and are designed to fulfil the needs of financial advisors in mind.Some of the main features are:

  • Comprehensive Client and Household Views
  • Client Engagement and Productivity
  • Client Data Management

Advantages of Salesforce Financial Services Cloud

  • Customer Care and Relationship: Businesses can offer advice, prompt responses, and round-the-clock communication to customers. They can recognize high-profile clients and tap new opportunities by creating connections between customers, households, trusts, and professional organizations.
  • Visibility into Financial Accounts and Rollups: Salesforce Financial Services Cloud includes different accounts, including, bank accounts, investment accounts, and insurance policies with specific record types. Advisors can create investment strategies to fulfil customers’ financial objectives and make recommendations for products and services accordingly.
  • Seamless Case Alerts, Tracking, and Approvals: The Financial Services Cloud effectively bridges communication gaps among team members by automating essential tasks and assigning them to the appropriate team members based on their profiles, ensuring that specific goals are met. Lead Tracking in the Financial Services Cloud helps you to closely monitor leads and recommendations, ensuring a comprehensive overview of potential opportunities. Also, with the help of a tailored approval process and document collection, you can effectively track the approval status of your customers.
  • Better Customer Engagement: Salesforce Financial Services Cloud enhances engagement across various stakeholders, teams, and end users, creating organizational opportunities. Its robust capabilities enable exceptional digital engagement, fostering meaningful connections. You can record and highlight your clients’ significant life and professional milestones, such as the launch of a new product or a relocation, enabling personalized interactions and strong relationships.
  • Intelligent Referral Routing: The Financial Services Cloud empowers you to prioritize customer relationships and work across corporate silos by utilizing routing, insights, and scoring features. By leveraging AI-powered referral scoring and routing capabilities, it enables efficient management and prioritization of relationships. This helps you to track and convert referrals, ensuring a transparent communication flow.
  • Business Intelligence and Advisor Analytics: The advisor can use the data provided by the analytics dashboard to make informed decisions and exploit more growth opportunities.

Use Cases of Salesforce Financial Services Cloud

Financial Services Cloud for Banking

Salesforce Financial Services Cloud offers a comprehensive solution that enables banks to enhance customer experiences, improve satisfaction levels, and optimize operational efficiency. The brand managers and retail bankers get insights into customer interactions, deposits, leads, referrals, and branch activities to manage deals across various pipelines and convert new opportunities.

Key Benefits:

  • Banks can segment clients based on their specific financial needs and goals to offer customized services.
  • Facilitates a digital-first approach, enabling quick onboarding processes and real-time service responses.
  • Strengthens customer relationships and helps win their loyalty.

Financial Services Cloud for Insurance

Insurance representatives and agents can offer personalized and real-time communications across all channels to provide digital insurance services easily.

Key Benefits:

  • Retrieve screenshots of all details such as claims, coverage, and interaction information of policyholders.
  • Manage underwriting processes with digital submissions, automated quoting, review, and collaboration.
  • Personalize experience for policyholders.

Financial Services Cloud for Wealth Management

Wealth management companies enable clients to fulfil their financial goals with customized advice, fostering loyalty. They can monitor goals, leads, and referrals from the insights from dashboards.

Key Benefits:

  • Consolidates data from various systems, eliminating the need to log into multiple platforms.
  • Automates routine processes, optimizing workflow efficiency and enabling professionals to work smarter and achieve faster business growth.
  • Facilitates client connectivity across multiple devices, ensuring accessibility and convenience.

Financial Service Cloud for Mortgage and Lending

The mortgage bankers can control all elements of a business from a central dashboard and make informed decisions to serve customers effectively.

Key Benefits:

  • Forecasts the needs of the customers with predictive intelligence analytics.
  • Get insights into profiles (borrowers and partners) and optimize the mortgage process.
  • Ensures communication and cooperation between officers, borrowers, brokers, and agents.

Financial Services Cloud Pricing

Financial Services Cloud offers a comprehensive set of features for Sales Cloud and Service Cloud, along with industry-specific data models, processes, and capabilities.

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Comparison of Editions and Their Features

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With Salesforce Financial Services Cloud, businesses gain access to a comprehensive suite of features that enable them to unify data, automate routine tasks, and provide personalized services to clients, ultimately driving customer satisfaction and loyalty. Royal Cyber’s expertise in the financial services industry helps to tailor Salesforce Financial Services Cloud to meet your specific needs. We’ll help you through the entire implementation process, from initial assessment to post-implementation support, ensuring successful deployment and long-term success.

Want to Harness the Power of Salesforce Financial Services Cloud?

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