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      Salesforce Financial Services Cloud: Your Key to Enhancing CX

      Mar 23, 2023

      4 minute read

      Consumers today are increasingly demanding convenience, personalization, and experiences from financial services.

      To meet customer expectations, banks and financial institutions invest heavily in digital transformation and customer experience (CX) and place high bets on a CRM system built exclusively for financial services.

      That’s when Salesforce enters the picture with its financial services-specific solution.

      Salesforce’s Role in Redefining the Financial Sector

      When we talk of Salesforce’s customers by industry, a surprising number of them are from the banking and financial sector. The financial sector’s reliability over Salesforce is evident here![i]

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      Salesforce’s popularity is largely attributed to its constant innovation and drive to offer an industry-specific solution.

      So Salesforce users can rest assured that their chosen solution will grow with their business. Salesforce Financial Services Cloud has been the catalyst behind Salesforce’s success in transforming the financial services industry.

      With Financial Services Cloud, bankers and capital markets companies can now manage all customer relationships in one system while automating billing, revenue management, and other core financial tasks.

      Additionally, it helps banks and other financial management organizations define their goals more clearly. This allows them to provide better service to their clients.

      With the best cost-benefit ratio in the industry, Financial Services Cloud stands out from the competition. And it also offers a pre-built CRM Analytics application for consultants and administrators.

      Moreover, Salesforce Financial Services Cloud (FSC) enhances customer experience by providing real-time access to critical customer data, access to unique customer journeys, and meaningful insights at every stage of a customer’s lifecycle.

      No matter what sector of financial services it serves, it is capable of solving multifaceted challenges and offers the following benefits:


      The Benefits of Salesforce Financial Services Cloud

      New Salesforce research shows that financial services customers increasingly prefer digital experiences. Today, 78% of banking customers make their first connection with a financial institution online or via an app[ii]. Considering this, it has become predominantly important to offer more than just a wealth management solution.

      That’s when Salesforce Financial Services Cloud shines the brightest.

      Here’s what makes Financial Services Cloud a standard for industry leaders pursuing excellence.

      Achieve Financial Goals With Accounts Visibility

      The Financial Services Cloud supports a variety of financial accounts, including:

      • Investment Accounts
      • Bank Accounts
      • Insurance Policies

      There are predefined record types for various financial accounts in the Financial Account object.

      In order to meet their client’s financial goals, advisors build investment strategies based on their client’s financial goals. By using the Financial Account, any member can define their role in a given financial account.

      A sample investment account is shown below.

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      Get Insight From CRM Analytics Powered by AI

      FSC’s analytics reports and dashboards enable financial advisors to make informed decisions quickly and better represent their clients. They can easily make changes to predefined reports and dashboards.

      Through automated and trusted AI powered by Client 360, FSC helps every team unlock insights, deliver great customer service, and drive operational efficiency.

      Automate Assigning Tasks With Action Plans

      You can create templates for repeatable tasks, then automate the task sequences using action plans. Furthermore, you can automate the assignment of tasks and deadlines for specific client engagements, such as account openings, loan approvals, and claims processing to increase collaboration and productivity.

      Get to Know Your Customer Better With ARC

      Actionable Relationship Center (ARC) makes it easy to understand relationships between people and businesses through interactive components. The ARC comes in two versions. You can view pre-configured ARC relationship graphs in the original version. With the newer version, you can create and view custom ARC relationship graphs.

      Leverage Branch Management to Track Branch Performance and Productivity

      Branch managers and administrators can track the work output of branches, employees, and customer segments using the Branch Management data model, console app, and Record Association Builder. It integrates seamlessly with existing Financial Services Cloud features and prepares an organization for relationship marketing at the branch level.

      Verify Caller With Caller Verification

      Organizations are required to comply with regulations that help determine a customer’s identity and protect against losses and fraud. There are legal consequences if these regulations are not followed. In order for confidential information to be divulged, any person seeking it must prove their identity. That’s what you can achieve with its caller verification feature.

      Get a View of Your Customers’ Life Events or Milestones

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      Get an overview of your customers’ life events or milestones with the Events and Milestones component. Take advantage of the details to identify upcoming opportunities and devise personalized offers and engagement strategies in a timely manner.

      The Bottom Line

      Salesforce Financial Services Cloud is an efficient and profitable tool. It offers a 360-degree view of your customers’ financial profiles and puts your customers at the center of everything you do.

      Financial advisors, brokers, and agents alike have a huge advantage by having a holistic view of their customers. In this way, they are better able to serve clients across multiple channels and devices.

      Need Assistance Getting Salesforce Financial Cloud for You? Talk to Us!

      Searching for an expert Salesforce implementation partner who would help you get started with Salesforce Financial Services Cloud or help you customize your existing instance? Drop us a line at [email protected] and we’ll take it from there.

      Statistical References:

      [i] Ascendix Report
      [ii] Salesforce News

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