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Financial Services Cloud from Salesforce is the world’s #1 CRM solution but reinterpreted for financial services. Launched in 2015, Salesforce Financial Services Cloud (FSC) is the best tailored Salesforce Cloud product for the Financial Services industry.

FSC makes it simple for advisors to provide a concierge quality of service for the customized and strategic advice clients want.

What is the difference between Financial Services Cloud and Sales Cloud?

Sales Cloud has been in the market for a long time and is one of the core Salesforce products. It is designed for the management, analysis, and automation of sales processes.

On the other hand, FSC is designed for wealth management firms, insurance companies, or banks. Since it is built on the world’s #1 CRM solution, Salesforce, it has all the key features of Sales Cloud, but with the addition of new custom fields and objects.

When it comes to satisfying the demands of the Financial Services market, Sales Cloud necessarily would involve extensive customization as opposed to FSC.

Now let’s go over the main advantages of Financial Services Cloud.

1. One single source of truth

It is easier to implement marketing, sales, and service solutions across a financial service business by using one single source of truth. It eliminates human errors, including incomplete, incorrect, or duplicate data points. One central platform provides data that can be used by anyone, in any way, across the entire organization.

Thousands, if not millions, of contacts, must be organized by financial institutions. Customers, clients, investors, and vendors must all be conveniently grouped and maintained. FSC enables financial institutions to grow and scale easily.

Additionally, with three Financial Services Cloud releases per year, access to continuous innovation enables advisors to accelerate business growth and maintain a competitive edge.

2. Saves money

As mentioned above, Sales Cloud needs strong customization when it comes to satisfying the needs of the financial services sector.

Heavy customization may lead to challenges of implementation and continuous maintenance which burden Salesforce administrators and developers. Over customization leads to a less stable instance. If business processes alter, many custom elements will need to be modified. This approach costs time and money.

Because FSC comes with many industry-specific features out-of-the-box, advisors no longer have to waste money and time adapting their CRM to speak their company’s language.

3. Security

Having Financial Services in the cloud immediately has far better security as opposed to holding customer data locally in spreadsheets or legacy on-premise software.

Salesforce Shield, in addition to Financial Services Cloud, provides an additional layer of protection by including applications that track data access, usage and deter malicious activity. You can ensure your clients’ financial account data is kept confidential and safe with Event Monitoring, Field Audit Trail, and Platform Encryption.

4. Artificial Intelligence

Artificial Intelligence (AI) can be used in any industry to discover customer insights as well as forecast, suggest, and automate key processes. Einstein Analytics for Financial Services offers more advanced analytics and predictive alerts.

When applied to financial services, AI provides the following benefits:

  • Banking: Retail and mortgage bankers simplify processes with all data in one place and accessible from any place, and create a digital interaction that reflects the in-person banking experience. Business bankers gain a better understanding of their clients’ interests and can optimize loan origination and process workflows.
  • Capital Markets: Streamlining service requests, tracking new opportunities, and prioritizing inquiries based on urgency can be achieved by using FSC. Also, you can have smart notification alerts of significant life events, real-time interactions from any device, and self-service features for tracking claims.
  • Insurance: Predict needs and deliver insights on any channel at any time enabling streamlining client engagement.
  • Wealth management: Stay in touch by responding to instant account notifications, and collaborate across the household using any device. Also, automate repetitive processes and implement client referral tracking to ensure you never skip a connection opportunity.

Should I use Financial Services Cloud?

Today, consumers want to connect easily and without effort. Also, they want to have specifically tailored interactions anywhere and whenever they want and know that their data is safe and secure. CRM strategies are used by successful companies to tackle these facts and place consumers at the forefront of their business models.

More and more financial institutions are realizing the power, efficiency, and cost-effectiveness the cloud provides.

Since Financial Services Cloud is fully integrated within the Salesforce world, you’ll get the scalability, power, and security you’re used to from Salesforce.

Because of the complexities of FSC, it is strongly advised that you collaborate with a certified Salesforce Consulting partner to incorporate it into your company. That will guarantee a level of expertise that will save time and money.

Ready to unlock the full power of your financial services company? Connect with one of our Salesforce experts here to start your business transformation.