What Are The Advantages Of Financial Services Cloud? | Salesforce Partner

Posted on April 9, 2021

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.

Book a Free Discovery Session

Do you have a question? Do you want to start a project? Get in touch.

Name(Required)

Name*

Toronto Office – Head Office
146 Thirtieth Street
1st Floor
Toronto, ON M8W 3C4

What Our Customers Are Saying

"Great team to work with! App Solve knows their stuff. They helped to get Pardot integrated with Salesforce, and I am excited to see what we can do with it."

Dawn Jones, Director of Marketing | Kraun Electric Inc.

"The App Solve team was very knowledgeable, organized, and worked diligently to set up Salesforce and Pardot within a tight timeframe. We enjoyed working with everyone on the project and appreciated the guidance along the way."

Simon Dealy, CEO | HIRE Technologies

"Experienced partner with good staff. We did our first project with App Solve this past summer. It was implemented professionally and has had a positive impact on our business. The staff are responsive and know their stuff. We will definitely use them again."

Aaron Jones, CEO | Kraun Electric Inc.

"Highly skilled and easy to work with! I’ve been working with App Solve for several years as a Salesforce partner and a software implementor of our platform - Accounting Seed. In my experiences with App Solve, they've been spot on with respect to the Accounting Seed and Salesforce value proposition and I've had countless successful project roll-outs with our mutual customers! Cheers to many more, App Solve!"

Anthony Schermer, Senior Account Executive | Accounting Seed

"A great long term partner. The team at App Solve has helped us implement several strategically valuable modules, custom design, and workflow processes to our org. We have been working with them for four years now. They understand our business needs and help us scope projects appropriately for our requirements and budget. Planning projects is always difficult when we don't understand the complexity of some challenges. They help us navigate appropriately and are reasonable to work with when original plans inevitably end up drifting into something different than first envisioned."

Craig MacAdam, CFO | Lift North America

"App Solve is great to work with, they take the time to understand our business and how best to implement Salesforce solutions to meet our objectives. Very knowledgeable team to work with our company as we rolled out Salesforce across North America to 12 cities, implementing our entire business. It was a pleasure doing business with App Solve. Thank you."

John Chiaramonte, Senior Business Development Executive | Enwave North America LP.

"Exceptional work and customer service! We contracted App Solve to help us with an implementation roadmap project and feasibility study. We were very pleased with the level of service they provided, the clarity of communication, and the attention we received. All our needs were addressed! I strongly recommend App Solve, their level of expertise, and customer service are unparalleled."

Asia Nebesnaia, IT Project Manager | Cox Automotive Canada Company

"Extremely pleased. David and his team have been a dream to work with. They are very responsive and complete projects in a timely manner. They also take the time to thoroughly explain things to a novice Salesforce user. I look forward to working with David in the future!"

Sierra Hayes, Operations Manager | Dream Local Digital

"We worked with the App Solve team to implement Salesforce for our organization, including the main system architecture and setting up the data model needed for our business. They have been a true partner in getting us rolling with Salesforce and have also been of great assistance in tackling smaller projects after the implementation was largely completed."

Gregory Kennedy, Controller | Generis

"Great Group to work with. We have used App Solve a few times and they have been great to work with. They were very knowledgeable and showed a willingness to work with or organization. I will use them for future consultation."

Chris Haase, President | Environmental Products Group

"Fantastic experience working with Pattie & David. Our company recently completed the transition to Lightning with the competent, guiding hand of Pattie. This transition provided us the perfect opportunity to fix an ongoing issue that was caused by a custom-built feature. Pattie & her team took the time to clearly understand the issue and to take the proper steps to fix it. I would highly recommend App Solve to anyone looking to integrate Salesforce into their business."

Lee-Anne Golden, Managing Director | Urban Flats Toronto

"A true partner. The team at App Solve is amazing. We have truly valued their expertise and consider them a partner, helping us maximize our Salesforce experience. They have been lifesavers on more projects than I can count. We look forward to a long and productive relationship. 5 stars all around!"

Kerrie LePage, Director of Marketing and Product Management | Edenred Commuter Benefit Solutions

Share This