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Explained: Salesforce Financial Services Cloud

Rajat Kesarwani

By Rajat Kesarwani| wednesday, March 23, 2022 16:10 PM | 4 min read

Salesforce Financial Services Cloud or FSC is a very useful platform that can make the work of your financial services department extremely efficient and smooth. The platform has been successful in providing real-time access to some of the most important data, a unique view of customer journeys, and interesting insights into the entire lifecycle of the customer. Therefore, getting in touch with salesforce CRM consulting services and including them in your business can help you in many ways. A salesforce development company can help you use these financial services in the right way to avail yourself of all its benefits. However, before you go for a package development model salesforce, it is a good idea to learn more about it.

What Does Salesforce Financial Services Cloud Entail?

One of the most important questions that needs to be answered here is the things that a salesforce financial services cloud would entail. To begin with, it can be considered as one of the best solutions for financial services as it is a new and more comprehensive version of a CRM. It is an integrated platform that is aimed at building stronger relationships between the client and the customers that lasts for several generations. These services are powered by Lightning which helps in offering productive, proactive, and personalized advice to clients. Furthermore, it is loaded with many features that are highly advanced and helps in improving engagement and productivity. This results in saving a lot of time spent in gathering the required client information, so there is more time for offering holistic and goal-based guidance to their clients.

Most importantly, FSC offers a comprehensive platform that can be customized to any organization that offers financial services. So, if you are a part of an insurance company, a wealth management firm, a bank, or offer any other financial services, FSC can be of great help to you. It can help you offer personalized advice to your clients through any device or channel.

Advantages Of Using Salesforce Financial Services Cloud

Depending on the type of financial institution, FSC can offer a host of benefits. Let us check out the benefits for each type of financial company one by one!

Insurance Companies: For insurance companies, FSC can help in tailoring the policy as per the unique requirements of each client. It can help in offering a 360-degree view of the customer’s history and progress. It can also help in getting an understanding of the customer’s pre and post-transaction journey. Based on the information, you can provide the next best offer and a smooth onboarding activity workflow.

Capital Markets: It uses AI which offers a competitive edge and helps in building strong programs for analytics that can help in gaining key insights in the future. It also helps in meeting strict compliance rates, data regulations, and security.

Banking & Lending: The banking sector can benefit from automation and track the lending progress easily. It can also help in standardizing the customer service in the retail banking sector. The quick access to customer journeys can help in forecasting requests for the future. Additionally, it helps in meeting regulatory changes in mortgages and customer lending.

Wealth & Asset Management: Wealth and Asset Management companies can also benefit from Salesforce Financial Services Cloud to enable trust and transparency. With the help of Relationship Intelligence, firms can show and capture updated visual account information across and within households, networks, and clients. You can even curate and offer access to client information and critical partner solutions to advisors through a single location.

All Financial Applications Will Include Artificial Intelligence Capabilities With Time

Throughout their history, banking customers have accumulated vast amounts of data, and a lot of that data is kept in different silos, making it very difficult to use it for any task, including analytics. So customers bundle that data into data lakes. For example, the National Bank of Canada's Global Equity Derivatives (GED) Group, a leader in equity solutions that manages listed securities such as stocks, funds, futures, and options, collects and processes an ever-increasing volume of stock market data, such as historical information on operations and prices. Today, they are even able to examine data from 10 years ago if they need to because they are no longer dependent on their on-premises solution. In fact, Machine Learning and Artificial Intelligence are other technologies whose presence has increased in the banking sector and other relevant industries across the globe.

Some Frequently Asked Questions About Salesforce Financial Services

What is Salesforce FSC?

Salesforce Financial Services Cloud is the number 1 solution today that has been reimagined for financial services. This integrated platform has been designed to forge stronger client relationships so that they can last for a long time. FSC is powered by Lightning and it makes it an easy and hassle-free experience for advisors to deliver personalized services as expected by their clients.

Who is it meant for?

FSC offers an integrated platform that has the ability to be tailored to all kinds of high-touch relationship models of financial services organizations. Regardless of whether you work in an insurance company, a bank, or a wealth management firm, FSC can enable your team to deliver personalized services and guidance across any device or channel.

How is it different from other types of wealth management tools?

FSC was designed to collaborate with the leading customers across the industry of financial services in order to ensure a seamless experience that could help promote personalized client engagements. FSC has a unique client data model that helps firms strengthen their client engagement every step of the way.


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Rajat Kesarwani
About the Author Rajat Kesarwani is the CEO of Dreamstel Technologies. With over 15 years of experience in maintaining business relations with esteemed companies across the US and Australia, Mr. Kesarwani has earned an excellent reputation in the IT industry. He has been offering advanced technology services to businesses that require any kind of IT solution. His expert services at Dreamstel includes developing and introducing next-generation apps and spreading awareness about Salesforce. His objective is to reach out to companies in need of advanced technology solutions, and he has been successfully moving ahead in the right direction to do so, through Dreamstel Technologies.