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Salesforce Financial Services Cloud: Features, Benefits, Tips

Bring your financial services customer experience to the next level

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Modern consumers in financial services increasingly demand convenience, personalization, and experiences. They want to be heard, understood, and served at the right time in the right place.

To meet those expectations, financial institutions are investing heavily in digital transformation and customer experience (CX). According to a recent survey of nearly 1,100 executives by Harvard Business Review Analytic Services, 64% of the 114 respondents from financial services companies say that improving CX is a top-five business priority for the year ahead.

One of the first steps many financial services organizations take is to deploy Salesforce Financial Services Cloud (Salesforce FSC). They aim to centralize all data into Salesforce to gain a 360-degree view of their clients and know exactly who they’re interacting with at any stage of the sales process.

In this article, let’s take a look at Salesforce Financial Services Cloud and learn how you can implement it for your financial business.

What is Salesforce Financial Services Cloud?

Salesforce Financial Services Cloud is a customer relationship management (CRM) specifically designed for financial services companies by Salesforce. This Salesforce product is widely used across many different areas of the financial industry but is not limited to banking, mortgage, wealth management, and insurance.

Financial Services Cloud gives financial services companies the power of Salesforce CRM to manage customer relationships more effectively and grow faster. It unlocks a deep understanding of clients and offers valuable insights at every stage of a client’s lifecycle.

Salesforce Financial Services Cloud vs. Sales Cloud

If you’re running a financial services company, Salesforce Financial Services Cloud is your best choice, not Sales Cloud. The reason is that Salesforce Financial Services Cloud is built with financial services in mind and offers almost everything you need to develop a seamless customer experience.

Here are some features that distinguish Financial Services Cloud from Sales Cloud:

  • Household Data Model allows you to view and manage clients’ households and related individuals all in one place.
  • Financial Account Roles allow you to set up roles like Primary Owner, Joint Owner, and Beneficiary Accountant that involve a client’s account.
  • Financial Goals are meant to track a client’s progress toward major purchases, retirement savings, or other life goals.
  • Action Plans help automate repetitive tasks and ensure you won’t miss any deadlines.

Advantages of Salesforce Financial Services Cloud

1. Financial Services Cloud for Banking

Salesforce Financial Services Cloud helps banks create a unified experience for customers, increase their satisfaction, and boost operation efficiency. It gives brand managers and retail bankers complete visibility into customers, deposits, leads, referrals, and branch activity. They can see the big picture of all deals in any pipeline and act swiftly on new opportunities.

Key benefits:

  • Segmenting clients into their financial needs and goals to deliver personalized services.
  • Delivering digital-first engagement from quick onboarding to real-time service responses on both mobile and desktop.
  • Deepening customer relationships and earning their loyalty with a unified view of every customer.

2. Financial Services Cloud for Insurance

Salesforce Financial Services Cloud enables insurers to make customers the focus of every insurance experience and implement digital insurance with ease. It gives insurance reps and agents tools to deliver personalized and real-time communications across any device.

Key benefits:

  • Getting a snapshot of every policyholder’s past, present, and future life events and all associated insurance policies, coverage, claims, and interaction information.
  • Streamlining the underwriting process with digital submissions, automated quoting, document review, and online collaboration.
  • Personalizing the policyholder experience and managing the entire claims lifecycle, including first notice of loss intake that drives auto adjudication, reserve management, payment, and more.

3. Financial Services Cloud for Wealth Management

Salesforce Financial Services Cloud allows wealth management companies to help clients achieve their financial goals with customized advice that earn lasting loyalty. Stay on top of client goals and satisfaction, leads, and referrals, and get actionable insights about your book of business with visualized dashboards.

Key benefits:

  • Unifying data to get a clear picture of clients without logging into different systems. 
  • Automating routine processes to supercharge workflow, work smarter, and grow business faster.
  • Connecting with clients on any device, getting timely account alerts, and collaborating on key life goals across the household.

4. Salesforce FSC for Mortgage and Lending

Salesforce Financial Service Cloud allows mortgage bankers to manage every aspect of their business from one central place. It provides them with insights that can help make better decisions, manage time more effectively, and serve clients better.

Key benefits:

  • Forecasting future behavior and needs with predictive intelligence analytics.
  • Gaining critical insights into borrowers and partner profiles and optimizing the mortgage process.
  • Facilitating communication and cooperation between loan officers, borrowers, brokers, and real estate agents.

Financial Services Cloud Features

  • Get instant access to important tasks, priorities, risks, and opportunities. Easy to customize the homepage of your platform based on your needs.
  • View filtered lists of people and households based on similar interests or financial characteristics to quickly navigate to their profiles.
  • Explore client relationship layers and related records with the Actionable Relationship Center (ARC). Use ARC to organize all the information and create records for clients’ financial accounts and their underlying holdings, assets, liabilities, and financial goals.
  • Use advanced analytics solutions based on Tableau CRM to manage their books of business with insights about client goals and satisfaction, leads, and referrals.

How to Implement Salesforce Financial Services Cloud

Salesforce Financial Services Cloud is currently available in Lightning Experience and Professional, Enterprise, and Unlimited editions. You can follow this official guide from Salesforce to set it up for your business.

Once you successfully deploy Salesforce Financial Services Cloud, you’ll need another tool to get data into your instance, keep it updated, and eliminate time-consuming manual data entry. Revenue Grid is your perfect solution.

Revenue Grid offers tight Salesforce integration with email and calendar for financial services. It’s highly customizable and easy to use and works seamlessly with Salesforce.

Once you install Revenue Grid, you can access and manage Salesforce data directly from your Revenue Inbox. Data is also captured and synced automatically between these platforms in real-time, helping you keep track of every change in your sales pipelines and accounts.

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      Core UX Writer at Booking.com

      Lavender Nguyen is a Freelance Content Writer focusing on writing well-researched, data-driven content for B2B commerce, retail, marketing, and SaaS companies. Also known as an Email Marketing Specialist, she helps ecommerce B2C brands develop high-converting, customer-focused email strategies.