What’s the difference between standard Salesforce vs Financial Services Cloud? Or “What are other organizations like ours doing that we are not?” are common queries of clients. But how familiar is your organization about Salesforce Financial Services integration and flexibilities? By integrating sales, marketing, and service, the solution may help in driving new businesses, improving customer experience, or can strengthen client relationships.
In out-of-the-box Financial Services Cloud set-up, a lot of this functionality is incorporated and all know that wealth management firms desire the same capabilities. This means that during implementation, you will spend more time adding functionality specific to your business and less time in building out foundational components.
So, before we decide Financial Service Cloud or Sales cloud – which one is best for your business, let’s know about what are they and what are their features?
Sounds cool, right?
Sales Cloud & Its Features
What is Sales Cloud?
To manage end-to-end functioning of the sales department, Salesforce provides a wonderful platform – Sales Cloud. Sales teams are working smarter and seeing dramatic improvements in performance as they are connected to both the right information and their colleagues by implementing Sales Cloud. Sales Cloud has continued to pull ahead of the competition, by continuing to innovate and embrace technologies.
Thanks to the Salesforce1 Mobile App, for focusing on what matters most, customer success and to stay connected to customers and teammates, sales reps from anywhere in the world to increase overall productivity.
Main Features of Sales Cloud:
- Contact Management: Gain a comprehensive insight about your customers – internal account discussions, key contacts, activity history etc. Gather that info from popular social media sites — right within Salesforce.
- Opportunity Management: In response to sales interaction and deal scenario, it helps to create and changing quotes.
- Salesforce Engage: You can create personalized campaigns after getting alerts on active leads.
- Lead Management: Helps track the campaigns and assign leads to the right people.
- Reports and Dashboards: Helps to take faster decision by creating a dashboard to drill down for deeper insight.
- Sales Forecasting: Get an accurate view of sales forecasting.
- Workflow and Approvals: By using a visual drag and drop interface, it helps in automating any business process and simplifying the approval process.
- Sales Performance Management: Helps in creating performance summaries by linking sales data and sales goals.
- Partner Management: Easy on-boarding, training and supporting sales partners, and gives them a view of sales performance.
Financial Service Cloud & its features
What is Salesforce Financial Service?
To drive stronger client relationships for a long period, Financial Services Cloud, an integrated platform is designed, powered by lightening. It helps advisors to put their clients at the center of everything they do, by spending more time doing what they do best, and less time gathering client information. In other words, we can say, to deliver a concierge level of service with the personalized, proactive advice clients expect, Salesforce for financial services helps advisors.
By tracking referrals from Centers of Influence or from within your firm, Salesforce financial services help you to turn your client base into an active referral network. Using this strategy, you’ll have access to the networking tools needed to grow your book of business and get to know more about your clients than just their investment strategy. It will make the business easy- going.
Main Features of Financial Service Cloud
- To deliver personalized and superior customer experiences across the customer lifecycle, New Lightning-enabled solutions for Salesforce Financial Services Cloud give a 360-degree view of the customer. As a result of siloed data systems, professionals have conventionally had a disintegrated view of customers.
- To get a unified view of their client’s business and commercial reports, employees get empowered by Commercial Banking Application feature in Salesforce Financial Services Cloud which allows them to focus on high-net-worth prospects and seamlessly onboard new customers. On their new homepage, Business and commercial bankers get a 360 view of their accounts and opportunities. To deliver omnichannel customer experiences, the relationship managers to view the client’s specific interest in a banking product or service and Salesforce Financial Services Cloud enables them to redirect re-direct the referrals to the concerned department.
- To collaborate across departments in an automated and timely fashion, Salesforce Financial Service Cloud launches Action Plans feature. Using this feature a personal banker can automatically create and assigns tasks to coworkers across different departments and seamlessly onboard a new customer.
- To effortlessly book appointments which are embedded in Salesforce workflows, Lightning Scheduler for Salesforce Financial Services Cloud enables clients and relationship managers. Clients can schedule an appointment with an insurance agent via an online portal or mobile application and on behalf of a co-worker, a sales rep can directly book an appointment with a prospect by implementing Financial service cloud in your business. To further facilitate a more collaborative banking experience, the client’s relationship managers can view the meeting schedules too via the Salesforce Financial Services Cloud Data model.
- To quickly build customized and branded surveys for your customers, you can use Salesforce Surveys for Salesforce Financial Services Cloud. It allows you to pull together all info as reports and dashboards and can be shared internally as customer feedback through Salesforce Financial Services Cloud. To realign services to build brand loyalty and better customer relationships, a relationship manager can send a personalized survey post a meeting and take advantage of the response data.
- To report the loss of debit cards or place travel notifications Salesforce Einstein Bots for Salesforce Financial Services Cloud enables retail banking customers via self-service bots on the bank’s website or mobile application. It will route and handle customer concerns to the right dep. This feature gives relief to the customers from the frustration of repeating or re-entering the same information that they already provided.
- Salesforce Einstein Bots will redirect more complicated issues to the right service rep, by thereby delivering frictionless banking experiences.
- When the deal is most likely to close, to give the right recommendation at the right time, getting real-time data insights based on recent banking interactions of the customer is pivotal. And Einstein Next Best Action in Salesforce Financial Services Cloud uses Predictive Intelligence to get it.
- To deliver a wealth of industry-specific analytics for retail and business banking, Einstein Analytics, a feature of Salesforce Financial Services Cloud combines enriched datasets, next-gen data integrations, dashboards, and quick-start deployment wizards.
How is Financial Service Cloud different from Sales Cloud?
Financial Services Cloud is empowered with the entire core Sales Cloud feature and have some add-ons for both individual clients and across entire households like new custom fields and objects that model financial accounts, goals, assets, and liabilities. By letting the financial advisor customize their CRM to speak the language of their organization, Financial Service
Cloud helps advisors to save valuable time and money. Furthermore, agents, firms, and advisors can adhere to new regulatory standards at scale as Financial Service Cloud combined with Salesforce Shield to provide a powerful suite of compliance features.
On the other, a Sales Cloud is the core Salesforce product that has been around for a long time. However, Sales Cloud requires heavy customization, when it comes to meeting the needs of the Financial Services industry. Customization will burden Salesforce Administrators and Developers due to implementation challenges and ongoing maintenance.
Overall, it leads to a less stable instance due to unnecessary declarative (point-and-click) and programmatic (code) customizations. A lot of custom functionality may not be useful to the users as business processes change and would need to be modified.
Firms can have peace of mind by getting many industry-specific features out-of-the-box, with the FSC package added to Sales Cloud. While keeping track of client communications and relationships, advisors can easily drive visible and repeatable collaboration across the entire firm with the help of Financial Service Cloud from Salesforce.
To drive stronger client relationships, Financial Services Cloud from Salesforce, an integrated platform, is empowered with an enhanced set of productivity and engagement features. This helps advisors to deliver a concierge level of service by proactively advising clients.
Salesforce Financial Services Cloud’s unique ability to transform how wealth and asset management, banking, and insurance companies work with customers is one of the biggest advantages.
Targeted industries for Financial Services Cloud customers are
- Wealth Management
- Insurance Property & Casualty
- Retail Banking
- Insurance Life and Annuities
How is Financial Services Cloud different from other wealth management tools?
We all know that Salesforce releases three updates a year. And Woah! It indicates that you are going to have access to three new updates every year! To grow and nourish every client engagement opportunity, industries have access to all the important information needed, with the unique Client Data Model at the center of Financial Services Cloud. To enhance your business growth, you can add them.
Time to sum up:
Financial services cloud supports bulk actions and APEX steps and available in all, Professional, Enterprise, and Unlimited editions. Just by upgrading to FSC, you can save time and money. To implement this in your organization, it is highly recommended to work with a Salesforce Consulting partner, due to the complexity of FSC. Feel free to connect with us. If you would like to discuss further and any questions, do let us know, drop us a note firstname.lastname@example.org
How ETG Can Help ?
ETG is a Salesforce development partner, providing – Demandware Implementations, Demandware Consultants, Headless SFRA consultants.
If you are looking for a Salesforce Commerce Cloud Implementation Partner, drop us a note email@example.com