Salesforce Financial Services Cloud (FSC) empowers financial advisors by integrating essential tools and streamlining workflows. Launched in 2016, FSC has evolved to offer industry-specific features, enhancing relationship management and workflow efficiency. This blog explores FSC’s functionalities, including financial modeling, relationship management, and AI integration, providing a detailed look at its capabilities and future potential. Stay tuned for in-depth insights into each feature category.
Beyond Sales and Service: A Tailored Cloud Solution
At its core, FSC leverages Salesforce Lightning and combines elements of Sales Cloud, Service Cloud, or both. It then extends the platform with a managed package offering industry-specific features for various financial services scenarios. It's important to remember that FSC isn't a replacement for core banking or insurance systems. Its functionalities primarily enhance relationship management, workflow/case management, and tailor Sales or Service Cloud specifically for the financial services industry.
Exploring FSC Features: A Series to Unpack its Potential
This blog series will delve into FSC functionalities categorized for easier understanding. We'll discuss them both individually and how they work together, considering the UK market perspective. Since FSC originates primarily from the North American wealth management sector, we'll acknowledge these influences and how they might affect terminology or pre-built workflows.
Feature Categories: A Breakdown of FSC's Capabilities
Here's an overview of the feature categories we'll explore in this series:
- Financial modelling (accounts and transactions)
- Person/business modelling
- Relationship modelling
- Action Plans
- Referrals
- Work orchestration
- Branch/team modelling
- Actionable Segmentation
- Financial Deal Management
- Onboarding Console
- Complaint Management
- Mortgages
- Insurance
- Wealth Management
What's Included in FSC? Tailoring the Solution to Your Needs
The specific features you access depend on your user personas, use cases, and choice between Sales or Service Cloud. You can find more detailed information on user personas and use cases directly from Salesforce. Throughout this blog series, we'll cover the full range of FSC functionalities.
Key Elements of FSC
- Custom Data Objects and Data Models: FSC adds a significant extension to your data model with roughly 160+ custom objects and custom fields applied to standard objects (as of Winter '24 release).
- Custom Components : FSC provides additional components to visualize data like relationships (ARC and Life Events) and enhance Flows (multi-select table,Document reader/generator).OmniStudio,a powerful innovation,offers tools to create custom business processes using FSC data.
- Permission Sets and Licenses: Since November 2023,the FSC license comes in three flavors with varying features specific to Sales or Service Cloud:
- Financial Services Cloud - Sales
- Financial Services Cloud - Service
- Financial Services Cloud - Sales and Service
- Functions and Features: This is where FSC's value truly shines,allowing you to create custom data models and components.We'll explore features like rollup by lookup configuration for summarizing financial data.
- Technical Aspects: We'll look at the technical side of FSC,including custom triggers,Flows,OmniStudio,metadata,APIs,the Data Processing Engine,and more.
- AI & Data Cloud:FSC integrates seamlessly with various AI and Data Cloud functionalities.We'll explore how to leverage Einstein Bots,Activity Capture,Relationship Insights,Discovery,Interaction summaries,Predictions,etc.Additionally,we'll discuss using Calculated Insights in Data Cloud and linking to external banking systems for comprehensive client data analysis.
A Comprehensive Look at FSC: Strengths, Weaknesses, and the Future
As you can see, Salesforce Financial Services Cloud is a comprehensive platform. This blog series aims to examine its overall capabilities, considering both its strengths (with practical examples in the banking sector) and weaknesses in its current state. We'll also explore potential future developments for FSC.
Conclusion
Salesforce Financial Services Cloud offers a robust solution specifically designed for the financial services industry. By leveraging its functionalities, financial institutions can enhance relationship management, streamline workflows, and gain valuable insights from their data. This blog series will delve deeper into each of FSC's feature categories, providing a comprehensive understanding of this powerful platform. Stay tuned for the next part, where we'll explore Financial Modelling (Accounts and Transactions) in detail
