White Paper

Leveraging Salesforce Financial Services Cloud for Alternative Banking Solutions: A Streamlined Approach based on a use case

Written by Admin | Sep 2, 2024 2:51:40 PM

Reimagine Success: Empowering Alternative Banking Solutions with Salesforce Financial Services Cloud: -

The alternative banking solutions (ABS) landscape is flourishing. Agility, innovation, and a laser focus on customer experience are the hallmarks of success in this competitive space. But how can ABS providers maintain this edge while streamlining operations and maximizing value for their clients?

This is where Salesforce Financial Services Cloud steps in. As a comprehensive cloud-based platform, Financial Services Cloud provides ABS with the tools and functionalities specifically designed for the financial industry, empowering them to:

  • Increase Efficiency and Competitiveness
  • Offer New, Value-Added Services
  • Expand Service Offerings
  • Attract and Retain Clients
  • The Future of Finance: Alternative Banking Solutions for Businesses: -
    The traditional banking landscape is undergoing a significant transformation. Businesses are increasingly seeking alternative banking solutions that offer greater flexibility, efficiency, and cost-effectiveness compared to conventional banking methods. Alternative banking solutions can empower businesses across various financial journeys, including Foreign Exchange (FX), Account-Based Shareholding (ABS) with IBAN integration, Asset & Liability Management, and Profit & Loss (P&L) tracking.
  • Reimagining Business Finance
  • Alternative banking solutions encompass a range of financial services offered by non-traditional financial institutions. These solutions leverage fintech (financial technology) to provide innovative features and a user-friendly experience. Here's how alternative banking solutions can transform specific business journeys:
  • Foreign Exchange (FX): Businesses that regularly conduct international transactions often face challenges with traditional FX services. High fees, slow processing times, and opaque exchange rates can strain profitability. Alternative FX solutions provide real-time quotes, competitive exchange rates, and secure online platforms for seamless currency conversions, empowering businesses to manage foreign exchange exposure effectively.
  • Account-Based Shareholding (ABS) with IBAN Numbers: Traditional shareholding can be cumbersome, involving physical certificates and manual processes. ABS solutions leverage digital platforms to streamline shareholding management. Start-ups and businesses can issue and manage shares electronically, reducing administrative burdens. Additionally, IBAN integration within ABS solutions allows investors to receive investment funds efficiently through international bank transfers.
  • Asset & Liability Management: Maintaining a clear understanding of a company's financial health is crucial for informed decision-making. Alternative banking solutions offer comprehensive asset and liability management tools. Businesses can gain a holistic view of their financial position, track assets and liabilities in real-time, and identify areas for financial optimization.
  • Profit & Loss (P&L) Tracking: Traditionally, P&L reports can be time-consuming to generate and analyse. Alternative banking solutions offer automated P&L tracking, providing businesses with up-to-date insights into their financial performance. Automated reports allow businesses to monitor income and expenses effectively, identify trends, and make data-driven financial decisions for sustainable growth.

Leveraging Salesforce Financial Services Cloud for Alternative Banking Solutions: A Streamlined Approach based on a use case

Salesforce Financial Services Cloud (FSC) in combination with Sales Cloud, Service Cloud, Experience Cloud, Data Cloud can be a powerful tool for building and managing an alternative banking solution framework. Let's explore how the features mentioned below can be implemented within FSC:

Unified Data Platform:

  • Data Sources:FSC integrates seamlessly with MuleSoft or other integration platforms, to connect external data sources for Client data like Credit Safe and Pitchbook.
  • DataLakeObject Layer:FSC's Data Cloud provides a secure data lake to store this integrated data.
  • Entity Unification:FSC's Household Management feature allows unification of Business Accounts, Person Accounts, and Funds under a single Household record. Manual reparenting can be automated with workflows or custom code.
  • Unique Identifier:FSC supports custom fields, enabling the creation of a unique identifier for each unified record.

Onboarding Journey Automation in Region CRM:

  • Search of Customer:Leverage FSC External Lookup component to search unified data residing in the Source CRM org and retrieve high-level information for specific customers in the other downstream Destination CRM orgs in the hierarchy.
  • API Integration:Utilize Salesforce APIs to build a custom search and retrieve functionality between Source CRM and Destination CRM.

Tailored Questions:

  • FSC Lightning Experience:Build custom Lightning components within FSC to create dynamic questionnaires based on the chosen onboarding journey type. This ensures collection of relevant information specific to each customer's needs.

Customer Portal Experience:

  • Onboarding Completion:Utilize pre-built or custom workflow functionalities in FSC to automate notification emails upon application completion.
  • Customer Portal Access:Integrate the Customer Portal with FSC. The notification email can include a secure link to the portal where customers can submit documents and track their application status.

Benefits of using FSC for Alternative Banking Solutions:

  • Centralized Data Management:Consolidate customer information from various sources for a holistic view in a single platform.
  • Streamlined Onboarding:Automate workflows for quicker turnaround times and improved customer experience.
  • Enhanced Compliance:FSC's robust security features ensure regulatory compliance with data privacy regulations.
  • Scalability:The cloud-based platform allows you to scale your solution to accommodate growth.

Additional Considerations:

  • Customization:FSC offers extensive customization options to tailor the solution to your specific needs. Leverage custom objects, fields, workflows, and components to build a comprehensive platform.
  • Security:Ensure proper data encryption and access controls are in place to protect sensitive customer information.

A Focus on delivering efficiency and flexibility: -

The traditional banking landscape is evolving rapidly. Businesses are increasingly seeking alternative solutions that offer greater control, agility, and cost-effectiveness. Here's how alternative banking solutions can empower your financial institution:

Rapid Implementation to Go Live:

  • Ditch lengthy deployment timelines. Alternative solutions typically boast modular architectures, allowing for quicker implementation and faster time-to-value. Get your solution up and running faster to meet the demands of your business.

Clear Segregation of Data:

  • Ensure data privacy and regulatory compliance with clear segregation. Organize data based on business unit and region, preventing unauthorized access, and ensuring adherence to regional data privacy regulations.

Business Unit/Region Segregation & Integration:

  • Need flexibility for different regions or business units? Alternative solutions often allow for "splitting out" specific functionalities for individual units. This grants them autonomy while still enabling integration with a central data repository for reporting and analytics.

Global Data Repository & Controlled Access:

  • Maintain a central data hub for global reporting and analysis. This allows for a holistic view of your operations while still maintaining controlled access based on business unit and region. You can gain valuable insights without compromising data security.

Cost-Effective Build, Deployment, and Support:

  • Alternative solutions can be more cost-effective compared to traditional banking systems. Often built on cloud-based platforms, they benefit from economies of scale and require less upfront investment. Additionally, their modular nature can streamline deployment and ongoing support.

On-Demand Data Insights:

  • Empower decision-making at all levels with on-demand data insights. Get the information you need, when you need it, across all business functions. This allows for data-driven decision making and real-time optimization of your operations.

 

To learn more about our Salesforce Practice, Capabilities, and Solutions – Click here