Explore Financial Services Cloud Sectors
Learning Objectives
After completing this unit, you’ll be able to:
- List the sectors that Financial Services Cloud supports.
- Describe how the solution bolsters to those sectors.
Retail Banking
Financial Services Cloud for Retail Banking gives bankers, service agents, and operations staff a full view and deep understanding of their customers including their interests, goals, tasks, and financial accounts.
Integrate core banking and external systems to streamline customer experiences across all tasks, services, and systems and provide a deeper understanding of each customer. This way, banking professionals can deliver modern, effective, and consistent omnichannel experiences to grow trusted and profitable relationships.
With Sales Cloud and Service Cloud included, sales teams can maximize revenue channels, while service teams scale with reduced costs.
Salesforce platform automation reduces processing time, freeing operations staff to focus on the most important tasks. For example, automation makes new customer onboarding smoother and more efficient, helping teams give great first impressions and build long-term client relationships.
Wealth Management
With Financial Services Cloud, financial advisors have a complete view of their clients to deliver personalized and timely service.
Using the wealth-management features, advisors can deepen client relationships, personalize engagements, and increase productivity to scale their reach and grow their business. Advisors can engage with customers through their preferred channels, including online self-service, automated bot, or human chat.
To focus on the right clients and activities, advisors can use data science, advanced analytics, and insight-based capabilities to drive growth and increase client engagement. For example, advisors can track customer’s life-events, plan next-best-actions, and use reporting dashboards to inform their advice to customers.
Insurance
Insurance for Financial Services Cloud gives you tools to effectively manage claims and policies, ensure customer satisfaction, and grow your business.
Track product performance based on key metrics for policies, quotes, and commissions. Furthermore, gain insights into claims performance and financial performance to effectively manage expenses and reserves, and write policies that boost your revenue.
Additionally, deliver end-to-end experiences for channel managers, marketers, sales agents, underwriters, account managers, service representatives, and claims managers. By unifying customer data from siloed systems, you can provide personalized customer service across all channels.
Mortgage
Mortgage for Financial Services Cloud includes a data model for mortgage applications, flow templates, and flow screen components.
Borrowers and loan officers can collaborate on mortgage applications, collecting all the necessary documents and verifying them for accuracy before submission for underwriting. Optical character recognition (OCR) speeds up the document approval process, freeing underwriters to focus on more critical aspects of the application and shortening closing time.
The mortgage process also involves delivering personalized disclosures and ensuring customer consent when assessing credit worthiness and other requirements for granting a home loan. Use flows to model the end-to-end mortgage process and keep your customers informed of their mortgage progress through their client portal.
Commercial Banking
Commercial Banking features give bankers visibility into customer relationships across commercial lending, treasury management, trade finance, and more. For example, the Business Referrals record type for leads makes it easy for relationship managers and lending assistants to make business-to-business referrals.
Now that you have an overview of the Financial Services Cloud solutions and how they meet critical business needs, you're ready to dig into individual solutions and their component features.