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Use Data to Get the Big Picture About Your Customers

Learning Objectives

After completing this unit, you’ll be able to:

  • Name the problems with siloed data systems.
  • Explain the benefits of having your data in one place.
  • Uncover new insights when looking at data in a richer context.

Do You See What You Need to See?

The customer data for Matt’s company is stored in many siloed systems. If his advisors want to access customer information, he has to move data back and forth by loading it into new systems or creating reports. Even worse, sometimes the advisors themselves have to switch between multiple systems to get their jobs done. All this takes time—way too much time. His advisors don’t have the data they need when they need it, or the time to work with it once they get it. It all detracts from a crucial part of their job: building relationships with clients.

Yes, You Can!

Once Matt gets everything set up in Financial Services Cloud, advisors can get instant access to all customer data in one place. Now they can focus on building customer relationships instead of chasing data. What’s more, with Financial Services Cloud, his advisors can access that same data on their mobile phones. Because the data is centrally managed, Matt can easily control security, manage updates, keep the data accurate, and manage regulatory issues.

Take a Closer Look

Remember when we said that Financial Services Cloud provides a framework for accessing customer data in a richer context? Here’s what we mean.

Matt decides to hop inside Financial Services Cloud to play around; he uses the Client Relationship Map to see some much-needed customer context. This nifty tool helps bring a customer’s personal network to life. He can view each customer in a primary household, such as with a spouse and children, and in other households, too, such as their parents’. The Client Relationship Map also links up the patchwork of trusts, lawyers, accountants, and others who help to shape a customer’s financial world.

Matt looks at a sample customer named Rachel Adams in the Client Relationship Map. The Client Relationship Map shows Rachel Adams’s relationship tree. This includes the following.

  • Her primary household, where she is the client, along with her spouse.

  • The Symonds household, showing Rachel and her father.

  • A related trust account and a related contacts list.

Relationship map for Rachel Adams.

In addition to relationships, Financial Services Cloud lets Matt look at a customer’s financial accounts in one place. The account view lists investment accounts, credit accounts, deposit accounts, insurance policies, and more. Matt can see how these accounts roll up for one customer or for an entire household. And he realizes his advisors can discover how much of a customer’s or household’s assets are under their management and how much are held away. He checks out Rachel Adams’s sample financial accounts.

Diagram showing Rachel Adams’s financial accounts, including the total amount, AUM, and category. Further down are total investments, total bank deposits, total insurance, and wallet share. Under that is a list of her individual accounts.

So now you’ve seen how Financial Services Cloud uses your data to uncover the power of yes. Let’s see how it increases the productivity of your advisors or personal bankers.