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 those sectors.
Solutions for Each Part of Your Institution
Financial institutions like yours provide a variety of services to different types of clients, each with their own specific requirements. The ready-to use solutions in Financial Services Cloud support many different sectors:
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Retail banks that work with individual customers.
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Wealth managers who provide tailored financial advice to clients.
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Commercial banks that work with businesses, government agencies, and institutional clients.
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Insurers that provide policies to individuals and organizations.
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Lenders that provide products such as home, auto, and mortgage loans.
In this unit, learn more about solutions for these financial sectors.
Retail Banking
Financial Services Cloud for Retail Banking gives bankers, service reps, and operations staff a full view and deep understanding of their customers. This includes a view of clients’ financial accounts, households, branches, and any tasks that can deepen an institution’s relationship with the client.
You can integrate core banking and external systems to streamline customer experiences across tasks, services, and systems for a deeper understanding of each customer. Banking professionals can deliver modern, effective, and consistent multichannel experiences to grow trusted and profitable relationships. Branch managers can get a view of their team’s performance, too, with the Branch Manager dashboard.
With these insights, branch managers can steer their teams to work in better ways. And, 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 customer onboarding and services smoother and more efficient, helping to build long-term client relationships. Plus, prebuilt Agentforce skills like Banking Service Assistance help reps handle common questions and automate tasks for retail-banking services.
Wealth Management
With Financial Services Cloud, financial advisors have a complete view of their clients to deliver personalized and timely service. Here’s an image of an example client’s profile.
Advisors can get a quick view of their clients’ situation. Then, using the wealth-management features included with Financial Services Cloud, advisors can deepen client relationships, personalize engagements, and increase productivity to scale their reach and grow their business.
To focus on the right clients and activities, advisors can use features for financial planning, detailed notetaking about customer interactions, and contextual alerts that prompt wealth managers to action. For example, set up alerts to tell an advisor if a client is unlikely to reach a financial goal. With this information, the advisor steps in and gives the client helpful advice when it’s most needed.
Agentforce can streamline wealth-management tasks, too. The prebuilt Financial Advisor Assistance skill helps high-touch relationship managers automate tedious administrative tasks for client meeting preparation. After the meeting, the Banking Relationship Assistance skill automates follow-up tasks like organizing notes and updating client plans.
Commercial Banking
The Commercial Banking Console app gives relationship managers and service reps a single-page, 360-degree view of client details, activities, financial accounts, objectives, and interactions. This way, they can act directly from the console, without switching between multiple applications.
For core business-to-business tasks, the Financial Deal Management object assists in tracking the lifecycle of financial deals, including terms, status, and involved parties. And with the Compliant Data Sharing feature, you can make sure that sensitive data is shared only with the relevant people, limiting regulatory risks.
With the Business Relationship Plan feature, commercial bankers can start with a template plan, create strategic goals, and define actionable measures. Phases, action plans, and AI-powered summaries help keep your team informed and working together to move a plan forward.
For onboarding and compliance, the Business Client Engagement feature uses the Onboarding and Know Your Customer (KYC) data models. These purpose-built models capture details like business ownership and business structure, integrating with external data for verification.
Insurance
Insurance for Financial Services Cloud gives you tools to effectively manage claims and policies, improve customer satisfaction, and grow your business.
Track product performance based on key metrics for policies, quotes, and commissions with insurance-specific data models. You can also gain insights into claims and financial performance to effectively manage expenses and reserves, and write policies that boost your revenue. Plus, deliver end-to-end experiences for channel managers, marketers, sales reps, underwriters, account managers, service representatives, and claims managers.
And with optional, add-on digital insurance features, you can speed up business innovation and launch new products quickly and respond to the market. Then drive processing with automated multichannel customer interactions.
Insurance brokerages, too, can use an add-on product to connect insurance producers and account managers in a single system. Industry-specific client profiles help account managers proactively engage with clients, update policies, and quickly renew them. Policy lifecycle management features provide a complete view of different types of policy in a single system. Other features help you get accurate premium calculations, revenue expectations, and commission statements.
To learn more about the insurance features complete the Get to Know the Digital Insurance Platform trail.
If you work with an insurance brokerage, be sure to complete Insurance Brokerage for Financial Services Cloud, as well.
Lending
Lending for Financial Services Cloud includes a data model for applications, Omnistudio components, Experience Cloud templates, and Agentforce actions.
Potential borrowers can start by browsing an Experience Cloud site to find products, such as home loans, auto loans, and mortgages. To learn about loan options, they can chat with an AI agent built using the Loan Product Assistance Agentforce template.
Borrowers and loan officers can then collaborate on loan applications, collect all the necessary documents, and verify them for accuracy. This helps underwriters focus on more important parts of the application and reduces closing time.
The lending process also involves delivering personalized disclosures and capturing customer consent when assessing credit worthiness and other requirements for granting a home loan. Use Omnistudio to model the end-to-end loan application process, and keep your customers informed of their progress through their client portal.
What's Next?
Now that you’ve seen how Financial Services Cloud supports a range of sectors—from retail banking to insurance and lending—you’re ready to explore the foundational features that support client engagement across those business lines.
In the next unit, you learn how Financial Services Cloud supports the main stages of the customer journey: onboarding, relationship-building, and service. These capabilities work across your institution and set the stage for personalized, scalable, and compliant financial experiences.