Deliver Specialized Banking Services
Learning Objectives
After completing this unit, you’ll be able to:
- List the specialized banking services offered by Financial Services Cloud.
- Describe how Financial Services Cloud supports retail banking and wealth management.
- Define the features for managing commercial banking clients.
- List the tools for designing efficient debt-collection and recovery processes.
Solutions for Your Services
In the previous unit, you explored features that help financial institutions onboard clients, manage relationships, and deliver wonderful service. These capabilities span the customer lifecycle and work across your organization.
In this unit, you focus on tools and features designed for specific business lines. From branch performance in retail banking to financial goal tracking in wealth management and commercial deal management, Financial Services Cloud includes specialized features and data models for each line of business.
These solutions are tailored to the way different teams work, with workflows, data, and automation that reflect the complexity of financial services operations.
Deliver Specialized Retail Banking
Financial Services Cloud gives retail bankers a 360-degree view of their customers and streamlines client interactions through a unified console application. Plus, managers can use these features to manage their branches and track their performance.
Branch Management
Help branch managers and administrators track the work of branches, employees, and customer segments. Use the Branch Unit object to set up branches and a Banker object to represent employees of those branches and relate them to user and contact records. Use these objects to track activities and performance at the branch level. Plus, a Branch Console app provides quick access to management tools.
Record Association Builder
Define criteria to automatically link new or changed records with bank branches. Record Association Builder automatically associates records to help you track work attribution, productivity, and custom performance indicators related to specific branches and bankers. For example, automatically associate a client with the branch closest to their mailing address.
Deliver Specialized Wealth Management Services
Increase customer loyalty and retention with personalized experiences based on real-time financial data. With Financial Services Cloud, you can generate personalized insights for advisors, and more.
Data Cloud for Financial Services Cloud
Show a calculated summary of a customer's accounts with your bank, income and spending, net worth, and financial health with real-time data from all your systems. Ready-to-use calculated insights help you quickly see aggregated data about earnings, expenses, net worth, and more. Use these insights to help customers with daily financial tasks, like managing spending, paying off debt, and considering important purchases.
Financial Plans and Goals
Help your clients reach their financial objectives using Financial Goals and Financial Plans. For example, a customer can have a financial plan for retirement with a financial goal to cover postretirement monthly expenses. Update the goal, link it to a financial account, and specify contributions to track their likelihood of reaching that goal.
Actionable Segmentation
Use Actionable Segmentation to group similar customers, curate those lists, and design personalized outreach programs. Then create actionable lists, like the one in this image, for various outreach initiatives.
For example, a wealth manager can use the actionable list of high-net-worth individuals in the screenshot for a wealth plan outreach initiative.
Streamline Business Client Management and Strengthen Relationships
Use Financial Services Cloud to simplify business corporate client onboarding and build better relationships. With these features, you can give your business clients best-fit services to keep them engaged.
Business Client Engagement
Give your bankers a complete view of all of their complex B2B relationships using purpose-built data models and features. Your bankers and service reps can access all of these features in the Commercial Banking Console App. The app shows a clear view of customer details and activities, key updates, recent accounts, in-progress applications, and more.
Business Relationship Plans
Extend Salesforce Sales Cloud's Account Plan object to track essential information about a business client and their financial objectives and progress. Use business relationship plans to prepare goal-driven client plans based on their account details.
Plus, AI-powered summaries quickly provide insights into won or lost opportunities, key success and failure factors, current open opportunities, and cases in the pipeline.
Financial Deal Management
Track and manage financial deals throughout the entire deal lifecycle, from initiation to close. With Financial Deal Management, you can manage all deal-related information in one place. Plus, you can ensure compliant, role-based data sharing for confidential information with the Compliant Data Sharing feature.
Efficiently Manage Debt Collections and Recovery Processes
Improve collections efficiency, decrease delinquent accounts, and limit the impact of bad debts—money owed to you that a customer can’t or won’t pay—with Financial Services Cloud’s collections and recovery features. Prioritize collection lists and create outreach campaigns using Marketing Cloud to remind borrowers of outstanding due amounts, capture promises to pay, and generate secure payment links.
Actionable Segmentation
Use Actionable Segmentation to create collection segments and then tailor collection strategies and prioritize your team’s efforts. Then, use Actionable Lists to distribute work across your collections team and help them work efficiently.
Case Management
With Financial Services Cloud’s collections case management features, you can configure set field-level security for the case source field, create a decision matrix, and customize the prebuilt flows to create and close cases.
Outreach Automation
Automate timely, personalized outreach campaigns in Marketing Cloud, triggered by customer behavior and delinquency stages, using your collections data.
Promise-to-Pay Agreements
Create a promise to pay to get a commitment from a delinquent borrower to pay their overdue amount by a specific date. Collections specialists can use the prebuilt Create Promise to Pay action to record these commitments and create a payment schedule.
Salesforce Pay Now
Pay Now creates and sends secure payment links that customers can use for immediate or scheduled payments.
With this feature, collections specialists can create payment links instantly and send them to customers. This makes it more likely that customers pay promptly.
What’s Next
In this unit, you learned about the special banking features included in Financial Services Cloud, including retail banking, wealth management, commercial banking, and debt collections. But what about other banking tasks and services like compliance and lending?
Financial Services Cloud offers optional add-ons to cover those functions. Discover add-ons and their features in the next unit.
Resources
- Salesforce Help: Get Started with Financial Services Cloud for Retail Banking
- Salesforce Help: Get Started with Financial Services Cloud for Wealth Management
- Salesforce Help: Get Started with Business Client Engagement for Financial Services Cloud
- Salesforce Help: Collections and Recovery for Financial Services Cloud