Salesforce Financial Services Cloud – Why is it Worth the Hype?

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Financial services corporations need to act faster on their customers’ needs by offering quick & robust solutions. And to help with that, the #1 CRM, Salesforce, has introduced an integrated & flexible solution called Salesforce financial services cloud. A single flexible platform that puts the customer at the core of everything it offers and:

  • It makes it easy for financial institutions to collaborate in real-time with their customers.
  • Share instant data to offer the best customer experiences.
  • Help customers make informed yet faster decisions & actions to meet their financial objectives from literally any corner of the globe.
  • Maintain robust customer security and compliance

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What is Salesforce Financial Services Cloud? – You May Ask!

Salesforce financial services cloud is an integrated CRM meant to build stronger client relationships. It enhances the productivity of financial services organizations as it helps understand what team is best at, provides holistic, goal-based advice, and automates the client management efforts. Since Lightning powers it, it offers multiple engagement features with which advisors can streamline the client information and offer them more personalized services over any device or platform.

The USP of the Salesforce financial services cloud can alter it according to the needs of the businesses. It is suitable for financial services organizations like wealth management firms, banks, insurance companies, mortgages, professional advisory firms, audit consulting, and more.

Why Salesforce Financial Services Cloud Over Other Wealth Management Tools?

The Salesforce financial services cloud is an ideal wealth management tool over other management tools because it:

  • Visualizes essential real-time client data and provides partner solutions for advisors at a single touchpoint.
  • Salesforce Einstein powers it; it tracks, captures the team’s actions, and recommends the best move for productivity and efficiency.
  • Has varied AI-driven tools that help with an excellent advisory for clients.
  • Delivers a unique client data model and gathers all relevant client data, meeting every client engagement opportunity.
  • Offers multiple solutions as asset aggregation, custodian data services, portfolio rebalancing, and more, which helps customers take and institutions deliver better financial products & services.
  • And since this cloud is from Salesforce, there are three updates every year, which helps advisors & customers get introduced to more innovative features & enhancements.

Now that you know what a financial service cloud is and what it does let’s understand how it benefits the different financial services organizations.

Benefits of Salesforce Financial Services Cloud — For Different Business Models

Let us understand the importance of Financial Services Cloud for your business models before jumping to know more about the benefits offered to everyone using this platform. These benefits are specific to your business needs and the features offered. 

Benefits of Salesforce Financial Services Cloud for Banking & Lending Institutions

Today’s banking & lending institutions need to intensify CRM solutions that can help them get live insights into their customers. Understand their customers’ needs & preferences, and deliver timely & personalized communications accordingly– and Salesforce cloud for financial services does precisely that.

With Salesforce cloud, banks & lending institutions can:

  1. View, visualize, and track customer insights and relationships.
  2. Streamline handoffs
  3. Highlight and prioritize referrals
  4. Create customer-focused strategies to retain them & increase profits from financial products
  5. Bring real-time coordination among stakeholders.
  6. Get real-time visibility throughout the banking process from borrowing to the deposit process.
  7. Standardize customer care services for retail banking
  8. Gather interest for membership services based on customer experiences
  9. Get an overview of the mortgage and lending process.
  10. Induce demand for commercial banking
  11. Track, automate, and streamline the commercial lending process.

Benefits of Salesforce Financial Services Cloud for Capital Markets

Salesforce financial services provide seamless workflow tools that help capital markets streamline & automate their processes. The Salesforce cloud offers excellent tools & customer relationship solutions that help capital markets:

  1. Track investment pipelines with its management features
  2. Get clear action plans that further supports investor relation teams bringing in new clients.
  3. Get relationship modeling capabilities to visualize the assets.
  4. To build custom solutions for branches of private equity, real estate, investment banking, and more.
  5. Incorporate AI capabilities to get a competitive edge
  6. Get real-time insights through a robust analytics program.
  7. Enjoy strict security and maintain all concerns related to compliance and data regulation.

Benefits of Salesforce Financial Services Cloud for Insurance Companies

If you are an insurance agency and have unique policyholders with unique needs, then Salesforce cloud is an ideal fit to meet those unique, individualized needs. The CRM helps customer reps or agents:

  1. Get access to real-time insights, analytics, out-of-the-box dashboards, and a complete top-level view of policyholders’ scope and preferences.
  2. The cloud helps policyholders and insurance entities exchange immediate and comprehensive information that could be beneficial.
  3. 360-degree customer view for PAS/AMS integration
  4. Maintain pre and post transactions customer journey
  5. Maintain day-to-day activity workflow over the unified dashboard
  6. Get personalized data to draw the next best offers to attract & retain customers.

Top Reasons Why the Finance Sector is Building Pillars with Financial Services Cloud!

Financial service cloud benefits could be specific to you when you belong to the mentioned business models. However, apart from these, there are many benefits you can expect from the Financial Services Cloud. Are you interested in knowing more about these?

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Here are a few reasons why financial institutions are stepping up with Salesforce cloud:

  • Seamless Customer Interactions

This financial cloud lets banks deliver, and customers receive real-time, effortless engagements across any device, saving much time and other resources.

  • Meets Users Financial Needs Head-on

The platform lets businesses get a 360-degree view of customers from a company & personal level, which helps curate personalized messages that correlate to customers’ financial needs.

  • Robust Security & Compliance

The CRM comes with multiple security layers and data encryption which helps in safeguarding the customer data. With streamlined & protected monitoring and regulation, the customer’s data is never at stake.

  • Integrates With Everything

The platform is governed by AI-driven capabilities that offer seamless syncing with other n numbers of business systems without breaking the customers’ journey for a single nanosecond.

  • Strong Team Collaboration & Productivity

Integrated dashboards let teams work together in real-time without hampering each other’s workflow. It offers tools that unify teams’ efforts & goals. Since it is featured with Salesforce inbox, teams get complete customer data required to work collectively to close the deals.

  • Supports Efficient & Foolproof Actions

Maintaining customers manually over a non-automated system could be a lot time-consuming, which can also lead to errors & duplication of data. This AI-driven, automated CRM helps reps streamline and automate from basic to intrinsic activities with ease.

Final words

To become a competitive financial business model, having integrated, seamless, and customer-centric solutions are the key. For wealth management firms, financial advisors, insurance companies, mortgage companies, and capital markets to eliminate laborious tasks and help banks and gain their customers’ trust, the Salesforce Financial Services Cloud is a much-needed innovation.

It is an ideal platform over other wealth management tools as it optimizes, streamlines & automates everyday communication & collaboration between financial product offers and their customers.

To become an automated and competitive business, you should partner with Salesforce financial services cloud providers, who can help integrate this platform into your existing business systems and reap all the benefits.

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