What is Sales Cloud?
Sales Cloud is a cloud based platform that acts as a one- stop point where the whole team can input and access details of interaction of a customer. It is considered as the core product of Salesforce which has been in use for a long time. It keeps track of information about sales, customers and leads all in a place.
What is Financial Services Cloud?
Financial Services Cloud is a product of the Salesforce Cloud for industries of Financial Services. It was launched in 2015. Its major role is that it combines and extends the functionality of Service and Sales Cloud to provide better productivity to banks, insurance companies, etc. It helps advisors in reducing the time spent in gathering information for clients and also advises them to do the things in a manner that their clients are at the center.
Why is the Salesforce Financial Services Cloud preferred over Sales Cloud?
If we try to meet the needs of the Financial Services Industry through Sales Cloud , heavy customization is required. In customization, Salesforce Developers and Admins are overburdened due to ongoing maintenance and challenge implementation.
But, when Financial Services Cloud (FSC) was added to Sales Cloud, many out of the box industry specific features helped firms a lot.
Reasons to choose Financial Services Cloud :
- Household Data Model – Advisors can manage all individuals – client’s household, business etc individuals through this data model and all these are managed in one place.
To view map of client’s household , three important relationships of object that can be used by advisors are-
- Account-Account Relationships (AAR) – This relationship can be used to link organizations with households.
- Account-Contact Relationships (ACR) – This relationship can be used to link households and clients.
- Contact-Contact Relationships (CCR ) – This relationship is used to link household members with other contacts.
- Goals and Financial Accounts – Different types of Financial Accounts are supported by FSC . These are – Bank Accounts, Insurance Policy, Investment Accounts. With the help of Financial Goals, advisors can track client’s investment goals and can build a strategy to meet these goals.
- Leads Tracking – In the Financial Services Industry , referrals and leads should be tracked. Like Opportunity , referral also follows a certain path. A sequence of stages are executed, from creation to conversion process. When the leads are converted, an Account and Opportunity is created automatically. We can also see the information of referrers on records to identify best referrers.
- Plan of Action – Some tasks need to be executed again and again in which a lot of time is utilised. The action plan helps to reduce time and labour by automating some repeatable tasks. Also, with this, deadlines are met on time for the steps that were predefined. This also automates task assignment to different team members.
- Communities – Customers and partners are empowered by providing access to Financial Services Cloud for external users using Communities licenses. Using FSC, account details access, financial accounts access , and more can be provided with Community Cloud.
- Advisor Analytics – Access to analytics which consists of reports and dashboards helps in empowering advisors to make fast decisions and provide better output to clients. Also, using FSC , pre- defined dashboards and reports can be modified as per the need of institutions.
Also, FSC plays a great role in forming one to one relationships between organizations and people which helps in understanding spans of control.
So, FSC is a very useful package as it can save time and money of financial institutions in comparison with Sales Cloud. It helps organizations, advisors to establish regular tasks to ensure client’s satisfaction.