Why are Fintech Firms fond of Salesforce Financial Services Cloud

This piece documents the key characteristics of Financial Services Cloud (FSC), designed and developed by Salesforce to revolutionize financial services. The importance of FSC and the reason for the reliance on it by the fintech firms are also elucidated below. So, read on! 

Let’s Start with the Basics: What is Salesforce? 

Salesforce is a US-based organization engaged in building CRM software and applications for bridging the gap between sales, service, marketing, commerce, and IT teams by providing every piece of information pertaining to the customers on a single platform. 

Salesforce is used as a central repository for storing key financial information about the customers. Flexibility is a key characteristic that tempts organizations regardless of their size towards Salesforce. 

Salesforce Financial Services Cloud: An Overview 

Salesforce Financial Services Cloud is a powerful asset management platform that equips wealth managers, financial advisors, and fintech organizations with the most relevant insights related to their customers and their needs. These insights play a vital role in retaining customers for a long time. Strategies are also formulated based on the same insights. 

FSC helps the wealth managers in mapping their client’s relationships by setting up household records. Households help in grouping family members or people with similar financial interests together. The financial aspirations of a household can easily be identified with the help of the consolidated data of the family members, and they can be served as per their needs. 

The influencers in the household responsible for making key decisions in a household can also be tracked by FSC through relationship mapping. Familiarity with the relationships helps financial advisors in formulating fruitful cross-selling strategies and campaigns. FSC has been designed to ensure that only authorized users can access sensitive financial information pertaining to the members of a household. 

FSC helps financial advisors in directing advertising campaigns and communication specifically towards the most relevant members of a household by enabling them to set up automated workflows and repetitive tasks. 

Benefits of Salesforce Financial Services Cloud for the Fintech Sector 

• An Absolute Time Saver: The Financial Services Cloud saves precious time and serves organizations by automating workflows, data collection, and document generation processes. The primary benefit of automation is the significant reduction in cost-to-serve. Familiarity with everything the customers are fond of enables the fintech players to ensure rationality in all their plans and decisions. Access to the customers’ financial profiles makes it incredibly easy for the fintech firms to build and maintain a healthy and long-term relationship with a rich number of their customers. Tasks can be automatically assigned to the team members and the repetitive tasks can easily be automated with the help of FSC. 
• Easy to Integrate: The Financial Services Cloud can easily be integrated by fintech organizations with banking and insurance platforms to ensure customized financial engagement with the customers. Accomplishing agility and scalability also becomes easy for financial institutions with the help of the same integration. Client engagement can easily be maximized with the help of FSC by integrating all the marketing campaigns. 
• An Unprecedented Lead Generator and Converter: Salesforce Financial Services Cloud helps fintech companies to easily generate leads and convert potential customers into loyal and long-term customers. This generation and conversion of leads are facilitated with the help of insights related to the customers’ financial behavior. The impressive number of leads helps fintech firms in maximizing their revenue without making much manual effort. Automation makes FSC an extremely powerful platform for the financial sector. 
• Promotes Collaboration: FSC facilitates collaboration among all the teams by keeping every stakeholder well informed about all the financial developments pertaining to the clients. 
• Accessible via all Devices: FSC can easily be accessed through mobile devices. This flexibility in accessibility ensures that the responses and resolutions are always as prompt as possible. 

Salesforce Financial Services Cloud Data Model 

FSC features a structured data model that is highly flexible. This flexibility ensures the fulfillment of the fintech requirements no matter how specific or detailed they may be. The data model can easily be visualized with the help of Schema Builder that vividly shows the objects, fields, and relationships. These fields, objects, and relationships can also be customized as per the need. 

Financial account, financial account role, financial holding, and securities are the major standard objects associated with FSC. The relationships between all the objects are clearly defined by the data model. For instance, a financial account having many financial holdings or an account with several contacts. These relationships make it extremely easy for the users to navigate and organize data. 

Salesforce Financial Services Cloud: Opt for the best service provider 

Hexaview Technologies is a digital transformation organization equipped with a team of Salesforce professionals who have years of experience. This team has been a part of a good number of projects where the requirement was to delight the clients through FSC. Many fintech players across the globe have been and are currently engaged with Hexaview to serve their customers as per their preferences. 

The Salesforce integration services offered by Hexaview are utilized by clients to integrate APIs, migrate third-party data, and for Computer-Telephony Integration (CTI). Hexaview has successfully built a good number of cloud-based software products for multiple fintech firms. Hexaview helps its clients in maximizing productivity and ensuring a better return on investment through a free Salesforce audit. This audit intends to improve the workflow and fix the conflicts identified in the processes. 

Salesforce consulting services offered by Hexaview help organizations in making rational decisions, maximizing productivity, and automating business processes. Despite offering superlative Salesforce services in terms of quality, affordability in pricing is always ensured by Hexaview and this is the primary thing that separates it from its competitors.