Salesforce Financial Services Cloud Implementation: A Definitive Guide

Financial Services Cloud (FSC) is a highly customized offering from the house of Salesforce, the most prestigious CRM system in the world. Primarily, Financial Services Cloud serves the financial institutions by fulfilling their needs pertaining to client engagement, operations, and regulatory compliance. This piece intends to familiarize its readers with the Financial Services Cloud and the steps that need to be followed for its successful implementation. So, read on! 

Financial Services Cloud: What is it? 

Financial Services Cloud is a cloud-based and AI-powered platform responsible for facilitating business operations in the banking, insurance, and wealth and asset management sectors. FSC offers absolute visibility of every client’s financial profile but the story does not end here since the visibility of the financial profiles of the client’s family members can also be easily acquired through the same FSC. Therefore, filtering out the potential customers from such a massive pool has never been as easy as it now is owing to the capabilities of FSC. 

Financial Services Cloud: Why should it be used? 

FSC should be used owing to its ability to enhance client relationships, streamline operations, and drive growth within the financial services sector. FSC offers a comprehensive, client-centric platform that integrates financial account data, client interactions, and actionable insights. 

FSC facilitates a holistic view of clients by consolidating data from disparate systems into a unified interface, enabling professionals to deliver personalized and timely advice. Its robust analytics and AI capabilities empower users to identify trends, predict clients’ needs, and uncover opportunities for cross-selling and upselling. 

Compliance and regulatory adherence are simplified through FSC’s built-in tools, ensuring that financial institutions can navigate the complex landscape of financial regulations with confidence. Additionally, FSC’s automation of routine tasks and workflows enhances operational efficiency, allowing professionals to focus more on client engagement and strategy formulation. 

The platform’s scalability and flexibility ensure that it can grow with your business, adapting to changing needs and market conditions. By leveraging FSC, organizations can easily achieve superior client satisfaction, improved financial performance, and a competitive edge in the market, all while maintaining the highest standards of compliance and operational excellence. 

As per the Financial Services Global Market Report 2023 report published by ReportLinker, the global financial services market witnessed growth at a CAGR of 8.8% from 2022 ($25848.74 billion) to 2023 ($28115.02 billion). By 2027, the same market is likely to touch a whopping $37484.37 billion mark that translates to a CAGR of 7.5%. 

Direct Beneficiaries of Salesforce Financial Services Cloud 

The direct beneficiaries of Salesforce FSC are listed below: 

Financial Advisors: FSC is used by financial advisors to manage client relationships, track financial goals, and provide personalized advice based on a comprehensive view of clients’ financial portfolios. 

Relationship Managers: Relationship managers use FSC for enhancing customer relationships, tracking interactions, and ensuring that the client needs are met promptly and efficiently. 

Customer Service Representatives: The customer service representatives use Salesforce Financial Services Cloud to access client information quickly, resolve issues, and provide high-quality service. 

Wealth Managers: Wealth managers use FSC to manage high-net-worth clients, utilizing tools for portfolio management, risk assessment, and financial planning. 

Insurance Agents: FSC is used by the insurance agents to manage policyholder information, track policy renewals, and provide tailored insurance solutions. 

Bankers: Retail and commercial bankers use FSC to manage customer accounts, track transactions, and offer personalized banking services. 

Compliance Officers: Compliance officers use FSC to ensure that all the operations adhere to all the regulatory requirements by monitoring transactions and client data for compliance. 

Portfolio Managers: Portfolio managers use FSC for tracking investment performance, managing assets, and executing all the investment strategies. 

Marketing Professionals: The marketing professionals utilize the data insights from FSC to create targeted marketing campaigns and track their effectiveness. 

Also read: Why are Fintech Firms fond of Salesforce Financial Services Cloud

FSC and Sales Cloud are the same: A popular misperception 

Many professionals across the globe perceive FSC and the Sales Cloud to be the same. However, there are considerable differences between both offerings. The key differences between the two are listed below: 

Industry Specialization: FSC is specifically tailored for the financial services industry, including wealth management, banking, and insurance. Sales Cloud, on the other hand, is a general-purpose CRM for sales teams across several industries. 

Client and Household Management: FSC offers detailed client and household relationship management features to understand and manage family connections and client networks. The Sales Cloud, on the other hand, primarily focuses on the individual contacts and accounts without specialized tools for the household management. 

Financial Accounts and Holdings: FSC tracks detailed financial accounts, assets, liabilities, and holdings for the clients. The Sales Cloud, on the other hand, does not natively track financial accounts or holdings; it is focused on the sales opportunities and pipeline management. 

Compliance and Regulatory Features: FSC is equipped with the features to help meet financial industry compliance and regulatory requirements. The Sales Cloud, on the other hand, lacks industry-specific compliance tools; compliance features are more generic and must be customized for the clients’ specific needs. 

Goal-Based Planning: FSC is equipped with the tools for carrying out goal-based financial planning and tracking the clients’ financial goals. The Sales Cloud, on the other hand, primarily focuses on the sales goals and targets instead of financial planning for the clients. 

Client Lifecycle Management: FSC has been designed by Salesforce to manage the full client lifecycle, from onboarding to the ongoing service and retention. The Sales Cloud, on the other hand, focuses on the sales process lifecycle, from the lead generation to closing the deals and beyond. 

Salesforce Financial Services Cloud: Implementation Steps 

The steps that need to be followed for the implementation of FSC are listed below: 

Visit the Salesforce AppExchange and Install Vlocity and Financial Services Cloud 

Login to Salesforce and go to Salesforce AppExchange. Search for Vlocity Insurance and Financial Services Cloud packages. Click “Get It Now” for each relevant package. Choose the appropriate environment (Production or Sandbox) and follow the installation prompts. Complete the installation process by following the guided steps provided by Salesforce. 

Configure User Permissions 

Assign Permission Sets: Go to Setup>Users>Permission Sets. Find the permission sets installed with Vlocity packages, such as “Vlocity Admin” and “Vlocity User”. 

Assign Permission Sets to Users: Click on the specific permission set. Select “Manage Assignments” and add the users who need access. 

Create Custom Permission Sets (if needed): If your implementation requires custom permissions, create new permission sets with specific access rights. Assign these custom permission sets to the relevant users. 

Install Prebuilt Cards and Templates in Financial Cloud: Access Vlocity Card Configuration by navigating to Vlocity Card Designer in Salesforce and use it to import prebuilt card templates from Vlocity. Customize these cards as needed to fit your business processes. Once configured, deploy these cards to the relevant user profiles or permission sets. 

Install Vlocity Templates: Access Vlocity Template Manager through the following path: Setup>Installed Packages>Vlocity Template Manager. Browse and select the prebuilt templates relevant to your industry needs. Install these templates by following the provided instructions. Customize the templates to match your organization’s requirements. Save and deploy these templates. 

Set Up Product Categories: Go to the Vlocity Product Console in Salesforce. Define and create the product categories based on your offerings (e.g., insurance products, financial services). Organize your products by assigning them to the appropriate categories. Ensure that each product has the correct attributes and configurations. 

Create and Send Quotes: Navigate to the Vlocity CPQ (Configure, Price, Quote) section in Salesforce and use it to create new quotes. Select the relevant products and configure them according to the clients’ needs. Once a quote is prepared, use the CPQ tools to generate a quote document. Send the quote to the clients via email or other communication channels directly from Salesforce. 

Create Policies: Access Vlocity Policy Administration module and define the new policies by entering the necessary details such as policy ty[pe, coverage, terms, and conditions. Use the predefined templates to streamline the policy creation process. Link the created policies to the clients’ accounts within Salesforce. Ensure that all the relevant details are recorded and accessible. Continuously manage the policies by updating them as needed based on renewals, amendments, or claims. 

Salesforce Financial Services Cloud: Pricing 

The pricing associated with FSC is highly variable and entirely depends on the specific needs of the clients. However, the graphic below that is fetched from the official website of Salesforce can be used for reference in this regard. 

The Role of Hexaview in a highly successful FSC Project 

Hexaview Technologies is a digital transformation organization engaged in offering Salesforce services to clients across the globe for over a decade now. 

Hexaview recently helped a leading financial services firm based in the United States by the implementation of FSC. The client found it difficult to obtain a comprehensive view of client relationships because the client information was scattered across multiple systems. Advisors were compelled to spend considerable time searching for and consolidating client data. The manual processes and redundant workflows led to the inefficiencies and errors. The lack of automation hindered the ability to scale operations effectively. Ensuring compliance with the ever-evolving financial regulations was time-consuming and complex. Maintaining accurate records for the audits and regulatory reporting required substantial manual effort. Inconsistent and impersonal client interactions resulted in lower client satisfaction and retention rates. Limited insights into the client needs and preferences restricted the ability to offer personalized services. 

Hexaview implemented FSC through the following key components: 

Data Integration and Consolidation: FSC integrated data from various legacy systems, providing a unified 360-degree view of each client. All the client interactions, financial accounts, and transaction histories were centralized within FSC. 

Automation of Workflows: Automated workflows and processes were implemented to streamline the routine tasks such as client onboarding, data entry, and compliance tracking. Intelligent task management ensured advisors focused on high-value activities. 

Enhanced Compliance Management: FSC’s compliance tools were configured to ensure data security, track interactions, and generate audit-ready documentation. Real-time compliance monitoring and reporting capabilities were established. 

Personalized Client Engagement: FSC’s advanced analytics and AI-driven insights enabled advisors to understand the client needs and preferences better. Personalized communication strategies and financial advice were developed to enhance the client relationships. 

Implementation Process: Hexaview followed a structured approach for the implementation of FSC for the client. The following steps were the part of the implementation process: 

Discovery and Planning: Detailed discovery sessions were conducted to understand the specific needs and challenges of the client. A comprehensive implementation plan was developed, outlining the objectives, timelines, and the key milestones. 

Data Migration: Data from the legacy systems was carefully migrated to FSC, ensuring data integrity and accuracy. Data cleansing and validation processes were carried out to eliminate redundancies and inconsistencies. 

Customization and Integration: FSC was customized to align with the unique requirements of the client. Integrations with the existing systems such as CRM, ERP, and financial planning tools were established. 

Training and Change Management: Extensive training sessions were conducted to ensure that all the users were proficient in using FSC. The change management strategies were implemented to facilitate a smooth transition and encourage user adoption. 

Go-Live and Support: The go-live phase was executed seamlessly, with continuous monitoring and support to address any issues. Ongoing support and maintenance were provided to ensure optimal performance and continuous improvement. 

The implementation of Salesforce Financial Services Cloud by Hexaview resulted in improved efficiency, enhanced client experience, unprecedented regulatory compliance, and enhanced strategic decision-making driven by data. 

FAQs 

What is Salesforce Financial Services Cloud? 

Salesforce Financial Services Cloud is a specialized CRM platform designed to meet the unique needs of financial institutions such as banks, wealth management firms, insurance companies, and other financial services providers. It helps manage client relationships, streamline operations, and deliver personalized financial services. 

What are the key features of FSC? 

Key features include client and household profiles, relationship mapping, financial goal tracking, compliance management, customizable dashboards, automated workflows, and integration with other financial systems and third-party applications. 

How does FSC help in managing client relationships? 

Financial Services Cloud provides a comprehensive view of clients’ financial profiles, including assets, liabilities, goals, and interactions. It enables financial advisors to personalize their services, track client interactions, and identify opportunities for engagement and cross-selling.