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    What is Salesforce Financial Service Cloud

    August 27, 2021     11:19 am

    Author Name: Jaspreet Chawla

    When you hear the name of salesforce financial service cloud, you might start wondering what are these four words and how is it connected to sales? How can sales be made on a financial service cloud? Why is this so complicated to understand? Well, slow down a bit. When someone asks you this question, your mind might just go blank; afterall, there aren’t many people who can understand something via the internet. So we are here to shed some light on what the salesforce financial service cloud is with some easy-peasy words that will help you understand the whole question.

    Financial Service Cloud(FSC) is a product of Salesforce.com, a software company located in the USA. As FSC is a product of salesforce, it is called Salesforce Financial Service Cloud(SFSC). Now, don’t get anxious; we are coming to the part that explains what does do?

    FSC is designed by salesforce to support wealth management, insurance career markets, and retail and commercial banks. In short, it is a platform that helps to get clients or consumers to a particular bank, company, or management. Many people are not aware of this fact, but when FSC was launched, its main service was wealth management. But since it became successful now, FSC has enhanced its services with other parts of financial services, as it is mentioned above. The main function of FSC is designed to build a data model that helps track consumers/clients for advisors, bankers, and insurance agents. 

    What’s more, FSC is designed so that new capabilities are developed by itself three times a year by automatic system. Sometimes you may log out from the website, and when you log in, you’ll see some enhanced features; it shows that it has been upgraded recently. Sometimes many people can’t understand the upgraded version, so they end up being confused at last. Scroll down to understand SFSC as a whole in an easier manner.

    FSC is like an elixir/ambrosia for the people who work in the sales department. It has a special tab for Leads that are generated, but you can name your leads however you want to name them. FSC can help you with any issues you and your clients/consumers are facing in your business.

    There are different benefits of FSC for every organization. Let’s get into knowing the benefits of FSC:

    FSC benefits for Banking and Lending:

    There are many other benefits of FSC that help in enhancing other services. Through FSC, banks can track customer relationships, source and prioritize referrals, streamline handoffs and coordination among key stakeholders, provide visibility throughout banking and borrowing processes, and many more features that help generate leads. Through FSC lending and banking institutions can standardize customer care, track the lending process, see the regular changes in lending, etc.

    FSC benefits for Capital Market:

    The benefits of FSC for Capital Market are it helps in meeting strict security, compliance, and data regulatory requirements build a strong analytics program that delivers insights, and increases competitive advantage with AI. It also helps capital market firms inflow their workflow tools by helping them operationalize and streamline their tools. Capital Markets firms can visualize their assets and management, which helps them provide proper solutions for investment banking, private equity, real estate, and more.

    FSC benefits for Insurance Companies:

    Salesforce Financial Services Cloud provides the immediate, detailed look policyholders and insurers both benefit from. The benefits include PAS/AMS integration for 360-degree customer view,  onboarding activity workflows, pre-and post-transaction customer journeys, Next best offers.

    Every day SFSC is moving towards new developments. By reducing friction and improving efficiency, it optimizes the everyday and urgent communications and workflows between teams and the people companies can serve.

    Parting Thoughts

    The FSC is constantly evolving toward more personalized experiences, real-time internal and external collaboration, predictive analytics, and the elimination of paper processes. SFSC is constantly looking to improve itself and be beneficial to users. With three-time enhancements in a year, the future of Salesforce Financial Service Cloud seems brighter every day.

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