Sales Cloud vs. Financial Services Cloud: All you need to know

For more than a decade, Salesforce has been the most popular CRM solution. Salesforce may already be in use at your financial services organization. While Sales Cloud has numerous advantages for any company, Financial Services Cloud’s industry-specific capabilities make it an excellent solution for many businesses. We frequently hear from Salesforce Sales Cloud and Service Cloud clients who are unsure whether or not moving to Financial Services Cloud is a good idea. For banks, insurance companies, and other financial institutions, the answer is a resounding yes. This is why: 

Salesforce Financial Services Cloud is a platform designed specifically for financial services. 

Salesforce Financial Services Cloud was created specifically for commercial and retail banks, wealth management businesses, asset managers, and insurers. Create a seamless customer experience for each of your clients, use artificial intelligence and Einstein Analytics to dig deep into performance indicators, and more. 

To satisfy the needs of financial organizations, Financial Services Cloud strengthens and expands the capability of Sales Cloud and Service Cloud.  

FSC comprises a data model designed to help financial services companies provide continuous innovation to their clients and staff. You can do the following using Financial Services Cloud: 

Set financial objectives and keep track of your finances. 

Financial Services Cloud allows you to keep track of your accounts and set goals. FSC comes with a native Financial Account object that has pre-defined record types for several types of financial accounts, including investment accounts, insurance policies, bank deposits, and loan accounts. 

You can define Financial Goals for your clients depending on the person or family, allowing you to build and document a strategy to assist them in purchasing a home, paying off college loans, or starting a business. Add or edit goals directly within Salesforce as they change to allow your staff to see how priorities shift over the life of their client engagements. 

Tracking of leads and referrals 

With FSC’s lead and referral tracking, you can see where your referrals are coming from. Get native tracking support for referrals throughout their entire lifecycle, including acceptance and conversion. The Financial Services Cloud also includes sophisticated need-based lead and referral scoring, which allows you to distinguish between leads and ideal clients, allowing you to focus on the most promising leads with the most potential for your organization. 

Plans of action 

Collaborate with other team members to design workflows for the most important activities. Through automation and tracking, Financial Services Cloud Action Plans empower your employees to provide consistent and compliant customer engagement experiences. Automating your processes decreases the danger of human mistakes while also relieving your personnel of the need to execute time-consuming manual tasks.  

Action plans allow you to standardize and automate document tracking and approval steps for various processes, as well as track the required actions in the appropriate order. Among other things, our clients have used it to collect and review documents for loan origination, claim management, and new client onboarding. As a result, regardless of the account manager, the customer experience remains excellent. 

Which is better: Sales Cloud or Financial Services Cloud? 

Financial Services Cloud is for you if you work in banking and lending, capital markets, insurance, or wealth and asset management. More personalized experiences, real-time internal and external collaboration, predictive analytics, and the removal of paper processes are all part of the financial services landscape. 

Financial Services Cloud, which is based on Salesforce, the world’s most popular CRM platform, comes with all of the core Sales Cloud features as well as new custom fields and objects for modelling financial accounts, goals, assets, and liabilities for both individual clients and entire households out of the box. In other words, Financial Service Cloud saves time and money for advisers by allowing them to personalize their CRM to speak their company’s language. 

Furthermore, Salesforce’s Financial Service Cloud, when paired with Salesforce Shield, offers a robust set of compliance tools. This means that agents, businesses, and advisors will be able to comply with new regulatory requirements on a large scale. 

The nicest part of Salesforce’s Financial Service Cloud is that it makes it simple for advisors to create visible and repeatable cooperation across their entire business while keeping track of customer conversations and relationships. Not only that, but Salesforce Financial Service Cloud also assists financial advisors, businesses, and agents in establishing standard onboarding activities to guarantee that the clients’ best interests are always at the forefront of each encounter.