These days Business represents relationships. This is not something unheard of. Now, the way you manage and maintain those ties is totally different in the present business world. In case you wish to forge ties with prospective and current customers, enhance revenue, and provide the apt information at the right time, you require industry knowledge and appropriate technology. Salesforce Financial Services Cloud (FSC) is an ideal tool that can perform everything for your financial services team. It’s a platform that offers instant access to important data, peek into novel customer journeys, and logical insights at every stage of the customer lifecycle. Irrespective of the area of the financial services industry you’re into FSC assists you in dealing with any challenges confronting your business.
How FSC benefits banking and lending
Customers desire an increasingly connected and incredible experience from their financial institutions these days.
Banking and lending bodies vie with each other based on timely and apt communications, realizations, and access on all devices. Financial Services Cloud has the ability to find with ease and monitor customer relationships, origin and prioritize referrals, organize handoffs and coordination among major stakeholders, and offer visibility all through banking and borrowing methods.
Through Financial Services Cloud, banking and lending institutions are able to:
Familiarize with regulatory overhauls in mortgages and consumer lending
Systematize advanced customer care for retail banking
Expecting requests for member services on the basis of the customer sojourn
Monitor and automate financial lending process
Satisfy statutory demands for commercial banking
Consider the example of Lake City bank, Indiana’s oldest state-chartered bank. The institution in question had got tired of their legacy operating system and took up a multi-phased Salesforce and nCino implementation to maximize bottom line. In order to provide Lake City Bank with a clear view of their customers and accelerate functional efficiency, Silverline executed Financial Services Cloud in an existing nCino org.
“The humongous benefit of shifting everything to Salesforce was the increased system dynamism and acceleration to market, along with the capability to create improvements and align our program while moving forward,” said Jolene Howard, Vice President at Lake City Bank.With fresh features and abilities, Lake City Bank, at present, is endowed with a platform that is scalable and helps businesses to grow, instead of a old, irrelevant system with limited operational capacity.
How FSC helps capital markets
Salesforce Financial Services Cloud assists capital markets entities to organize their methods with potent workflow tools. For example, bankers can monitor transactions and investment pipelines with strong prospect management characteristics, while operational plans aid client services and investor relations teams bring in new clients. Relationship modeling capabilities assists entities see their assets under management and offer a solid base for developing tailored solutions for investment banking, private equity, real estate, and more.
With Financial Services Cloud, capital markets entities will be able to:
Oblige stringent safety, compliance, and data statutory obligations
Devise a robust analytics program that offers insights when you desire
Maximize competitive edge with AI
Stonebriar Commercial Finance, a privately held company providing financing solutions to several industries was confronted with humongous competition as a new kid on the block. Stonebriar had restricted executive insight into their pipeline and the new lead qualification and loan origination prospects for five chief business platforms (General Equipment, Rail Leasing, Aviation, Sponsor Finance & Real Estate).
Their procedures were very manual, needing to enter new prospects into several systems for loans, leases, and post-book servicing. An old and obsolete website with less content handling abilities posed an insurmountable challenge to create a flexible external marketing presence — and create relationships with current and prospective customers.
Our customized Salesforce can easily gel with any needs — humongous prospects with external data sources to compound risk and portfolio exposure, monitor workforce needs, get approvals for requisite credit, asset and funding tasks, and monitor underwriting progress.
How insurance companies benefit by FSC
Financial Services Cloud assists insurance companies to specifically deal with personalized requirements. Agents and customer service personnel get a clear picture of every policyholder’s achievements, and instant insights and analytics to notify coverage suggestions, and unique dashboards. Salesforce Financial Services Cloud gives the imminent, in depth look for policyholders and insurers to materialize.
Financial Services Cloud enables insurance companies to:
- Integrate PAS/AMS for clear-cut view for customers
- Onboarding task workflows
- Before and after transaction customer journeys
- Upcoming best offer
One of our clients, a well-known life insurance carrier, did not have a clarity over their policyholders, resulting in an overall negative customer experience. To make it worse, they were handling very high agent and policyholder assistance representatives leading to extra expenditures and productivity losses.
We fully optimized Salesforce Financial Services Cloud to refurbish their procedures. With Financial Services Cloud’s insurance native data mode and its robust customer profile and policy lifecycle method characteristics, our client’s agents and service representatives were strengthened with intuitive and simple collaborative tools. By opting for the Salesforce solution the productivity touched new heights and this led to immense satisfaction, and positively impacted the aspect of agent retention. We even devised and executed a wholesome agent recruiting and onboarding process which assisted the company to gain lost grounds.
Benefits of FSC to wealth and asset management
Financial Services Cloud makes the job convenient for wealth and asset management firms to reflect trust and clarity. With a potent FSC, you can access and see all account information within and across clients, households, and networks; curate and make available important client information and partner solutions for advisors — everything in one place; strengthen advisors with Next Best Action suggestions driven by Salesforce Einstein. With Financial Services Cloud, wealth and asset management firms will:
Obtain valuable data of Financial Accounts integration of assets Held Away and other data sources
Get tools to offer personalized advice on every channel
Automate householding to provide useful client insight
Strong marketing automation increases time spent on assisting clients to accomplish their goals. One of our clients, Tiedemann Wealth Management, used various, different Salesforce instances and triggered an inability to get a clear picture of its relationships. Also, the varied Salesforce instances were not adopted in a big way, as they were developed strategically over the past few years.
By fully extracting the potential of regular Salesforce Financial Services Cloud (FSC) cloud features together with custom features to satisfy its requirements and deal with challenges inhibiting business processes. Tiedemann got the exact view of client data to proactively address their client requirements. With Financial Services Cloud, advisors were strengthened with intuitive and simple collaboration tools and full client information in a linked platform, enabling advisors to turn more productive and get a lot of time to concentrate on developing client relationships.
Our strategy that worked
By minimizing clashes and enhancing efficiency, Financial Services Cloud facilitates daily and immediate communications and work plans between your teams and the one you serve. The financial services arena is regularly changing and turning towards increased personalized experiences, instant internal and external collaboration, predictive analytics, and the abolition of paper procedures. Financial Services Cloud is in fact at the centre of a major revolution, and we are better equipped to assist you in deriving the benefits.
Being a Salesforce Partner with a wealth of experience in financial services, we take recourse to fair practices gained via over a thousand implementations and we have a major financial services team with abundance of industry knowledge across every business. We are very familiar with Financial Services Cloud, and can deliver what you desire through the strength of the platform.