October 25 2021
Author Ed Rowland

Salesforce Financial Services Cloud – 3 things you need to know

Financial Services Cloud an extension of the Salesforce CRM family, launched in 2015 as a result of Salesforce’s collaboration with some of the leading financial institutions.

If you’re considering implementing Salesforce Financial Services Cloud, here are 3 things you need to know

Financial Services Cloud is the CRM that helps wealth and asset management providers, insurance providers, banks or any other financial service providers shine in their line of business.

The Cloud empowers the financial services industry by providing capabilities specifically designed for them, such as specialised workflows and data models. Subsequently, this creates added value to the customer, personalising their journey with the company and in general, increasing customer loyalty.

Because Financial Services Cloud was built on top of Service and Sales Cloud, in essence, it can do everything both clouds do

Financial Services Cloud will unite your data in one place, provide the opportunity to use in-depth AI-based analytics, ensure mobility, and support building 1-on-1 relationships with your clients.

To satisfy any additional questions, we bring you 3 key differences to contemplate before taking the next step in your digital journey.

3 ways Financial Service Cloud differs from other Salesforce CRM solutions


1) Financial services supporting features

Similarly to other Clouds provided by Salesforce, Financial Services Cloud also offers out of the box functionalities along with specific objects such as Financial Account, Financial Account Role, Financial Holding, Securities, and others.

When it comes to its functionalities, here are a few for you to study:

  • Einstein Analytics for Financial Services — to support your activities with AI-powered business intelligence.
  • Intelligent need-based referrals and scoring — a needs-and-referrals component that helps employees to nurture and convert client leads. As Einstein Lead Scoring works with Financial Services Cloud, eventually, Einstein learns about referrals and referrers, which empowers advisors to look up scores that represent the probability of a referral to convert.
  • Community Cloud for Financial Services — to help build a community of customers and partners by leveraging industry objects, components, and flows.
  • Financial Accounts and Rollups  — to gain a full perspective of each customer in the context of their entire financial world.
  • Relationship Builder and Map — to quickly connect customers with households or any relevant business groups to visualise critical relationships.


2) Data model

The data model in the Financial Services Cloud is an extension of the data model in the Sales and Service Cloud CRM. In short, it is tailored to the financial services industry; includes standard Salesforce objects, plus out-of-the-box objects to represent the workflow and business data in the financial services industry.

More specifically, the data model will represent a customer, along with their relationships and financial activities. So, instead of having an account-based overview as presented in Sales or Service Cloud CRM, in Financial Services Cloud, you will enjoy a relationship-based customer overview, which links customers with households, trusts, accountants and lawyers.


3) Security and compliance

As financial service companies usually have the strictest security requirements, Financial Services Cloud, coupled with Salesforce Shield, offers a robust suite of security and compliance features.

This way your organisation can establish consistent onboarding tasks to ensure the client’s best interests are always represented and even offer an extra layer of security that include specialised tools that monitor data access and usage and prevent malicious activity.  When applied together with Salesforce Shield, Financial Service Cloud ensures every advisor, agent or business group can follow regulatory measures at scale.

Final thoughts

Curious to know how Financial Services Cloud fits within your organisation?  Give us a shout!

As specialists within the Financial Services industry, Cloud Orca’s experienced team can quickly examine your current position and recognise the best way forward.

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