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Salesforce Financial Service Cloud Essentials

salesforce financial services cloud

One of the main reasons behind Salesforce’s popularity is it is constantly adapting and enhancing features. That’s why people who choose Salesforce can rest assured that the chosen solution will develop according to business growth. If there is a new trend on the market, it is either introduced by Salesforce or it will be the first CRM that will adopt it. Salesforce Financial Services Cloud launch in 2015 made the life of thousands of financial offices easier and more organized. It also helped banks and other institutions that deal with finance management to draw their goals more clearly. Thus, providing a better service to their clients. Financial Services Cloud’s cost-benefit balance makes it the leader in the industry. Thanks to its features that cover all the needs of financial organizations, your teams will be more effective in wealth management. Thus, driving more revenues both for clients and for the institution they work for.

Speaking of Salesforce Financial Services Cloud pricing, it starts from $150 (Personal Edition) to $450 (Unlimited Edition) per month per user. The price depends on the feature set for a plan. So any business, starting from small companies to large enterprises can cover their financial management needs.

Salesforce Financial Services Cloud pricing

So what are these features and the benefits the plans can provide? In this Salesforce Financial Services Cloud review, we will tell you more about them, so let’s dive deeper into the matter:

Assist clients in achieving their financial goals easily with Einstein AI.

Einstein AI used by the majority of Salesforce products is as relevant as ever for Financial Services Cloud. This product is not included in the default Salesforce Financial Services Cloud cost, but it does support seamless integration with it. And it’s certainly worth additional investments.

With the help of Einstein Analytics, you can find clients who are not meeting their financial goals and focus on them. Initiate a personal contact or send an email with a piece of advice. You can even create tasks directly from the dashboard. Other than that, you can let your colleagues know that this client needs to be followed up on. Its “Discovery” feature can also contribute to decreasing attrition rates. Besides that, it gives insights into the leads that will likely be converted.

If you search for automating the work that is done manually, Einstein bots will be a great tool to do as such. They allow users to minimize the time spent as they handle routine issues on their own. If a problem is more complicated or does not match the set of the tasks they were taught to do, they will redirect such requests to humans, so that you or your colleagues can easily pick them up. The power of Einstein Next Action cannot be overstated. Its smart forecasts can predict the best time for closing the deal or offering a loan or performing some other action. That being said, Einstein AI will become the best assistant when dealing with financial operations.

Deepen relationships with clients using the enhanced Customer 360 view.

With the new updates to the Customer 360 feature, your clients will have the opportunity to receive more personalized service. This tool enables gathering client info all in one place. Once the client contacts the bank, there is no need to put them on hold to search for the requested information and the chances of making a mistake will significantly reduce. The expectations from the service and its actual deliverability ratio will pleasantly surprise your clients as well. In the financial world, this is of the utmost importance. Until recently, that view was very limited and disintegrated. But that is not the case anymore. With its help, you can engage a client on any lifecycle and earn loyalty for your business.

salesforce financial services cloud customer 360

Bring the customer experience to a new level by implementing the Commercial Banking feature.

This feature is one more option to gain the trust and fidelity of your customers. People dealing with client relationships in your company will be able to see the unified information about your clients’ financial activities. The Commercial Banking home page will be a one-stop-shop for your workers to monitor client banking reports. This feature is also beneficial for services like treasury management and commercial lending. If your business uses a B2B model, you will get an additional benefit. It allows making financial management even more convenient by introducing the business referral record type. This enhancement into the Salesforce Financial Services Cloud data model enables your workers to track new opportunities and know when to offer help when using this feature.

Empower cooperation between different units with Salesforce Financial Services Cloud Action Plans.

Action Plan is a crucial feature when it comes to business process optimization.
Salesforce’s Financial Services Cloud for administrators to guide newbies and facilitate the onboarding of your workers. Every action plan starts with a template. Meaning that it is possible to indicate repetitive tasks, assign the responsible person, and set up the deadline. After performing these steps, you can modify the template to transform it into the actionable plan. The main benefit of having action plans is making sure that everyone involved in the process is aligned. It will also enable you to see all the dependencies in a team to avoid any confusion. And once we are talking about wealth management, confusion is the last thing you want to encounter in finance matters. As for the use cases: if a personal banker opts to use the Action Plan, after engaging with a new customer, the tasks regarding the actions for this client will be created automatically and assigned to colleagues from other departments.

Schedule meetings in the right place at the right time with Lightning Scheduler.

Lightning Scheduler’s feature goes far beyond just another convenient scheduler. Standard scheduling assistant tools allows you to select participants, times, and dates. But with Lightning Scheduler, your colleagues can make Outbound meetings and schedule meetings with clients. What’s more interesting is that clients can also request an appointment with your workers for financial consultations, i.e. mortgage discussions or capital investment. The possibility to invite a participant by entering their name is not the only way to engage a person. There is also an option to search for an attendee among the internal business units. In this way, you can select the best agent to serve a particular client in a given situation. In addition, if the meeting is held personally, it is even possible to search for a specialist within your organization by location. You can connect a client in a different city with the representatives of the necessary department in several clicks. This feature embeds meetings to the standard Salesforce Financial Cloud flows. Therefore, it brings more convenience and ease when dealing with leads and opportunities.

Engage your customers with the help of Financial Services Cloud surveys.

Last but not least, surveys. This feature simplifies the process of creating and launching surveys that your organization may require to improve the provided services. With the help of a simple editor, you can create open questions, polls, and multiple-choice questions. It allows you to be sure that your survey covers all the information that you want to obtain. In terms of Salesforce’s Financial Services Cloud pricing, this feature is included by default in Professional, Enterprise, and Unlimited editions. It is necessary to make sure that the feature is available only for authorized personnel for security purposes. To do so, make sure to follow the Salesforce Financial Services Cloud admin guide and assign the possibility of survey modifications only to entitled members. It will help to avoid any unsolicited surveys sent on behalf of your company that may affect the company’s reputation. Its main benefit is enabling banks and other financial institutions to single out the points worthy of realignment. These insights will help you improve communication with clients. That translates to receiving higher satisfaction rates from using your company’s services.

The features mentioned above will certainly move your financial business to a completely new level, regardless of whether you implement them one by one or in bulk. People who are considering improving their client interactions within the financial sector and asking themselves questions like “What is the Salesforce Financial Services Cloud?” and “How can it be integrated into their business?” are certainly moving in the right direction. Its adoption will enhance communication with customers. What’s even more important is that it will enable you to receive better results from the finance management services you provide.

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Written by

Dmitriy Sorokin

Dmitriy is developing the company’s financial expertise and helps clients to automate their business process with the help of Financial Services Cloud.

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