Introduction:
A potent platform called Salesforce Financial Services Cloud (FSC) enables financial institutions to offer their consumers individualized and seamless experiences. Financial Services Cloud (FSC) was introduced by Salesforce in 2016 with the initial goal of serving the wealth management business. It has now developed into a one-stop shop for the contemporary bank by incorporating retail banking, commercial banking, and insurance.
Financial service providers can use the many capabilities that FSC offers to boost efficiency, boost revenue, and build client loyalty. However, not all FSC users are aware of or frequently use these functions. In this article, we will highlight the 8 most overlooked features of the Financial Services Cloud that can greatly benefit your company.
Top 8 Underrated Features of Financial Services Cloud (FSC):
- Referrals
For financial services companies, referrals are a key source of new business. However, monitoring referrals can be difficult, particularly when they include several parties and arrive from several routes. FSC streamlines the recommendation process by identifying customer needs and pursuing them until they are met. FSC also enables you to evaluate the success of your referral program and rank and route referrals according to their quality and source.
You can generate referrals using FSC for any kind of financial service or product, including credit cards, retirement plans, and mortgages. Referrals may also relate to the customer’s primary owner and other family members. You may check each referral’s status and history in FSC, along with any associated opportunities and activities. You can monitor the success of your referral program and identify potential areas for improvement using reports and dashboards.
- Business Milestones
A part of FSC called company Milestones displays significant occurrences or accomplishments for a company account or contact record. Business Milestones can be used, for instance, to keep track of events like the opening of a new branch, the introduction of a new product, or the acquisition of a new client. Business Milestones assist you in comprehending the situation and requirements of your business clients so that you may offer them timely and pertinent services.
You can build and set up many Business Milestone types using FSC, including one-time events and recurring events. The fields and actions that are displayed for each Business Milestone can also be altered. For instance, you may display a business milestone’s date, description, and status. enabling actions such as sending an email or creating a task. You can also expire or hide obsolete Business Milestones to keep your data clean and accurate.
- Roll-Up Summaries
With the help of FSC’s Roll-Up Summaries function, you may compute values from related records and show them on the parent record. Roll-up summaries can be used, for instance, to display the overall worth of all opportunities for a particular account or the overall balance of all a household’s financial accounts. You may quickly gain an overview of your client’s financial condition and prospects with the use of roll-up summaries.
With FSC, you may use a point-and-click interface to create and amend Roll-Up Summaries. You can select from a variety of calculation types, including sum, count, average, minimum, and maximum. Additionally, you can filter the records that are taken into account in the calculation using parameters like record type, status, or date range. Additionally, you can utilize formulas to build calculations with many input fields or conditions.
- Financial Accounts
A feature of FSC called Financial Accounts supports a variety of financial accounts that belong to your clients, including bank and savings accounts, mortgages, credit cards, investment accounts, 401(k) accounts, and insurance policies. You can monitor your client’s assets and liabilities and give them comprehensive financial guidance with the use of financial accounts.
Using either standard or customized information, you can create and update financial accounts using FSC. Financial accounts can also be linked to the household members and the account’s primary owner. You can view each financial account’s specifics, history, holdings, transactions, goals, opportunities, and associated opportunities and activities using FSC. Reports and dashboards can also be used to examine the patterns and performance of your client’s financial accounts.
- Update Address
With the help of FSC’s Update Address tool, you can quickly and easily expedite the process of updating addresses for your clients. Financial service providers frequently update addresses, particularly when customers relocate or modify their contact information. However, manually changing addresses can be laborious and error-prone. By offering a straightforward form that you can complete with the updated address information, Update Address simplifies this process.
With FSC, you can perform a Quick Action from the Person Account Page to reach the Update Address button. When you click on it, a form will appear with the most recent address details from the record already filled in. The necessary fields can then be modified with the new address information. The address fields on the record, as well as any connected records, such as Financial Accounts, Contacts, or Households, will be updated when you save the form.
- Goals
With the help of FSC’s goals tool, you can monitor your client’s advancement toward significant purchases, retirement savings, or other life objectives. Your understanding of your client’s financial ambitions and driving forces will enable you to offer them individualized and proactive financial advice.
With FSC, you can set savings-focused objectives for clients who are either individuals or households and link those objectives to the primary owner and possibly other members of the household. Each goal can additionally include a target amount, a target date, a priority, and a status. The goals listed in the client or household profile, as well as any associated financial accounts, opportunities, and activities, can all be viewed and modified using FSC. Reports and dashboards can be used to track the advancement and accomplishment of your client’s goals.
- Action Plans
You can build and assign tasks using Action Plans, a component of FSC, based on best practices and templates. Action Plans enable you to automate repetitive chores, including the annual client review process, meeting preparation, and onboarding new clients. You can maintain consistency and quality throughout your team and company by using action plans.
You can make and use Action Plan Templates with FSC that specify a list of tasks for typical scenarios. Each task’s fields, owners, and due dates are likewise customizable. You can make Action Plans from Action Plan Templates and link them to other data, including accounts, contacts, and leads, using FSC. You may also access the Action Plans details view or the conventional Salesforce UI to view and modify your tasks.
- OCR (Optical Character Recognition) – Salesforce Intelligent Form Reader
With the use of FSC’s OCR (Optical Character Recognition) tool, you can extract typed or handwritten text from photos and have Salesforce automatically fill in the information. By automating boring processes like reading documents, forms, invoices, and labels, OCR helps you improve the accuracy and usefulness of your data. You can save money on storage and paper by using OCR.
A pre-built OCR tool called Salesforce Intelligent Form Reader, which is compatible with FSC, can read typical forms like W-2s (US tax statements) and fill in the necessary information in FSC objects. Using the Einstein OCR API or the Einstein Vision SDK, you may also create your own original OCR applications. These programs can then be used to scan and edit any text-containing document or image.
