Last Updated on April 15, 2022 by Rakesh Gupta
Salesforce launched Financial Services Cloud a few years ago for wealth management firms and institutions. It empowers your advisors, personal bankers, retail banking, assets management firms, tellers, or anyone interacting with clients to deliver the personalized, proactive service that clients expect.
It is an extension of the Salesforce Platform. It leverages a number of features that aim to personalize client relationships while giving users a 360-degree view of their company’s financial help. It also helps to accelerate user productivity with technology that helps them engage with clients like never before, and build deeper, lasting, more profitable relationships. It provides wealth management 360-degree visibility into clients’ financial profiles puts your customer at the center of every interaction.
Following are the benefits of Salesforce Financial Services Cloud:
- Improve sales & cross-sell
- Personalize client relationships at scale
- Supercharge advisor productivity
- Make smarter and faster client decision
- Improved Team Collaboration
- and many more…
With each new release, Financial Services Cloud is adding tons of new functionalities. Which make you more productive, and help you to provide better customer experience. Winter’20 release will give you a plethora of reasons to switch to Financial Services Cloud – if you are still using one of the core cloud (Sales or Service). This release is mainly focused on the Mortgage and Insurance part of Financial Services Cloud.
Currently, Winter’20 release is available under the pre-release program. On the 6th and 7th of September, Sandboxes will be upgraded, as a result, your organization will get the look and feel of Winter’20 release.
In case you have not read the entire 540 pages of Salesforce Winter’20 release notes, check out Winter’20 release quick summary written by me.
I combed through the release notes and highlighted the most exciting, interesting, and useful Financial Services Cloud features from Winter’20 release.
1. Capture Borrower Information with Financial Services Cloud Data Model Enhancements:- Mortgage applications gather lots of data about borrowers and the property they are purchasing, refinancing, or building. Use data model enhancements to collect this information and share it across lines of business.
Based on the U.S. Uniform Residential Loan Application released in February 2019, the Financial Services Cloud Mortgage data model offers 13 new objects.
2. Create Guided Mortgage Application Flows with Mortgage Flow Templates:- Financial Services Cloud Mortgage comes with standard flows based on the U.S. Uniform Residential Loan Application released in February 2019. These standard flows are also templates that you can clone and customize to create your own guided UI flows for borrowers and loan officers.
To create a custom Mortgage flow, clone an existing standard flow. You can also select the Mortgage flow type and then select a standard flow as the template..
3. Gain Visibility into Policyholders’ Household Policies with Rollup by Lookup Summaries: – Give insurance agents a consolidated view of all policies owned by a policyholder’s primary household. Various rollup-by-lookup summaries on the household page show total household policies, policy premiums, claims on policies, and claim amount paid. Agents can drill down to see who owns which policies.
With greater visibility into these details, agents can create engagement strategies and devise cross-sell and upsell plans.
4. Plan and Prioritize Better with Insurance Agent Action Items: – Help insurance agents stay on top of their schedules by bringing the most urgent activities to their attention.
With an at-a-glance view of payment-due policies, policies up for renewal, open claims and cases, unread leads, and open opportunities, agents can better plan and prioritize their actions items.
5. Give Independent Agents a Productivity Boost with a Feature-Rich Portal: – Create a feature-rich portal for your independent insurance agents with the Insurance Agent Portal Lightning template. With a comprehensive view of clients’ policies, claims, life events, business milestones, and other related details, agents can stay organized, deepen client relationships, and better address client needs.
Agents can use built-in Community Cloud and knowledge management features to share knowledge articles with other agents and insurance carriers.
Additional enhancements worth noting!
1. Deepen Customer Relationships with Expanded Account Relationship Structures: – Create business and personal account relationship hierarchies using the enhanced Account-Account Relationship entity. Directly associate businesses and legal entities, such as trusts, to households and groups. It’s easy to view a parent company and its subsidiaries, as well as family relationships, in the enhanced Relationship Map.
2. Alert Agents About Policies and Claims: – Give agents timely alerts on a client’s policies and claims from your core policy management system. Alerts appear when an agent views a client’s policies or claims on the account page. Agents can dismiss or snooze alerts.
3. Manage Life Events and Business Milestones with a Single, Versatile Component: – The Life Events or Business Milestones Lightning component is context-sensitive: It shows life events for a person account record page and business milestones for a business account record page.
Add the component to a Person Account record page to show life events.
Add the component to an Account record page to show business milestones.
4. Breathe Life into Life Events with Contextual Actions: – Agents can quickly create a record and associate it with a life event or business milestone without leaving the page they’re on.
For example, when viewing a car purchase event, the agent can quickly create an opportunity for selling an auto insurance policy. The Opportunity record is automatically associated with the life event.
What are your favorite Winter’20 financial service clouds gems? Care to share?