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.
Salesforce Unified Financial Services is one single solution catering to all the sub-vertical in the Financial Services Industry. Which covers the followings sub-verticals:
- Mortgage & lending
- Commercial Banking
- Retail Banking
- Wealth Management
Following are the benefits of Salesforce Financial Services Cloud:
- 360-View of the Customer
- Improve sales & cross-sell
- Personalize client relationships at scale
- Supercharge advisor productivity
- Make smarter and faster client decision
- Improved Team Collaboration
- … and much much 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. Spring’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, Spring’20 release is under the pre-release program. On the 3rd and 4th of January, Sandboxes will be upgraded, as a result, your organization will get the look and feel of Spring’20 release.
In case you have not read the entire 523 pages of Salesforce Spring’20 release notes, check out Spring’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 Spring’20 release.
1. Monitor Distributor Performance with the Distributor Performance Dashboard and Metrics:- Now you can create an information-rich home page for sales managers with the Distributor Performance Dashboard and the Insurance Distributor Performance Metrics component. With a consolidated performance summary for all distributors available at a glance, sales managers can monitor their businesses’ overall health. They can quickly identify distributors who need attention and help them align with the company’s goals.
Users need the FSC Insurance permission set to use this feature.
2. Develop Deeper Bonds with Producers with the Life Events or Business Milestones Component:- The Life Events or Business Milestones component is now supported on the Contact record page. With an at-a-glance view of producers’ life events, sales managers can know their producers better and build a long-term and mutually beneficial relationship with them.
Users need the FSC Insurance permission set to use this feature.
3. Create Copies of Action Plan Templates with Deep Cloning: – Now you can create an action plan template from an existing template. This feature simplifies template creation when your business process changes by eliminating the need to start from scratch. Users can also use an existing template as a reference to create a different version for their own use.
4. Fine-Tune your Pipeline with Einstein Referral Scoring (Generally Available): – Now it’s easier for your managers to evaluate referrals. Einstein Referral Scoring helps you build a prediction that scores referrals in Salesforce org. Your users can view referral scores on the Einstein Top Referrals component.
To use Einstein Referral Scoring, you must have the Referral Scoring Add-on license.
5. Enhance Mortgage Lending with API Calls: – Streamline the 1003 Residential Loan Application process with the new Mortgage Business API. Now you can reduce the time required to integrate with external systems and automate the mortgage process from application to loan close. With the Mortgage API, use a single REST API call to create mortgage applications and integrate with third-party systems. Gather borrower and loan application data from external sources, like point-of-sale and loan origination systems, so you can manage mortgages in just one system.
Additional enhancements worth noting!
1. Create Loan Applications from Accounts or Opportunities: – Save time by creating a Residential Loan Application for a new or existing Account without creating an Opportunity first. Some loan application fields are pre-filled with data from the Account. A Loan Application can still be created from an Opportunity, which also relates that Loan Application to the Opportunity’s Account. The data pulled from an Account is a snapshot at the time the loan application is created. Future updates to Account data do not automatically update Loan Application fields.
2. Streamline Document Tracking with Action Plans: – Now you can deliver step-by-step guidance for customers, loan officers, and other agents by adding document checklist items to Action Plans.
Action Plans let you define repeatable tasks and sequences and then automate task assignment and tracking. Often those tasks involve collecting and reviewing supporting documents needed for processes like loan origination or claim management. By including document checklist items in action plan templates, you can standardize and automate document tracking and approval steps for these processes.
3. Keep Key Producer Information Handy with Producer Relationship Cards: – With producer relationship cards, sales managers can get quick and easy access to key producer information from different objects, without going through multiple related lists. On a distributor’s record page, sales managers see one card for each producer working with that distributor. On a producer’s record page, they see one card for the producer.
4. Associate Document Checklist Items with Action Plan Templates: – Action plan templates can now include document checklist items. An action plan template can have tasks, document checklist items, or a combination of both.
What are your favorite Spring’20 financial services cloud gems? Care to share?