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Sales Cloud vs. Financial Services Cloud: What You Need to Know

By 05.12.21
Reading time: 3 minutes

Salesforce has been the leading CRM solution for more than a decade. Your financial services firm might already be using Salesforce. And while Sales Cloud does have plenty of benefits for any organization, specific industry features of Financial Services Cloud make it a great choice for many firms. 

I hear from existing Salesforce Sales Cloud and Service Cloud customers all the time that wonder if upgrading to Financial Services Cloud makes sense for them. The answer is a resounding yes for banks, insurance agencies, and other financial institutions. Here’s why:

Salesforce Financial Services Cloud is a platform built with financial services in mind

Financial Services Cloud is Salesforce designed for the specific needs of commercial and retail banks, wealth management firms, asset managers, and insurers. Build a seamless customer experience for your individual clients, dive deep into performance metrics with artificial intelligence and Einstein Analytics, and more.

Financial Services Cloud enhances and extends the functionality of Sales Cloud and Service Cloud to meet the needs of financial firms. FSC includes a data model that has been developed to enable financial services firms to deliver continuous innovation to their customers and employees. With Financial Services Cloud, you can:

Track financial accounts and set goals

Track your accounts and set goals with Financial Services Cloud. FSC includes a native Financial Account object with pre-defined record types for different types of financial accounts such as investment accounts, insurance policies, bank deposit, and loan accounts.

You can set Financial Goals based on the individual or household for your clients, allowing you to build and document a strategy to help them buy a home, pay off student loans, or start a business.  As goals change, add or modify them directly within Salesforce to give your employees the ability to view how priorities evolve over the course of their client relationships.

Lead and referral tracking 

Understand where your referrals come from with lead and referral tracking from FSC. Get native support for tracking referrals through the complete lifecycle, including tracking acceptance and conversion. Financial Services Cloud also offers intelligent need-based lead and referral scoring so you can tell the difference between a lead and your ideal clients, helping you target the most promising leads with the greatest potential for your business. 

Action plans 

Collaborate with team members and create clearly defined workflows for the most important tasks. Financial Services Cloud Action Plans enable your employees to deliver consistent and compliant client engagement experiences through automation and tracking. Introducing automation both reduces the risk of human error and frees your employees from the need to complete tedious manual tasks. 

Action plans allow you to not only track the required tasks in the proper order, but also standardize and automate document tracking and approval steps for these processes. Our clients have used this for collecting and reviewing documents needed for loan origination, claim management, or new client onboarding, among other things. That way, the customer experience remains top-notch, regardless of the account manager. 

Sales Cloud vs. Financial Services Cloud: Which to choose?

Whether you’re in banking and lending, capital markets, insurance, or wealth and asset management, Financial Services Cloud is for you. The financial services landscape is constantly evolving toward more personalized experiences, real-time internal and external collaboration, predictive analytics, and the elimination of paper processes. Financial Services Cloud is at the forefront of this movement, and Silverline is uniquely positioned to help you reap the benefits.

At Silverline, we have helped dozens of clients evaluate their current Sales Cloud or Service Cloud orgs to determine if a move to FSC is right for them. A common misconception is that in order to take advantage of all the features and functionality FSC offers, an existing Sales or Service Cloud customer must re-implement their org from the ground up. Thankfully, that’s not the case. With Silverline, we can make migrating easy — so you can keep the focus on your customers. 

As a Salesforce Partner since 2009, with expertise in financial services, we leverage best practices acquired through more than a thousand implementations. Our core financial services team that possesses industry knowledge across all lines of business. 

We know Financial Services Cloud, and we’re ready to combine your needs with the power of the platform. Ready to discuss how you can upgrade to Financial Services Cloud and improve how you deliver customer experiences?


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