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Updates to Financial Services Cloud: What You Need to Know

By 06.16.21
Reading time: 4 minutes

Exciting news: Salesforce just announced new updates to Financial Services Cloud. 

Our industry leads spent a great (virtual) day at the Salesforce Industries Summit working with leaders revolutionizing their companies in an all-digital, work-from-anywhere world. I caught up with our industry leads from investment banking, insurance, banking and lending, and wealth management to understand what Salesforce’s updates and announcements mean for the industry as we look toward a digital future. 

You can watch the whole LinkedIn Live here, or keep reading for more insights:

An end-to-end investment banking experience

Salesforce announced today that they’re expanding the Financial Services Cloud data model to corporate and investment banking. This delivers an end-to-end experience across the client journey, providing bankers with purpose-built technology needed to better serve their clients.

“This has been in the works for years, and it’s amazing to see it come to fruition. This builds upon the incredible features specifically for investment banking so there are a whole new set of tools to manage data more effectively. We couldn’t be more excited to be a launch partner for these powerful tools that help our clients keep their finger on the pulse of the market.” – Jill Harrison, Managing Director, Silverline

Salesforce already has features that power relationship insights, deal management processes, and the compliance and security requirements that investment banks need. Now, investment bankers can incorporate first-, second-, and third-party data into the platform with partners like CapIQ and tools like MuleSoft. You’ll have access to a wealth of data at your fingertips that make it much easier to know your clients and potential deals inside and out, with well-designed and easy-to-use tools.

Meeting higher expectations for insurance customers

68% of insurance customers said that COVID-19 elevated their expectations for digital engagement. Insurers need an agile platform that can quickly adapt and provide an omni-channel experience to engage with customers on their preferred channel. 

As insurance companies look to become more customer-centric, Salesforce offers several flexible options to provide a better experience for policyholders and agents alike.

That includes omni-studio capabilities and a process library that helps insurance companies revamp core insurance processes like auto insurance address changes, intake forms, repricing models, or policy administration.

“Oftentimes, carriers have legacy systems that are perceived as barriers to implementing a true omni-channel digital transformation. But with Salesforce, you have options. Of course, you can bring all of your technology and core systems onto Salesforce, or use it in a hybrid capacity on the front end for insurance policies and products, with transactional support staying with those legacy admin systems. Salesforce can help you scale up as you do as a system of innovation.” – Mike Piehl, Managing Director, Insurance

The key to all this? Automation.

Your customers are increasingly demanding more, and they want answers now. Automation unlocks real-time fulfillment and immediate updates for customers — and that’s something we’re seeing across our clients. 85% of carriers are driving toward full automation, with claims as the number one use case. And 82% of brokers consider carrier automation in the decision criteria to work with them. 

Delivering seamless customer experiences for banking and lending

Lenders today are faced with similar high expectations and challenges. Right now, it feels like the market offers two options: Deliver a seamless customer experience or fall behind.

An end-to-end platform like Salesforce is key to providing seamless engagement, streamlined applications, and a connected origination system. That’s why Salesforce just announced the Encompass Connector for Financial Services Cloud.

“Last year when Salesforce announced this was coming, as a former bank administrator, this is so important and exciting. Now, banks and credit unions can start to harness their data more effectively to drive actions and use segmentation to engage with their client base in a completely new way. As an Encompass partner and a Salesforce partner, we’ve been working with both systems for a long time — and I’m so excited to show our clients what they can do together.” – JP Owens, Senior Director, Banking & Lending

Encompass Connector is important for a few reasons:

  • It helps with adoption so people can work in one place, ideally eliminating some of the dreaded swivel-chairing we’ve all experienced.
  • As you get lots of data flowing back and forth, it also opens up so many automation and reporting capabilities to take advantage of data.

This efficiency is exactly why Financial Services Cloud is the right solution for so many of our banking and lending clients.

Increasing advisor productivity and deeper client relationships for wealth management

For wealth management advisors, the future is all about increasing productivity — without sacrificing client relationships. Building a better client experience starts with data.

“I’ve been working with Salesforce for 19 years now, and back then, we had barely any data we could use. Now, Financial Services Cloud gives asset managers enough data to paint a clear picture and drive better insights for their relationships with their clients, including AI-powered insights that allow them to be more proactive with their experiences. We’ve come a long way.” – Geoff Merrick, SVP & GM, Financial Services

Salesforce provides so much more than just an inward-looking view at a household. When customers interact with asset managers, they can get a much clearer picture of their finances and have a more seamless relationship. The easier it is to work with you, the more likely those clients will become long-term, trusted relationships. 

There’s been so much financial uncertainty with the pandemic. It’s a huge opportunity for wealth managers looking to build trust and show how much they care by providing a consistent customer experience across multiple platforms. 

Silverline has been a Salesforce partner since 2009

At Silverline, we know Salesforce. As one of Salesforce’s strategic partners for more than 10+ years, we’ve been a part of countless implementations for investment banks, insurance companies, banking and lending institutions, and asset management firms. We’ve had a front row seat to how these organizations operate — and how Salesforce can create a better product to meet the technological needs of these companies. We’re here to help take your business to new heights with the power of technology.

Watch the full LinkedIn Live for more insights around the exciting launches from the Salesforce Industries event.

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