Top 5 Benefits of Salesforce Financial Service Cloud - Cyntexa

Top 5 Benefits of Salesforce Financial Service Cloud

July 28, 2022 | visibility 114 views
Top 5 Benefits of Salesforce Financial Service Cloud


The financial services platform is loaded with a set of sophisticated capabilities to cultivate and grow the financial relationship through a variety of features like sending notifications about clients’ requirements, predictive monitoring, and automated workflows, among others. With its collective efficiency, the salesforce financial service cloud not only relieves enterprises from wasting time on mundane activities like collecting vital information but also ensures higher accuracy, purpose-built views, and data manipulation features. It expands the workers’ vision and saves their bandwidth which can be channeled towards more productive tasks like business development, sales goal achievement, premium customer services, and tapping more opportunities.

With the latest update, Salesforce has added several new features while also improving the existing ones. These added capabilities enhance the user experience of the existing businesses while extending their relevance to other businesses as well. In this blog we will explain the key use cases and benefits of the updated version of SF Services Cloud.

Salesforce Financial Service Cloud for Various Industries

With the new functionalities introduced in the latest version, the relevance of Salesforce has expanded. It has enabled financial institutions to use it for different use cases and financial products.

1. Banking

Salesforce Financial service cloud has a strong use case for the banking sector. It enables banks to gain deeper insights into clients’ specific financial needs and objectives of their client empowering them to drive customer success by providing personalized banking services. It also allows them to simplify and speed up the process by digitizing the entire workflow right from client onboarding to instant responses and query resolution which allows customers to enjoy seamless banking services right from their devices.

With its unified engagement capabilities across different devices and platforms, it helps banks build deeper connections with audiences. Criteria-based customer categorization also helps the bank to identify the right demographics to target and accordingly design their sales, marketing, and support strategies.

2. Insurance

When used in the insurance sector the SF cloud empowers insurers to provide a customer-oriented insurance experience equipped with real-time personalized communication to provide agile services. It also builds better synergy with customers.

With a synopsis policyholder’s lifecycle and the companies are in a better position to pitch relevant products that they are likely to be interested in. It also enables the support team to provide user-friendly support services. So companies can acquire more customers, increase ticket size and build a strong community of loyal customers by building a positive after-sales experience. The SF cloud futures also help in streamlining the management of claims lifecycle also helps companies to achieve a competitive edge in the market. 

3. Wealth Management

 When used in the wealth management sector the life-force financial services cloud helps companies get visualized dashboards to gain deeper insights and analysis. It empowers companies to strategically assess the risk appetite and return expectations, time horizon, and other key metrics of individual customers. Accordingly, they can spot the opportunity of upselling or alert customers upon detecting any potential financial risks that don’t match the customers; risk appetite. It also allows companies to help their customers avoid inadvertent loss minimize financial risks or maximize profits.

 It integrates the entire data into a unified dashboard which relieves the sales team from switching between different systems. Automating mundane time-consuming jobs allows staff to work faster and more accurately while freeing up their bandwidth to can be utilized for business growth activities and other productive tasks. Multi-device/platform connectivity and advanced analytical features enable the companies to make transactions easier for customers while also getting a wider overview of customers’ immediate families. Strategically acting, companies design product packages that drive all the members in achieving individual financial goals as well as collective goals as a household.

4. Mortgage/Lending

Through SF cloud businesses can centralize the different facets of their enterprise; the mortgage banks can view the bigger picture of their business. It also allows them to study patterns and determine where the business is headed for. It also helps them to manage their bandwidth more effectively by prioritizing the tasks and delivering better onboarding and post-sale experience by accessing the bigger picture of their businesses in a centralized ecosystem.

Predictive intelligence analytics enables them to gain real-time updated information about stakeholders as well as the potential developments in the future. Based on the same the companies can modify or optimize the procedures to avoid risks, increase ticket sizes and tap the upcoming upselling opportunities.

Particularly, by facilitating seamless coordination between key stakeholders like real estate agents, brokers, and borrowers the SF keeps everyone on the same page and introduces transparency to the entire process lifecycle.

The Benefits

Benefits of Salesforce Financial Service Cloud

Here are some of the key benefits that Salesforce provides for the enterprises and advisors.

1. Deeper bonds with Customers

SF organizes datasets into purpose-friendly models and builds automated procedures helping consultants to access deeper information about individual customers. Consultants can access the customers’ relationship status with all the key stakeholders like their families, as well as other partners of the ecosystem like tax accountants, real estate planners, and more. This broad view allows them to detect any gaps and opportunities and do the needful for designing a favorable collective synergy. So, they can personalize their customer communication and choose the right channels, formats and messages to best suit customers’ profiles, preferences, and expectations. They can also use the information to identify other suitable prospects to reach, like other family members of customers.

2. Storing and Managing Future Actions

Due to a hectic schedule the advisors often struggle between present operations and future actions and it is not uncommon to constantly push the future activities further until they finally forget important tasks or miss the potential opportunity. With Smart, Action feature saves advisors from this situation by keeping them informed about the essential future tasks and providing reliable provisions to store them in an appropriate format.

3. Deeper Client Interaction in real time

Businesses use various digital communication methods with multi-platform/ multi-device compatibility. However, they have limited relevance when it comes to providing efficient and interactive customer assistance in real-time. With SF cloud’s responsive and interactive layout, the advisors can not only view the data across different devices but also manipulate it to provide well-informed and relevant advice. It prevents the piling up of tasks and enables advisors to deliver instant customer satisfaction.  

4. Integrated view of data from different sources

With the help of the lightning platform, the advisors can get an integrated view of data from different sources in real-time. More importantly, the platform can also calculate essential equations between data from diverse sources. It allows advisors to find individual data as well as the summarized format of data from multiple resources which helps them to discover potential opportunities or developments they might utilize for upselling or modifying the original terms of the transaction.

5. Comprehensive data model

A key introduction has been made in the field of data model view that overcomes the limitations of its present version due to the limited flexibility of the party model or person account. Hence, by adding purpose-specific functional capabilities to the relationship between Master-Detail and Lookup, the SF commerce cloud empowers advisors to view concise information about their financial accounts, personal goals, household assets, liabilities, and more. This comprehensive package of information allows advisors to make more informed business decisions.

The Steps to Successful Implementation of Salesforce Financial Service Cloud

Here is the step by step implementation process for Salesforce Financial Service Cloud.

1. Check whether You’re Setup for Financial Service Cloud 

  •  Go to the order form and click links to Financial Services Cloud and Tableau CRM for Financial Services Cloud packages
  •  Sign in as an admin
  •  Click View all option from the App Launcher
  •   Verify the visibility of AppExchange app.

2. Creating users & User Permission Sets

  • Create Users
  • Go to Setup> Quick Find> Users
  • Create desired user and allocate it Salesforce License
  • Assign it the appropriate profile from options System Administrator, Advisor, Personal Banker, or a custom profile
  • After saving changes click on Permission Set Assignments> Edit Assignments
  • Provide permission by going to Available permission sets and changing the status of desired permissions to Enabled permission sets.

3. Customized permissions

  •  Along with selecting from the standard permissions list you can also assign custom permission sets.
  •  After you are through click save changes.

4. Assigning Client Segmentation app access permissions( For Enterprise and Unlimited Editions)

  • Type Users in Quick find box to select it
  • Click on the user name with the system administrator profile
  • Go to Permission Set Assignments> Edit Assignments
  • Now click on client segmentation Admin permissions
  • Click Add> Save

5. Assign Client Segmentation app access permissions to other members of organization (For Enterprise and Unlimited Editions)

  • Find Users through Quick find box and select this option
  • Select the user to be given the access
  • Click Permission set assignments> edit assignments
  • Select the permission set that says Client Segmentation Analytics
  • Click on Add
  • Save the changes.

6. Find Profiles through Quick Find and select it (Professional, enterprise and unlimited)

  • Clone the standard user profile and give it the desired identity name It could be something like customer service executive or accountant
  • Click Save
  • For changing permissions and security criteria click edit and make desired changes
  • Now click on save
  • Financial Services Cloud Permission Set Licenses
  • Financial Services Cloud is available in Lightning Experience.

7. Data Refreshes Scheduling for the Client Segmentation App

  • Open Analytics Studio (you can find it from App Launcher.
  • Click Analytics> Setup> Data Manager
  • Look for the dataflow and recipes tab and click it
  • From the dropdown list near dataflow select Schedule. Dataflow has the same name that you created for your app.
  • Specific the time/freeing of data refresh
  • Save your changes.
  • Review and save the changes
  • From the dropdown list near your app dataflow, select Start and wait until data refreshes

Salesforce Development Services (Cyntexa)


Salesforce Financial Service Cloud is a robust tool that is specially designed to keep enterprises that manage wealth and finance for high net worth clients. It is loaded with all the features needed for providing frictionless onboarding and a rewarding customer experience to the clients. The latest updates in this version further expand its capabilities making it relevant for a wider number of use cases in the wealth management industry. That said, it is very important to understand that any tool is only as effective as you use it. So, finding best Salesforce professional assistance is imperative.

At Cyntexa, we not only understand your business goals but can also translate it accurately into most relevant Salesforce capabilities. Our global exposure and experience with business of multiple sizes and sectors equips us with the right set of capabilities and technology stack to create fully bespoke Salesforce capabilities which can help you achieve your business goals faster. We offer end to end services- right from consulting to completion and customization. 



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