Complete Salesforce Financial Services Cloud Implementation Guide

April 12, 2023 | visibility 2228

Table of Contents

Financial management plays a crucial role in industry growth and success in the rapidly evolving business landscape. Regardless of the business size, all companies aim to find innovative solutions to optimize their financial processes, elevate customer experiences, and maintain a competitive edge.

This pursuit of financial excellence has led to the rise of Salesforce Financial Services Cloud, a dynamic platform designed to revolutionize how businesses manage their financial operations.

As per the 2023 Financial Services Global Market report, the worldwide Finance Service market has expanded from $25,848.74 billion in 2022 to $28,115.02 billion in 2023, experiencing a compound annual growth rate (CAGR) of 8.8%. Projections indicate that it is poised to reach $37,484.37 billion by 2027, sustaining a CAGR of 7.5%.

Whether you’re a financial executive looking to optimize your team’s efficiency, a Salesforce administrator seeking to harness the full potential of this powerful tool, or a business owner striving to provide your customers with a seamless financial experience, this guide helps you land with the right solution from the right partner.

Let’s get started!

What is Salesforce Financial Services Cloud?

Salesforce Financial Services Cloud (SFSC) is a platform that provides financial organizations with the tools required to remain competitive.

What is Salesforce Financial Service Cloud?

Banks, lenders, capital markets, insurance firms, and wealth management use SF cloud to build meaningful client relationships across many sectors.

With it, finance companies can uncover great insights into the data related to their clients and personalize their services to ensure a better customer experience.

In a nutshell, Salesforce Financial Service Cloud is a cloud-based solution that helps finance companies improve their customer relationships and business operations, to drive long-term growth & profitability.

Get Financial cloud for your business

How does Salesforce Financial Cloud Services Work?

Built on the foundation of the world’s 1 CRM, the Salesforce Financial Cloud is meant to carry forward the legacy of Salesforce of putting customers first.

SF cloud unites the team across the different departments in a centralized place. So they can get a shared view of the customer data, track interactions, and provide personalized services.

How does Salesforce Financial Cloud Works?

It works to bring automation in marketing and sales activities of financial institutes to streamline customer acquisition and retention efforts. Business operations are further enhanced by data visualization, performance metrics of marketing campaigns, and predictive analytics.

SF Financial Services Cloud is a highly customizable platform. It can seamlessly integrate into other systems and applications to maximize its capabilities while adhering to the organization’s unique requirements.

Features of Salesforce Financial Services Cloud

Salesforce financial services cloud features are designed to meet the specific needs of financial services organizations. Let’s look at them one by one:

1. Complete Client and Household Views

Achieving a comprehensive client and household view is a fundamental priority in business and customer relations. This principle centers on the idea of maintaining an all-encompassing perspective on individual clients and their interconnected family units within the framework of a company or organization. It necessitates a rigorous process of gathering, structuring, and presenting all pertinent data related to each client and their respective households. This data includes personal details, financial records, communication histories, and other relevant specifics illuminating the client’s preferences and needs.

The overarching objective is establishing a centralized knowledge repository, providing an exhaustive 360-degree portrayal of each client with Salesforce financial services cloud household. This holistic methodology empowers businesses to make more enlightened choices and engage in highly personalized interactions, ultimately elevating customer contentment and fostering enduring loyalty.

2. Client Engagement and Productivity

Client engagement and productivity are intertwined facets of effective customer relationship management. Client engagement encompasses the art of nurturing relationships, fostering meaningful connections, and consistently meeting client needs and expectations. It is the lifeblood of customer-centric businesses, directly influencing satisfaction and loyalty.

On the other hand, productivity is all about streamlining processes, optimizing workflows, and ensuring that client interactions are efficient and effective. Leveraging technology, data analysis, and best practices, organizations can enhance productivity in client engagement, track progress, and measure the success of their engagement strategies.

3. Client Data Management

Efficient management of client data is a crucial element of contemporary business operations. It encompasses the systematic collection, storage, organization, and maintenance of client data and their interactions with a company or organization. This data management effort extends to ensuring data security, maintaining data quality, and adhering to regulatory compliance, such as GDPR or HIPAA, to safeguard sensitive client information.

A well-structured client data management system ensures that information remains accurate, up-to-date, easily accessible, and utilized to benefit both the organization and the client. It entails Salesforce financial service cloud implementation and the utilization of data analytics tools to derive valuable insights. These insights inform decision-making, shape marketing strategies, and facilitate the development of customized products or services, ultimately enhancing the overall client experience and supporting attaining business objectives.

In essence, client data management is the foundation upon which organizations can build stronger, more meaningful relationships with their clientele while driving growth and success

Benefits of Salesforce Financial Services Cloud Implementation

The following are some of the benefits of implementing Salesforce Financial Service Cloud for your business:

Benefits of Salesforce Financial Service Cloud

1. Help Your Teams Work Together

A successful client relationship begins with the development of relationships between different teams within an organization.

Salesforce Financial Services Cloud unites your teams into a single, and flexible place. The unification will result in a more efficient means of communicating and collaborating on ideas for the growth of the organization.

2. 360-Degree View of Customers

Financial organizations are dependent on their customers for their success. Having a Comprehensive 360-degree view of your customers will open the way for delivering a hyper-personalized experience backed by relevant content that resonates with customers’ needs.

According to McKinsey, 71% of customers expect personalization when engaging with an organization.

Implementing Salesforce Financial Services Cloud gives finance organizations great insights into their clients and engagement tools to drive client loyalty. With FSC, financial advisors have access to an integrated household data model and easily manage the households of their clients.

Further, it provides valuable alert reminders that notify employees when it is time to talk to a prospect about their financial goals.

3. Boost Productivity

On average, financial industry employees spend around 4 hours and 38 minutes every week performing tasks that could be automated to improve accuracy.

It allows you to automate many recurring financial activities, including customer credit checks, event reminders, and follow-up marketing campaigns.

Thanks to automation employees can be redirected to other value-added business activities required for the growth of organizations.

4. Empowers Data-Driven Decision-Making

Data is the new gold for financial services providers. Keeping up with today’s fast pace requires financial institutions to analyze data deeply and extract valuable insights.

Salesforce Financial Cloud Services automates the process of analyzing all the business data to generate insights from it. The SF cloud combines intelligent predictions, recommendations, and flow analysis with data to find relevant answers based on business-critical questions.

Alongside building the customer data, SF Financial Services Cloud can also create a unified view of marketing data. With the right marketing data at your fingertips, optimize the spending and extract the maximum ROI on every penny spent.

5. Ease of Regulatory Compliance

Finance is one of the most regulated industries. Without regulatory compliance, an organization would lose its credibility to serve its customers.

Salesforce Financial Services Cloud is also capable of driving compliance by providing repeatable, visible, and compliant collaborations.

FS Cloud simplifies keeping up with changing regulations while keeping sight of customer requirements.

SF Cloud’s Salesforce Shield adds an extra layer of security to ensure that our client’s data is protected from intrusion. Field audit trails, platform encryption at rest, and event monitoring make the regulatory compliance process a smooth ride for finance companies.

6. Customizable Dashboards

Salesforce Financial Services Cloud features lightning client and household profiles, which can be customized to help advisors extract the information needed to make informed decisions.

7. End-to-End Omnichannel Experience

Nowadays the number of devices available to access financial services is growing. Customers expect a superior level of service across all channels. This is where the Financial Services Cloud has its real power.

Financial institutions can deploy the omnichannel experience quickly via SF Cloud to ensure seamless interactions between customers and financial institutions. Moreover, the seamless data synchronization between channels enables users to start a process on one channel and finish it on another without having to continuously feed the same data.

Moreover, Action Plans can auto-assign tasks to different team members and ensure compliance throughout the process.

Salesforce Financial Cloud Service Implementation Steps

1. Install Vlocity Insurance and Financial Service Cloud

  • Verify compatibility: Ensure your Salesforce org meets the technical requirements for Vlocity Insurance and Financial Service Cloud.

2. Configure User Permissions

  • Assign profiles and permissions: Grant appropriate access to objects, fields, and features based on user roles and responsibilities.
  • Establish sharing rules: Determine how records and data will be shared among users and teams.
  • Set up data security: Implement measures to protect sensitive information and comply with regulations.

3. Install Prebuilt Cards and Templates in Financial Cloud

Install Prebuilt Cards

  • Access the installation tool: Use the Vlocity OmniScript Designer or a similar tool to manage card and template installations.
  • Review available options: Consider business needs and user requirements when selecting cards and templates.
  • Install cards and templates: The installation process might vary depending on whether you use CPQ or a different configuration.

4. Install Vlocity Templates

Install Vlocity Templates

  • Choose templates: Select the templates that align with your business processes and requirements.

5. Set Up Product Categories

Set Up Product Categories

  • Create or update categories: You can create or update your product in the eligible and underwriting category based on the product life cycle.

6. Create and Send Quotes

  • Initiate quote creation: Use the appropriate tools and processes within Vlocity Insurance to create quotes.
  • Incorporate client information: Gather and input accurate information, including risk factors and coverage needs.
  • Calculate premiums and benefits: Leverage the Vlocity rating engine to determine appropriate premiums and coverage levels.
  • Send quotes to clients: Send generated quotes for review and approval.

7. Create Policies

  • Finalize quote acceptance: Ensure client acceptance of the quote terms and conditions.
  • Initiate policy creation: Use Vlocity Insurance to generate the policy document, incorporating agreed-upon terms and coverage details.
  • Issue policies: Issue the completed policy to the client, ensuring compliance with regulatory requirements.

Additional Considerations:

  • Data migration: If necessary, migrate existing insurance data into Vlocity Insurance to ensure continuity of operations.
  • Integration with other systems: Configure integrations with other systems, such as billing, claims, or customer relationship management (CRM), as needed.
  • Testing and validation: Thoroughly test all configurations and processes before deploying to production environments.
  • Ongoing maintenance and updates: Regularly apply updates and patches to maintain system security and functionality.

Facts to know about Salesforce Financial Service Cloud

According to an Emorphis study, 82% of financial service cloud customers are in the United States.

Salesforce’s Financial Cloud in the banking industry is gaining a competitive edge, with expectations that digital banking services will be accessible to 53% of the global population by 2026.

Salesforce Financial Services Cloud for insurance allows you to streamline recurring activities, claim management, policy administration, maximize policy renewals, and view inactive policies.

India’s economy showcases its advancement and potential through its financial services sector, which is expected to experience significant growth until 2035.

India’s digital payment industry has the potential to surpass the $1 trillion mark by the year 2030.

Salesforce Financial Services Cloud Use Case

Here we have illustrated the different Salesforce Financial Services Cloud use cases. Let’s walk through them and figure out how SF Cloud can bring benefits to your organization:

Use cases of salesforce financial service cloud


The digital banking industry is growing rapidly. Globally, 53% of the population is expected to have access to digital banking services by 2026.

In today’s world, people are more accustomed to paying bills online, transferring money to loved ones, and making deposits from the comfort of their own homes as opposed to going to the bank.

Online banking allows customers to conduct their banking with greater convenience, but banks still face the challenge of engaging their customers in a personalized manner.

Salesforce Financial Services Cloud is designed to help the banking sector meet the challenges of today. Bringing in-person banking to the digital age, Salesforce enables bankers to be on top of their customer’s needs.

Bankers can develop meaningful relationships with customers when they have a complete view of their customers from a central location.

Bankers can use AI-enhanced insights to make better decisions based on data by automating iterative processes.

Additionally, FS Cloud allows bankers to segment their customers according to their interests, so the most appropriate bankers can service them.

Wealth & Asset Management

The Wealth & Asset Management sector is in the midst of substantial challenges. As new generations of investors grow, they are looking for tailored financial advice that meets their needs.

From US$84.9 trillion in 2016, the wealth & asset management industry is projected to grow to $145 trillion by 2025.

Financial advisors have access to holistic views of financial accounts, goals, and relationships with Salesforce Financial Cloud for Wealth Management. Data analysis can provide actionable insights to ensure clients’ interactions remain relevant to their current financial needs.

As advisors automate routine tasks, they can optimize their efficiency and create a modern experience from initial engagement to ongoing relationship management. Salesforce Finance Service Cloud Implementation puts artificial intelligence to work, identifying client needs and making recommendations.


The insurance industry is a global powerhouse. A report from Statista estimates that the global insurance market will reach $8.4 trillion in 2026, representing an increase of approximately 9% annually.

Insurance companies are proactive in responding to challenges caused by changing consumer behavior, digital disruption, regulatory pressure, and high competition.

Salesforce Financial Services Cloud for Insurance serves as a unified platform to improve the visibility of the customer’s interactions across any device. Businesses can ensure no customer request goes unanswered by tracking website, social media, email, and call center requests.

Its implementation also helps insurers identify and prioritize customer needs for digital interactions.

Industries and companies using Salesforce Financial Services Cloud

In managing financial services operations, Salesforce Financial Services Cloud benefits top IT, banking, insurance, and other industries. This enhances customer engagement and simplifies business processes.

Let’s look at which top brands were unleashing the potential of the Salesforce financial service cloud for their business growth.

Banking industry

The financial banking sector is experiencing rapid growth, with a projected global reach of digital banking services for 53% of the population by 2026. Many banks use Salesforce Financial Services Cloud to provide personalized banking services, manage customer relationships, and streamline financial operations. For instance, U.S. Bank and Santander Bank have implemented Salesforce Financial Services Cloud.

Insurance industry

The insurance sector wields significant global influence. According to a Statista report, the worldwide insurance market is anticipated to achieve a value of $8.4 trillion by 2026, marking a yearly growth rate of around 9%. This shows that companies leverage Financial Services Cloud to better understand their policyholders, manage claims, and offer tailored insurance solutions. Axa and Liberty Mutual are insurance companies leveraging Salesforce Financial Services Cloud in this competitive era.

Asset management industry

Starting at $84.9 trillion in 2016, the wealth and asset management sector is anticipated to expand to $145 trillion by 2025. Asset management companies use Salesforce Financial Services Cloud to track and manage investments and engage with investors. BlackRock and Vanguard are examples of such firms.

FinTech industry

Many FinTech startups and established companies use Salesforce Financial Services Cloud to scale their operations, manage customer data, and improve user experiences. Stripe and Square are prominent FinTech companies using Salesforce.

Private equity industry

Private equity firms utilize Financial Services Cloud to manage their portfolio companies, monitor investments, and track fundraising efforts.

Credit unions

Credit unions employ Financial Services Cloud to enhance member relationships, streamline lending processes, and manage financial products. For instance, Navy Federal Credit Union uses Salesforce.

Mortgage services

Companies in the mortgage industry use Salesforce Financial Services Cloud to manage mortgage origination, servicing, and customer relationships. Quicken Loans is an example.

Regulatory agencies

Government regulatory agencies responsible for overseeing financial institutions and markets use Salesforce Financial Services Cloud to monitor and regulate the industry.

Non-profit financial services

Non-profit organizations that provide financial education and services to underserved communities may use Financial Services Cloud to manage their programs and engage with clients.

Are you eager to discover real-world examples where Cyntexa has made an impact? Explore our collection of Customer Success Stories.

How Financial Services cloud elevate finance industry Growth?

The finance industry is driven by optimizing sales. Still, this pursuit comes hand in hand with the concept of “perks” or “advantages.” Here, we have gathered the advantages banks and insurance companies can harness from the Salesforce financial service cloud.

1. Facilitates collaboration among your teams

Communication is the key, and it’s crucial to establish a long-lasting relationship with teams and clients. With Salesforce Financial Services Cloud, you can foster a collaborative financial environment and ensure all the finance-related data is easily shareable and accessible.

This fosters collaboration, simplifies communication, and guarantees alignment among team members concerning client interactions. It helps eliminate information silos, improving coordination and ultimately enhancing customer service.

2. Provides a comprehensive customer perspective

This cloud empowers you to gain a comprehensive and 360-degree customer view. All relevant client data, including financial history, communication history, and preferences, is consolidated into a single, easily accessible platform. This holistic view lets your teams understand customer needs better, anticipate their requirements, and provide personalized services.

3. Boosts efficiency

There is no doubt that the Salesforce financial services cloud has plenty of tools and features to streamline routine tasks and automate processes, saving your team time and effort. For instance, it can automate data entry, document generation, and compliance checks.

4. Enables informed decision-making through data

Commonly, you need factual data to make a data-driven decision.But with the Salesforce financial service cloud, it can no longer be tedious. You can make informed decisions followed by real-time insights by leveraging its data analytics and reporting functionalities. This data-driven approach helps you identify trends, optimize strategies, and allocate resources effectively, ultimately improving the quality of your decision-making.

5. Simplifies compliance with regulations

The finance industry deals with billions of data, showing the necessity of data security. With the Salesforce financial service cloud, your data complies with industry regulations seamlessly. Not only this, but it provides security tools for tracking and documenting compliance activities, automating compliance checks, and generating reports for regulatory authorities.

6. Tailorable dashboard options

Salesforce financial service cloud allows you to create customized dashboards catered to your business needs. You can configure these dashboards to display key performance indicators, client insights, and other relevant metrics. This level of customization empowers your teams to access the information they need quickly, facilitating informed decision-making.

7. Delivers a seamless omnichannel experience

Salesforce financial service cloud supports an end-to-end omnichannel experience for your clients. This means that regardless of how they interact with your institution—whether through mobile apps, websites, in-person meetings, or any other channel—their experience remains consistent and personalized. This consistency fosters customer loyalty and satisfaction.

Why hire a Salesforce financial services cloud implementation partner?

Implementing Salesforce Financial Service Cloud involves many intricate tasks that demand skilled professionals for flawless execution. Hence, opting for a Salesforce Financial Service Cloud Consultant can unlock many benefits for your business.

Some compelling reasons to consider the cloud are listed below:

1. Expertise and experience

Salesforce finance service cloud is a specialized solution tailored to the needs of financial services organizations. The right Salesforce implementation service partner have experience and expertise in configuring and customizing this platform to meet the finance industry’s needs. They understand industry best practices and can ensure that your implementation aligns with regulatory compliance and industry standards.

2. Faster implementation

Implementing a CRM system like Salesforce finance service cloud on its own can be complex and time-consuming. Whereas, suppose you are looking for an experienced partner. In that case, they can streamline the implementation process, reducing the time needed to get the system up and running.

3. Customization and integration

Financial services organizations often have unique processes and systems. An Salesforce implementation partner can tailor this cloud to fit your business needs and integrate it seamlessly with your existing systems, such as accounting software, trading platforms, and customer databases.

4. Data security and compliance

It’s crucial when we talk about the financial services industry. An implementation partner can help you set up robust security measures and configure the platform to ensure compliance with data protection and financial regulations, such as GDPR, HIPAA, and FINRA.

5. Ongoing support

After the initial implementation, you will require continuous maintenance, troubleshooting, and update support. In such a case, an implementation partner can provide reliable post-implementation support to ensure that your finance service cloud instance continues to meet your evolving needs.

6. Scalability

Your CRM should be scalable to meet the growing business demand and catch the pace in no time. A Salesforce financial services cloud consultant can design your solution with scalability in mind, ensuring it can accommodate your future expansion and changing requirements.

Salesforce Financial Services Cloud Pricing

The Salesforce Financial Services Cloud has four pricing models to choose from. Here we have given you a walk through the different pricing models to help you figure out which one is meant to be right for your business:

  1. Starter – Enterprise Edition: At $225/user/month, subscribers are given access to Salesforce’s purpose-built functionality for financial organizations.
  2. Starter — Unlimited Edition: At $375/user/month, provides access to the customizable CRM designed specifically for financial firms.
  3. Growth — Enterprise Edition: At $ $300/user/month, you’ll have access to the CRM built specifically for financial firms, which unlocks more features for deepening client relationships.
  4. Growth — Unlimited Edition: At $450/user/month, this plan gives access to deeply customizable CRM purpose-built to help you nurture client relationships to the next level.

Financial Cloud Pricing

The selection of the best Financial Services Cloud Pricing model is based strictly on your needs. You can ask the Salesforce Financial Services Cloud consultant to help you figure out which pricing model is meant to be the right choice for you.

Hire Salesforce Implementation Partners


Salesforce financial service cloud allows businesses to win the game in this dynamic world of the finance industry. This cloud can address finance sector challenges with its potential capabilities and regulatory compliance. Also, enhance security measures, cyber crimes, and more.

Whether you run a small business or operate on an enterprise scale, leveraging the capabilities of the Salesforce financial services cloud can elevate your online business and develop long-lasting customer relationships.

Embrace this game-changing platform, align with evolving customer demands, and tap into boundless opportunities for your finance sector by selecting the ideal Salesforce implementation partner

Frequently Asked Questions

The Financial Service Cloud Salesforce Data Model is a structured format that defines how data is equipped and organized within the Financial Service Cloud platform. The data model includes objects and relationships that allow financial institutions to manage client information, financial accounts, interactions, and compliance data in a structured and compliant manner.

Salesforce Financial Services Cloud architecture refers to the underlying framework and design of the platform. It encompasses various components such as data storage, security, user interfaces, integrations, and scalability. The architecture is built to meet the complex needs of financial institutions, providing a secure and customizable environment for managing client relationships, financial accounts, and regulatory compliance.

Financial Services Cloud is not just a wealth management tool; it's a comprehensive customer relationship management (CRM) platform tailored specifically for the financial services industry. It enables financial institutions to manage all aspects of client relationships, including banking, insurance, financial planning, and regulatory compliance, in a single unified platform.

Financial Services Cloud is Salesforce's specialized solution for financial institutions, focusing on managing client relationships, financial accounts, and compliance, while Sales Cloud is a more general CRM for various industries.

Financial Services Cloud aids financial institutions in meeting fiduciary regulations by equipping them with tools and functionalities, ensuring compliance, and facilitating reporting. It enables organizations to monitor and oversee client interactions, uphold comprehensive records of financial accounts, and generate reports to showcase adherence to regulatory mandates.

Salesforce strongly emphasizes data security, and Financial Services Cloud inherits these security measures.The platform encompasses role-based access control, encryption, and multi-factor authentication and adheres to industry standards such as GDPR and HIPAA compliance. Additionally, Salesforce provides robust data center security and ongoing monitoring to protect client data from unauthorized access and breaches.

Migrating existing data into the Financial Services Cloud typically involves:

  • Data mapping
  • Data extraction from your current systems
  • Data transformation to fit the Financial Services Cloud data model

We can migrate your existing data to the Financial cloud, ensuring a smooth transition.

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