How Does Salesforce Financial Cloud Secure the Future of Wealth Management?

In today’s digital era, businesses across different industry verticals are leveraging technology solutions to manage their business processes and streamline operations, and the financial services industry isn’t any exception. The shift towards digitization has pushed the financial services sector to accelerate its processes by leveraging robust technologies and adopting digital transformation initiatives such as cashless payments.

According to a survey conducted by Gartner, around 67% of senior finance leaders advocate the need for digitalization and focus on the optimization of finance technology. 

Apart from this, other disruptive technologies such as Robotic process automation; Artificial intelligence, cloud services, and other financial business models have made their way. One such technology solution is the financial services cloud by Salesforce that provides tailored services to enterprises. The Salesforce financial services cloud has helped wealth management stakeholders ensure enhanced customer satisfaction through accelerated digital transformation. It is essential to seek Salesforce support to know more about this robust platform. 

What is Financial Services Cloud?

The Financial service cloud is a platform provided by Salesforce and is available in the Lightning Experience. The platform is designed to create long-term customer relations while helping financial consultants offer high-end services. The cloud platform runs in a secure environment and can be leveraged by organizations to manage the assets and liabilities of their customers besides the accounts of investment and wealth management firms. 

The platform is ideal for small and large enterprises as it allows financial advisors to deliver high-end solutions and technologies with tailor-made services. The platform is endowed with advanced features that enable consultants to spend less time gathering doing mundane tasks and focus on providing high-end assistance. The Financial service cloud encompasses several sub-verticals such as banking, mortgage, insurance, wealth management, and more.

Features Offered by Financial Service Cloud:

• Enables Commercial Banking: Salesforce Financial Service Cloud facilitates commercial banking visibility in various aspects of wealth and finance, making it easy for consultants and relationship managers to make business-to-business referrals. This feature provides relationship managers with a customized layout that offers an optimum display of data and permission sets to access the Commercial Banking application. This allows relationship managers to manage their mortgage reports, referrals, treasury management, etc., more efficiently. 
• Helps Achieve Compliance: The Cloud infrastructure has helped organizations monitor customer relationships while following every interaction with a customer data model at the heart of the financial services cloud, which helps achieve compliance. The robust cloud solution helps the clients find new customers, grow their accounts, and close deals quicker while ensuring the security of client data and assessable client interactions across several channels.
• Provides Better Visibility: Companies can access client profiles to view client interactions and the information shared. With this, the wealth ecosystem of the clients and their families can be accessed, allowing financial consultants to grow their business across multiple channels. This insight provides relationship managers a better know how of the personal and financial product needs of the customers and how it can be used to achieve their goals.
• Enables Data Security: Before adopting new technology, organizations must fortify the security infrastructure. The Salesforce financial service cloud ensures robust security infrastructure for clients who have to undergo stringent security checks, inspections, and audits at regular intervals. 

The Bottom Line:

Salesforce financial cloud built on the Salesforce CRM platform has revolutionized the wealth management ecosystem. The robust cloud solution enables the wealth management team members to access information drawn from various sources, including the financial interactions of clients. This provides companies with a 360-degree view of the client. So, if you wish to deploy Salesforce financial cloud for wealth management, you must partner with a certified Salesforce consultant.

About Author

Jaya Ghosh

Jaya is a content marketing professional with more than 10 years of experience into technical writing, creative content writing and digital content development. Her decade long experience lends her the ability to create content for multiple channels and across different technology verticals.