The ultimate guide to Salesforce Financial Services Cloud

Financial institutions today face a dilemma. Customers want things faster, easier, and on their terms, yet many banks and financial services struggle to provide these experiences. On top of this, they have to maintain trust in a highly regulated, competitive space. The pressure is enormous—acquiring new customers, retaining them, offering personalized financial advice, and managing compliance. It’s no wonder many feel like they’re constantly playing catch-up.

But there’s a solution—Salesforce Financial Services Cloud (FSC). FSC is more than just a CRM; it’s a tool that connects data, simplifies complex processes, and allows institutions to focus on what really matters: their customers. With it, financial institutions can provide personalized advice, manage interactions across all channels, and automate time-consuming tasks. It’s like giving banks the power to anticipate their customers' needs before they even ask.

At Noltic, we've helped banks not only keep up but thrive by implementing Salesforce. In this guide, we'll walk you through everything you need to know about Financial Services Cloud. From the key features that solve common challenges to practical tips on how to implement it effectively, we’ll share our insights and real-world experiences. By the end, you’ll understand why FSC is not just a tool but a game-changer for financial institutions looking to stay ahead.

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What financial institutions can use Salesforce Financial Services Cloud

FSC's set of features can support organizations with varying needs, allowing them to manage client relationships, improve operational efficiency, and ensure compliance across the board. Below are some of the key types of financial institutions that can benefit from using FSC.

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Banking‍

• Customer Relationship Management: Enhances the banking customer experience by providing a 360-degree view of the customer, facilitating personalized service and offers.
• Loan and Mortgage Management: Streamlines the loan origination process and mortgage management, making it easier for banks to track applications and engage with customers throughout the loan lifecycle.
• Financial Health Assessments: Uses AI-driven insights to offer financial health assessments, helping bankers provide tailored advice and solutions to customers.
• Commercial Banking: Bankers get greater visibility into customer relationships in commercial lending, treasury management, trade finance, and more with the Commercial Banking Console app. Plus, a Business Referrals record type makes it easy for relationship managers and lending assistants to make business-to-business referrals.
• Retail Banking: Get a 360-degree view of customers with Retail Banking, a Financial Services Cloud Lightning app. Bankers can also easily manage high-volume transactions on one screen with the Retail Banking Console. The information bankers need is supported with new objects, fields, and record types for loans, deposits, and more.

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Wealth management

• Client Relationship Management: Salesforce for wealth management offers a comprehensive view of client portfolios, enabling personalized investment advice and better wealth management strategies. 
• Automated Financial Planning: Facilitates the creation of automated, personalized financial plans based on client data, improving client engagement and satisfaction.
• Regulatory Compliance: Ensures compliance with financial regulations, reducing the risk for both the firm and its clients through systematic data management and reporting.

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Insurance

• Policy Management and Servicing: Simplifies policy management, from underwriting to claims processing, enhancing the efficiency of insurance operations.
• Customer Engagement: Improves customer engagement through personalized communications and services, increasing loyalty and retention.
• Claims Processing: Automates and streamlines the claims processing workflow, reducing processing time and improving customer satisfaction.

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Salesforce FSC in action

RBC Wealth Management is a great example of a successful digital transformation in the financial sector, showcasing the impact of Salesforce's Financial Services Cloud. Faced with challenges from outdated CRM tools, RBC opted for FSC, unifying client data from legacy systems and improving advisor efficiency. The implementation, completed within nine months, enabled rapid rollout to advisors and clients, addressing technological limitations and enhancing reporting capabilities.

The adoption of Tableau CRM (formerly Einstein Analytics) further empowered advisors with personalized offer recommendations, shifting focus to high-value opportunities. The results were outstanding, with a 90% adoption rate and improved client relationships. Notably, RBC witnessed its best recruitment success and high retention rates, indicating the transformative effect of digital capabilities in the industry.

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Why switch to Salesforce Financial Services Cloud

Financial Services Cloud adoption is more than just a technological upgrade—it’s a strategic move that can help institutions meet the growing demands of their clients while staying ahead of the competition. Financial companies are juggling various challenges, from regulatory pressures to evolving customer expectations. Salesforce Financial Services Cloud offers a solution tailored specifically for this industry, helping institutions accelerate operations, improve customer experiences, and make data-driven decisions.

Here are a few compelling reasons why switching to FSC makes sense for financial organizations:

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Personalized customer experience

Customers expect personalized, real-time interactions. According to Salesforce, 66% of customers expect companies to understand their needs and expectations. Yet, many financial institutions struggle with fragmented data and siloed systems that prevent them from delivering this personalized service. Salesforce CRM for financial advisors centralizes customer data, providing a 360-degree view of each client, which results in more personalized and relevant communication.

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Accelerated operations

Financial services require an enormous amount of manual processing, from managing accounts to handling compliance checks. FSC automates these time-consuming tasks, freeing up valuable time for employees to focus on customer service and strategy. This improved efficiency is a direct result of FSC’s ability to integrate with existing systems and streamline operations across various departments.

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Regulatory compliance

Maintaining compliance is one of the biggest challenges in the financial sector. With Salesforce Financial Services Cloud, institutions can track and audit every interaction, ensuring that regulatory requirements are met efficiently. FSC’s built-in compliance tools reduce the risk of errors and provide real-time insights into areas that need attention, making audits smoother and faster.

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Improved collaboration

FSC facilitates better communication between different departments—whether it’s sales, customer service, or compliance teams. By providing a shared platform where everyone can access the same client data, FSC fosters collaboration that helps the organization operate as a cohesive unit.

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Proven ROI

According to Salesforce, institutions that have implemented FSC have seen remarkable improvements, including a 36% increase in customer satisfaction and a 27% reduction in operational costs. These statistics show that FSC is not just a CRM but a key player in driving business results and enhancing operational efficiency.

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Core functionality of Salesforce FSC

FSC empowers financial advisors, bankers, and customer service teams with the insights and automation needed to deliver personalized, high-quality service. Let’s explore the key features that make FSC a game-changer for financial institutions—from customer 360 views and intelligent analytics to built-in compliance management and collaboration tools.

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Customer relationship management (CRM)

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Financial Services Cloud (FSC) offers a diverse partner ecosystem, integrating seamlessly with financial planning tools, compliance solutions, and more. Its standardized data model simplifies representation of financial accounts and goals, reducing customization time and costs for firms in the financial services sector.

Operating on CRM principles fundamental to the industry, FSC centralizes client information into a unified data model, ensuring consistency and accuracy across financial accounts, interactions, and goals. Customization options allow tailoring the CRM to specific institutional needs, enhancing operational efficiency.

FSC consolidates client information from various sources, providing advisors with a comprehensive understanding of their financial situations and needs. This enables personalized communication and tailored financial planning. Additionally, FSC streamlines task management for client interactions, from scheduling meetings to tracking significant events, facilitating a more efficient client relationship process.

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Data management and analytics

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Salesforce FSC employs the Salesforce data model for structured customer data management, covering clients, accounts, transactions, and related financial information. It represents individuals and their activities through person accounts or the individual model, with person accounts favored for B2C operations.

Data includes personal details and interactions with the organization, along with connections to Salesforce transactions and communications. The individual model combines Account and Contact objects with custom enhancements, supported for FSC organizations with existing implementations.

The convenient Tear Sheets feature simplifies the reporting process by allowing users to view, download, and email generated tear sheets directly from the record page where the report creation was initiated. Users can create new tear sheets by selecting relevant templates from components on record pages for accounts, contacts, and financial deals. The platform supports the definition of multiple templates, catering to diverse contexts in client meetings and providing a customizable reporting solution.

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Personalization and engagement tools

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Salesforce Financial Services Cloud (FSC) incorporates various personalization and engagement tools to enhance the customer experience in the financial services sector.

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1. Configurable group builder

Administrators have the ability to customize the display of sections, allowing users to concentrate on specific types of relationships that are pertinent to them. This customization includes choosing which fields, including custom ones, to show and determining the order in which they appear.

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2. Customer profile

Enables to work on attributes within the financial customer data model, encompassing aspects like Know Your Customer (KYC), Interests, Communication Preferences, Client Servicing, and Finance Profiling. Financial Services Cloud (FSC) accommodates a diverse range of financial accounts, such as checking accounts, savings accounts, mortgages, credit cards, investment accounts, 401(k) accounts, and insurance policies.

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In addition to documenting intricate, multi-party relationships through groups, Financial Services Cloud also models one-to-one relationships connecting individuals and businesses. These relationships contribute to a better understanding of spheres of influence and spans of control.

Users can establish financial goals to monitor a client's advancement towards significant purchases, retirement savings, or other life objectives. The system also facilitates the identification and capture of customer needs through referrals, enabling proactive efforts to fulfill those needs.

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3. Interest tags

Always prioritize the interests of both business and individual customers. Establish a shared interest tag dictionary for universal use within the organization. Enable advisors to label their customers using terms from the global tag dictionary, and allow authorized users to seamlessly contribute to the collection of common tags. Utilize an improved tagging user interface to easily view and assign multiple customer interests. Enhance the search functionality to provide a more robust experience across Interest Tags and their respective categories.

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4. Life events & milestones

Monitor significant life events of your customers and engage with them on a personal level throughout their life journey. Assess the impact and success of your initiatives through the tracking of Events.

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5. Referral management

Facilitates the generation of referrals across various business segments:

• Referrals initiated by Employees, Partners, and Clients
• Options to Accept, Reject, or request additional information
• Monitoring, Visibility, Report generation, and Dashboard functionality
• Consistent presence throughout the entire conversion process

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6. OmniScript

OmniScript is a user-friendly, non-coding tool designed for creating intricate business processes.

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Financial institutions can utilize OmniScript to build dynamic customer interactions that lead users through sales and service procedures. It enables quick, personalized responses and integrates seamlessly with crucial data sources.

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7. FlexCards

FlexCards empower the creation of sophisticated user interfaces effortlessly, eliminating the need for custom code. Admins can utilize a click-based configuration to design FlexCards by arranging and sizing elements like fields, buttons, links, labels, icons, images, and charts on the designer canvas. To expedite integrations, a Datasource Wizard automatically populates a FlexCard with data from various sources.

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These FlexCards are automatically compiled into Lightning Web Components and can be easily added to a page using the Salesforce App Builder. This simplifies and enhances business processes by presenting only the necessary data at the right moments.

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8. Business Rules Engine

The Business Rules Engine empowers financial organizations to make agile and customizable automated decisions. This tool allows the configuration of intricate rating processes using factor tables, functions, and arithmetic. Rules can be constructed using expressions or more concise lookup tables, providing support for industry standards.

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9. Action Plan

Leverage Action Plans to oversee customer engagement processes across diverse financial services sectors like Banking, Insurance, and Wealth Management. Enhance customer experiences consistently through customizable task templates. Boost productivity by automatically generating tasks with assigned due dates and roles. Encourage collaborative and compliant task completion through analytics and enforcement of necessary tasks.

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Additionally, automatically generates Action Plans based on templates at regular intervals, such as monthly or quarterly. This system also allows the inclusion of relevant collateral, comprising one or more files, associated with the entire Action Plan.

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Integration capabilities with other systems

Salesforce Financial Services Cloud offers an API-centric approach. Its middleware compatibility, real-time data exchange, customization options, and security protocols empower financial institutions for technological transformation.

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Key integration methods

• API and middleware compatibility

FSC supports integration with multiple systems using APIs and middleware platforms such as MuleSoft. This enables real-time data exchange between systems like core banking platforms, portfolio management tools, and CRM solutions.

• Real-time data exchange

FSC enables the integration of Salesforce data with external systems, allowing financial institutions to work with diverse data sources. This functionality supports applications like OmniScript, FlexCard, and Apex.

• Pre-built and custom integrations

FSC can accommodate pre-built integrations through AppExchange, or custom developments tailored to specific business needs. This ensures that financial institutions can access a comprehensive view of their customer data across various platforms.

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Managing diverse data sources

FSC allows financial institutions to link financial, transactional, and CRM data seamlessly. It can connect with core systems like banking and portfolio management, providing a unified platform for accessing and managing client data. This integration creates a holistic view of the customer, enhancing personalized service and driving better outcomes.

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The FSC Transition Assistant

The FSC Transition Assistant is a free tool that simplifies the migration process to FSC.

Integration partners can utilize the tool and deliver the report output to their clients. In this scenario, the Transition Assistant offers the following kinds of information:

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FSC business benefits

FSC delivers a wide range of business benefits that go beyond simply managing client data. This tool helps financial institutions significantly improve productivity, customer relationships, and overall business performance. Below are some of the key business benefits FSC brings to financial organizations:

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Higher productivity

FSC cuts down on manual tasks, allowing teams to focus on more meaningful work. Automated workflows, task management, and case tracking keep advisors, managers, and service teams on track, eliminating time wasted on admin-heavy processes.

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Improved customer engagement

With FSC, you gain a full view of each client, helping you understand their needs and preferences on a deeper level. Centralized data allows you to offer more personalized services, creating stronger, lasting relationships. Your teams can use tailored dashboards and client profiles to engage with customers more effectively, boosting satisfaction and loyalty.

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Better risk management

Managing risk is critical in the financial world, and FSC helps you stay compliant and manage regulatory requirements more efficiently. Its built-in tools like audit trails and detailed reports help you track interactions and meet industry standards, reducing compliance risks while building trust with clients and regulators.

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Scalability for growth

FSC scales alongside your business, so whether you’re adding new services, entering new markets, or expanding operations, there’s no need for a complicated system overhaul. Its cloud-based platform grows with you, ensuring smooth expansion without sacrificing performance.

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Enhanced collaboration

FSC encourages stronger teamwork across different departments by offering a shared view of client data. Sales, customer service, and compliance teams can access real-time information, ensuring everyone’s on the same page. This unified approach to managing clients improves communication and overall results.

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Data-driven decision making

FSC’s advanced analytics and reporting tools give financial institutions the insights they need to make informed decisions. By analyzing customer behavior, market trends, and business performance, leadership can identify growth opportunities and improve profitability. Tools like Einstein Analytics even predict future customer needs, helping you stay ahead of the competition.

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Compliance and security features

Enforcing compliance helps ensure financial services organizations prevent and detect rule violations, protecting them from fines and lawsuits. It also helps enhance trust with customers. See below how FSC can help facilitate proper compliance alignment.

1. Salesforce deal management. Ensure deal team members are approved after clearance from any conflict of interest or via ‘wall crossing’ from the public side.
2. Compliant Data Sharing. Automatically share client interactions and deal-related data based on rules and access levels defined by compliance.
3. Participants Management. Manage participants and the roles that they play in the context of a parent record.
4. Data Sharing. Automatically share data with participants based on the role they play in the context of a parent record.
5. Compliance. Approve participants before sharing any sensitive data with them.
6. Platform extension. Leverage various platform features to extend this feature.
7. Define consent. Analysts can define which kind of disclosures and consent need to be shared and collected during a particular business process.
8. Generate Consent Authorizations. Relationship managers, loan officers, and any other bank representatives working with customers can generate and send consent requests.
9. Gather Consent from the Client. Allow end clients to agree to disclosure policies before starting or continuing a business process.

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Implementation strategy

Switching to Salesforce Financial Services Cloud is a major step for any financial institution, and it’s important to approach it thoughtfully. A well-structured strategy will ensure the transition goes smoothly and the system works effectively for your team from day one. Below is a breakdown of the key phases in the FSC implementation strategy:

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Planning

The first step is planning, and it’s absolutely critical. You don’t want to dive into FSC without having a clear picture of what you’re trying to achieve. This phase is about setting your goals, getting your systems ready, and ensuring your team is on board.

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• Start by identifying what you want to get out of FSC. Is it better customer engagement, faster internal processes, or improved compliance management? Be specific about what success looks like.
• You can implement Financial Services Cloud in a new or existing Salesforce org. Collaborate with your Salesforce implementation partner to decide which is best for your business.
• Next, review the default features and see how they align with your current needs. Consider any changes needed to fields, picklists, layouts, and other elements to support your business processes better.
• Plan for necessary integrations, such as linking transactional systems, external data sources, custodians, and any other platforms your organization relies on.
• Beyond the built-in configurations, assess whether you’ll need custom features to meet your specific requirements.
• Finally, estimate your user base to determine licensing needs and check for any system limits or restrictions that could impact your implementation.

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Preparation

• Enable Lightning Experience, the modern interface on which FSC is built. If you are not using Lightning Experience, the vast majority of the underlying FSC functionality won’t work. Data will not look accurate, and users will be frustrated. If you’re going to pay for the feature, you should use it as intended.
• Ensure that My Domain is enabled and deployed for the org. The vast majority of FSC functionality relies on custom Lightning components, which require My Domain to be activated. This tool lets you customize your Salesforce URL, adds an extra layer of security, and helps integrate other tools smoothly.

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Data migration

In our practice, there were instances where consultants didn’t understand the Salesforce Financial Services Cloud data model well, and the data was loaded incorrectly. Just like with any data migration or import, it’s important to understand the data model and the order of operations needed to import data.

However, FSC adds some extra complexity to the data model around the Account structure. If the Individual records are not defined and imported correctly (i.e., you only need to create the Individual Account or Contact record – not both), you could end up with duplicates or very messy data.

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Data cleansing

• Cleanse and validate existing data before migration to ensure accuracy and consistency;
• Identify and rectify any duplicate or outdated records.

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Data mapping

• Create a comprehensive data mapping strategy to map fields and attributes from the source to the target system;
• Clearly define data transformation rules to maintain data integrity.

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Data validation

• Implement validation checks during the migration process to identify and address any data discrepancies;
• Utilize validation scripts and tools to verify the accuracy of migrated data.

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Backup and rollback plan

• Conduct regular backups of data before migration to mitigate the risk of data loss;
• Develop a rollback plan in case of unexpected issues during the migration process.

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Data governance

• ‍Establish data governance policies to ensure data quality and compliance with regulatory requirements;
• Define ownership and accountability for data management within the organization.

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Performance monitoring‍

• Monitor the performance of the system post-migration to identify and address any issues promptly;
• Implement performance benchmarks to measure and optimize system performance.

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Configuration

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Profiles and users

• Enable the Contacts to Multiple Accounts Feature: Setup →  Account Settings → select “Allow users to relate a contact to multiple accounts”
• Create Profiles for Users: Use profiles to grant advisors, personal bankers, and relationship managers access to Financial Services Cloud features. To create the required profiles, clone and customize the Standard User profile provided by Salesforce.
• When you install the FSC packages, map these cloned profiles to the Advisor, Personal Banker, and Relationship Manager profiles provided in each package.
• From Setup, enter Profiles in the Quick Find box, and then select Profiles.
• Clone the Standard User profile.
• Give it a name, such as Advisor.
• Save your changes.
• Repeat to create the Personal Banker and Relationship Manager profiles, etc.

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FSC package installation

There is a Managed and Unmanaged package for FSC. The managed package contains most of the Financial Services Cloud functionality. This functionality includes custom fields and objects, list views and profiles of clients and households, and administrative configurations.

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• In the Product Specific Terms section of your order form, copy the URL for the Financial Services Cloud managed package.
• Paste the URL into your browser navigation bar, and press Enter.
• If you received a password from Salesforce, enter it.
• Select Install for Specific Profiles.
• Scroll to the Select Specific Profiles section, and map the profiles that you created in the pre-installation tasks to the package profiles. For the Advisor profile, set the access level to Advisor. For the Personal Banker profile, set the access level to Personal Banker. For the Relationship Manager profile, set the access level to Relationship Manager.
• Click Install

Install the unmanaged extension package after you install the Financial Services Cloud managed package. The unmanaged package extension for Financial Services Cloud Service Processes for retail banking offers pre-configured and customizable retail banking service processes built using Service Process Studio. Each process includes an OmniScript for request intake through assisted and self-service channels. It features flows and email templates for streamlined fulfillment, and BIAN-inspired outbound Mulesoft APIs for integration with core banking and other external systems.

The unmanaged package extension for Financial Services Cloud Service Processes for Wealth Management offers pre-configured and customizable wealth management service processes built using Service Process Studio. Each process includes an OmniScript for request intake through assisted and self-service channels. It features flows and email templates for streamlined fulfillment, and BIAN-inspired outbound Mulesoft APIs for integration with Custodial or Books and Records platform.

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Post-installation tasks (not required, but nice to have)

• Configure Navigation to Individual and Group Profiles: Standard URLs that point to account and contact detail pages require a different navigation path for an individual’s information. When users interact with detail page links, you want them to navigate to an individual or group profile, not the individual’s account or contact record. You can configure overrides to redirect these URLs;
• Lightning Pages Setup: Assign Financial Services Cloud home pages to different apps and app-and-profile combinations to give your users access to a Home page perfect for their role. You can assign different Lightning pages to the various Financial Services Cloud apps to display specific account record types. You can also choose which profiles can access the page. The two-column page layout is ideal for the Retail Banking app, the one-column layout is best suited to the Retail Banking Console, and the three-column suits both apps;
• Add Values to the Lead Status & Opportunity Stage Picklists;
• Configure User Profile Permissions: Enable the required permissions and a field-level security setting for the user profiles, including the System Administrator profile. You can edit profiles that you created and mapped to the packaged profiles. However, you can’t change the packaged Advisor Access, Personal Banker Access, and Relationship Manager Access permission sets. If you want to add or remove permissions, clone the packaged permission and modify the new version;
• Page Layouts and Global Actions Setup: A global action lets users easily record details about client tasks, events, and calls by launching an action from the Salesforce header;
• Give relationship managers, personal bankers, and advisors access to the fields in the account contact relationship layout to let them create and maintain relationship groups.

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Customization and adaptation

While Financial Services Cloud offers a rich set of out-of-the-box features, every financial institution operates uniquely, with distinct processes, regulatory requirements, and business objectives. Therefore, customization plays a critical role in maximizing the value derived from the platform.

Here are several main areas where customization can be employed:

• Data Model Adjustment: Modifying the data model to capture extra client details, financial products, or industry-specific data fields ensures smooth alignment with the organization's data structure and reporting requirements.
• Workflow Streamlining: Creating tailored workflows and automation rules simplifies routine tasks like client onboarding, account management, and compliance procedures, thereby enhancing operational efficiency and minimizing manual errors.
• System Integration: Connecting Financial Services Cloud with existing systems such as core banking platforms, portfolio management tools, or regulatory reporting systems facilitates data synchronization and improves overall cross-platform functionality.
• User Interface Tailoring: Adjusting the user interface to reflect the organization's branding standards and user preferences encourages user adoption and elevates the overall user experience.
• Compliance and Security Settings: Implementing customized security measures, data encryption, and access controls ensures adherence to industry regulations and secures sensitive client information.
• Enhanced Analytics and Reporting: Developing personalized reports, dashboards, and analytics tools tailored to specific business metrics and key performance indicators (KPIs) enables stakeholders to derive actionable insights and make informed, data-driven decisions.
• Client Engagement Enhancement: Crafting bespoke client portals, communication templates, and marketing automation workflows enhances client interaction and strengthens relationships with clients.

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Deployment

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Thorough planning

• Begin with a comprehensive planning phase that includes a clear understanding of your organization's requirements, goals, and processes;
• Define the scope of the deployment and establish realistic timelines and milestones.

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Customization strategy

• ‍Leverage out-of-the-box features whenever possible to minimize customizations;
• Prioritize customization based on business-critical needs, ensuring they align with long-term goals.

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User training and adoption

• Invest in user training programs to ensure your team is well-versed in the new system;
• Promote a change management strategy to facilitate smooth adoption across the organization.

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Testing

• Implement a robust testing strategy, including unit testing, integration testing, and user acceptance testing;
• Test data integrity, security settings, and business processes thoroughly.

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Incremental rollouts

Consider a phased or incremental deployment approach to minimize disruption and allow for continuous feedback.

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Collaboration with stakeholders

Involve key stakeholders from various departments in the deployment process to ensure the solution meets diverse business needs.

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Overcoming common challenges and pitfalls

Implementing Salesforce Financial Services Cloud can greatly improve how financial institutions operate, but it comes with its own challenges. Below, we will discuss some common issues and how to address them effectively.

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Managing FSC updates

One important aspect of FSC is that while the package is updated with each Salesforce release, not all new features are automatically activated. This means some updates require manual intervention.

Without manual updates, certain features or components of FSC may break or stop functioning properly. Admins and consultants need to stay aware of what each Salesforce release brings and ensure necessary updates are applied to avoid disruptions.

Solution: Establish a regular Salesforce Financial Services Cloud review process to monitor new Salesforce releases. Assess which features require manual activation and ensure they are implemented. This proactive approach prevents potential system issues and ensures that FSC’s latest features function as expected.

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Problems with creating new fields

When working with managed packages like FSC, changing field labels for standard fields can present problems. While creating entirely new fields to replace standard ones may seem tempting, this approach often leads to complications.

Creating new fields isn’t the best practice. Although renaming or replacing standard fields seems convenient, doing so can disrupt the platform’s built-in functionality. In FSC, many standard fields, like those on the Financial Account object, are tied to behind-the-scenes processes that impact how data rolls up to the account level. Altering or bypassing these fields can cause data integrity and operational functionality issues.

Solution: Always use Salesforce's standard fields, as they are designed to integrate with other parts of the system. If renaming is absolutely necessary, a workaround is to use Translation Workbench to modify field labels while keeping the original fields intact.

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Issues with Rollup By Lookup (RBL) rules

FSC includes a critical feature known as Rollup By Lookup (RBL), which enables summary calculations of accounts. However, users sometimes encounter issues with this feature after installing FSC in sandboxes or during production refreshes.

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When RBL rules aren’t configured correctly, or if certain criteria (like the “WHERE” clause in the configuration) are missing, necessary rollup summary calculations fail to trigger. This can cause a failure in reflecting accurate account-level summaries, leading to reporting errors.

Solution: If RBL data is missing or misconfigured, export RBL data from production and import it into your development or sandbox environments. Be sure to also import Rollup By Lookup Filter Criteria and link them to the proper RBL records to restore functionality. Ensure that the necessary filters and conditions are in place to trigger rollup calculations correctly.

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Addressing sandbox issues with RBL rules

In some cases, users find that RBL rules don’t trigger after changes in records, causing summary calculations to fail. RBL rules rely on several conditions to be met before they can activate properly. These include making sure custom settings are enabled for rollups, ensuring the right record type IDs are involved, and verifying that any “WHERE” clauses evaluate to true. If any of these conditions aren’t met, rollup rules won’t trigger as expected.

Solution: To troubleshoot, check that the Enable Group Record Rollups and Enable Rollup Summary Wealth Management Config custom settings are selected for the user making changes. Additionally, ensure that the relevant record type IDs and conditions in the “WHERE” clause are correctly configured to meet the rollup requirements. This will either trigger the appropriate RBL rules or queue an Apex job to handle them.

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Connecting FSC to other Salesforce solutions

Financial advisors can manage client’s investments and quickly handle their service requests and send them personalized updates—all from one place. Connecting Financial Services Cloud with other Salesforce tools makes this possible, helping financial institutions create more connected experience for their clients.

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Service Cloud integration

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Unified customer view

By integrating FSC with Service Cloud, advisors and service agents can view a client’s complete financial history, interactions, and key life events on a single platform. This 360-degree view allows for faster problem resolution and more personalized service.

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Automated case management

Service Cloud’s case management feature allows for automatic case assignment based on advisor expertise or client needs. Combined with FSC, it ensures that clients receive the most relevant support, minimizing wait times and improving satisfaction.

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Real-time collaboration

Service Cloud’s real-time collaboration tools (such as Salesforce Chatter) enable advisors, managers, and service agents to work together quickly on client issues. This feature helps keep all team members on the same page when handling complex financial cases.

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Marketing Cloud integration

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Targeted campaigns based on client data

When connected to FSC, Marketing Cloud can leverage client financial data, life events, and investment behaviors to create hyper-targeted campaigns. For example, a client nearing retirement could automatically be added to a personalized campaign focused on retirement planning services.

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Journey Builder

Marketing Cloud’s Journey Builder allows financial institutions to create multi-channel campaigns that follow a client’s journey. Whether through email, SMS, or social media, advisors can engage clients with relevant messages based on their financial profile and FSC data, driving higher engagement and conversion.

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Real-time engagement tracking

With the integration, financial advisors can track client interactions with marketing campaigns in real-time. For instance, if a client clicks on a retirement planning email, the advisor can follow up with a timely consultation offer, enhancing the customer experience.

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Commerce Cloud integration

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Personalized shopping experiences

Through Commerce Cloud, financial institutions can offer tailored product recommendations based on FSC insights. For example, clients could see investment products, insurance plans, or loan options that align with their financial goals and history.

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Simplified purchasing

Commerce Cloud’s intuitive checkout process makes it easy for clients to compare, select, and purchase financial offerings through a secure and user-friendly platform, reducing friction in the buying process.

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Cross-platform consistency

When FSC and Commerce Cloud are connected, clients experience seamless transitions between digital and in-person interactions. For example, a customer who starts researching mortgage options online can later visit a branch and receive personalized recommendations based on their online behavior and financial history.

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Noltic’s expertise in Salesforce Financial Services Cloud implementation

At Noltic, we have established ourselves as a go-to partner for Salesforce implementation, supported by over 110 successful projects. As a Salesforce Summit Consulting Partner, we provide a comprehensive and strategic approach to FSC, ensuring your organization achieves its business goals.

Our team’s expertise is backed by over 300 Salesforce certifications, including 10 certified architects, allowing us to deliver precise and effective implementations. We prioritize aligning FSC with your organization’s existing processes to ensure that the system enhances efficiency and productivity without causing disruption.

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Key benefits of our FSC implementation services:

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Business alignment

We ensure FSC integrates seamlessly with your existing processes, supporting automation, compliance, and customer service enhancements.

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Minimal disruption

Our step-by-step approach ensures smooth integration with minimal impact on daily operations.

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Industry-focused solutions

We provide sector-specific implementations for banks, credit unions, insurance firms, and more, addressing each industry's unique needs.

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Enhanced customer engagement

With FSC’s powerful data models and analytics, we help you optimize client interactions and drive satisfaction.

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Conclusion

Salesforce Financial Services Cloud offers financial institutions a comprehensive platform to improve customer engagement, optimize operations, and enhance decision-making through real-time data and advanced analytics.

At Noltic, we bring deep expertise in implementing Salesforce banking solutions tailored to your business needs. With over 110 successful projects and a team boasting 300+ Salesforce certifications, we ensure seamless implementation that aligns with your goals, minimizes disruptions and maximizes results. Our experience spans across various financial sectors, offering customized solutions for banks, credit unions, insurance companies, and more.

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FAQs 

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What are the core components of the Financial Services Cloud?

The core components of Salesforce Financial Services Cloud focus on managing client relationships, financial accounts, and automating workflows within financial institutions. These components include:

• Client and Household Management: A central hub to manage clients’ financial profiles, relationships, and key life events.
• Financial Accounts and Products: Tracks financial accounts, assets, liabilities, and financial products associated with clients, including investment portfolios, insurance policies, and loans.
• Engagement and Interaction Tracking: Logs client interactions across multiple channels, ensuring that all advisors and agents have access to the latest communication history.
• Compliance Automation: Helps ensure regulatory compliance through automated workflows and data tracking, reducing the manual effort needed for auditing and reporting.
• Einstein Analytics: Provides built-in dashboards and reports that help advisors gain insights into their book of business, track performance, and make data-driven decisions.

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How does the Financial Services Cloud leverage AI and analytics to drive business growth?

FSC uses Salesforce Einstein, an AI-powered analytics tool, to deliver actionable insights that help financial institutions optimize their strategies and grow their business. Here’s how it works:

• Predictive Analytics: Einstein can analyze patterns in client data to forecast potential client needs, such as when a customer might be interested in a new financial product or service. This allows advisors to reach out with personalized offers proactively.
• Actionable Insights: By analyzing real-time data, FSC provides insights into client behavior, portfolio performance, and market trends, helping advisors tailor their strategies for maximum growth.
• Automated Recommendations: AI-driven tools can suggest the next best actions for advisors, whether that’s recommending specific financial products, identifying clients at risk of attrition, or suggesting follow-up tasks based on recent interactions.
• Optimization of Marketing Efforts: AI can help financial institutions target clients more effectively with personalized campaigns, increasing engagement and conversion rates.

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Is Financial Services Cloud suitable for both small and large financial institutions?

Yes, Financial Services Cloud is designed to scale for both small and large institutions, offering flexibility and customization to meet the needs of different-sized organizations:

• For Small Financial Institutions: FSC provides an easy-to-use platform that can scale as the business grows. It enables smaller teams to efficiently manage client relationships, automate processes, and ensure regulatory compliance without needing a large, complex system.
• For Large Financial Institutions: FSC supports large-scale operations by managing vast client data, complex financial products, and multi-channel interactions. It offers advanced analytics, role-based consoles, and tools for different business units, ensuring large organizations can streamline operations and enhance customer engagement.

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What is the pricing model for Salesforce Financial Services Cloud?

FSC operates on a subscription-based pricing model. The Salesforce Financial Services Cloud pricing can vary based on factors such as the number of users, the features required, and the level of customization needed. Here’s a breakdown:

• User Licenses: The pricing is typically per user, with different tiers of licenses based on the level of access and features required. For example, basic users may only need access to specific features, while full licenses may include everything from client management to advanced analytics.
• Add-Ons: Additional features, such as AI capabilities (Salesforce Einstein), advanced analytics, or industry-specific configurations, may incur extra costs.
• Support and Implementation: The cost of onboarding, support, and any customizations may also factor into the overall pricing, especially for larger organizations or businesses with specific needs.