You’ve heard that Salesforce Sales Cloud and Financial Services Cloud (FSC) can both revolutionize the way financial industry firms do business. But how do you know which tool is best for your company?
What’s the difference between Sales Cloud and Financial Services Cloud?
Sales Cloud was designed to be a general-purpose CRM tool that can be easily adapted by companies of all sizes in a wide range of industries. While Sales Cloud has features such as a general data model designed to help companies track leads and other opportunities, it lacks industry-specific tools.
That’s where Financial Services Cloud can help. The Salesforce product was created to address the distinct needs of the financial service industry, and comes loaded with industry specific features that can be tailored to your firm’s needs, including compliance features, ability to integrate with financial systems, specialized data modeling, and more.
Why should insurance companies choose Financial Service Cloud over Sales Cloud?
Our clients find that there are innumerable benefits to using FSC, but here are the three we hear the most.
Data modeling designed for the financial services industry
Companies using Sales Cloud must build data models specific to their clients’ needs from scratch, which requires a significant amount of time and resources. Financial Services Cloud, on the other hand, features out of the box data models engineered for the financial services industry, including FSC Standard Objects, FSC Packaged Objects, and Sales and Service Cloud Standard Objects. It also features Customer 360 across different products, which allows team members across different departments, such as marketing, sales, and IT to share a single view of the client’s profile. Together, these tools allows firms to offer more personalized service surrounding life events, and save time and money while expediting their digital transformation.
Compliance features
The financial services industry is heavily regulated under federal and state law but keeping up with policy changes can be an exhausting, cumbersome process. FSC comes loaded with compliance features, including data encryption, regulatory reporting, audit trails, permissions and access controls, pre-built compliance templates, a customer identification program wizard, and more. These tools work together to help firms reduce the risk of non-compliance, support agents, and strengthen customer trust.
Integration with financial systems
Financial Services Cloud integrates with a range of financial systems, such as commercial banks, payment processors, and finance companies. This helps firms automate processes, reduce manual data entry, improve data accuracy, and help agents stay up-to-date on industry trends that enable them to better advise clients. These tools include custodian data feeds, trading platforms, portfolio management systems, and external data sources, such as SEO p.
How to get started
To learn more about Salesforce Financial Services Cloud, and why investing in FSC over Sales Cloud could be the choice for your firm, contact us today.
