What is Salesforce Financial Service Cloud & Why it is required?

3 min read

Financial Industry is continuously changing with new technologies and innovations disrupting the market. Salesforce Financial Services Cloud provides an integrated platform that can be tailored to any financial services organization’s high-touch relationship model. Whether you are a part of a wealth management firm, an insurance company, or a bank, Financial Services Cloud can help your team deliver personalized advice at scale across any channel or device.

With a unique Client Data Model at the center of the Financial Services Cloud, firms have access to all the information needed to strengthen every client engagement opportunity.

Financial Service cloud modules

Salesforce FSC comes with different sub-verticals catering to each aspect of the financial industry.

  • Commerce Banking
  • Retail banking
  • Insurance
  • Wealth Management
  • Mortgage

Compliance & Data Security in Financial Service cloud

Financial Services Cloud, combined with Salesforce Shield, offers a powerful suite of compliance features. Also, Salesforce Shield provides security to your data with features like platform encryption & event monitoring.

Why use the Financial Service cloud when we have a Sales cloud?

This is the moment of truth. Often this question will come into the mind of the CIO when they will think about why would they implement a new financial module instead of using the existing sales cloud.

Sales Cloud is the core of CRM and Financial Services Cloud comes out of the box with all the core Sales Cloud features, plus new custom fields and objects modeling financial accounts, assets, liabilities, and goals for both individual clients and across entire households.

Sales cloud on its own does not offer features that FSC has and sales Cloud will require heavy customization. Customization can lead to implementation challenges and ongoing maintenance that requires Salesforce Administrators and Developers and will increase the cost & reduce productivity.

Features that are unique to the Financial service cloud

  1. Group

A group is a set of people with common financial interests. The financial accounts of each member of a group are rolled up together. These finances can then be viewed and managed as a unit.

Household is a custom group record type shipped with Financial Services Cloud to manage the members of a household, such as spouses and their dependent children. In addition to people within a group, you can connect group members to external contacts. For instance, you can tie Rachel Adams to her lawyer.

Like a real-life household, groups are flexible. You can customize them as needed. You can create groups, such as a group of customers that are billed quarterly and a group that is billed monthly.

There are 3 important object relationships that RIA's/Brokers can use to view their client's household map:

  • Account-Account Relationship The relationship between businesses, institutions, and groups. This type of relationship can be useful for the B2B business.
  • Account Contact Relationship The relationship between a person and a business or other account.
  • Contact-Contact Relationship The relationship between two people.

2. Financial Account

A financial account is any account managed by a financial institution, such as a bank. Financial Services Cloud supports many kinds of financial accounts, including checking accounts, savings accounts, mortgages, credit cards, investment accounts, 401(k) accounts, and insurance policies. Whatever the type of account, it rolls up to its primary owner and household.

3. Goals

A person’s financial goal, such as retirement or home purchase.

4. Einstein analytics

Einstein Analytics for Financial Services gives financial advisors and personal bankers a comprehensive customer intelligence solution based on the Einstein Analytics platform. It includes Einstein Discovery, which lets you create automated artificial intelligence models on any dataset without writing code.It’s like having a dedicated data scientist built right into the platform.


There are plenty of features that Salesforce FSC provides and puts the client at the center of everything and makes it very easy for advisors to make smart decisions quickly which will help the financial institution to satisfy their customers rather than worrying about the implementation.

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