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Salesforce FSC

Salesforce is an online solution for customer relationship management, or CRM. It gives all your departments — including marketing, sales, commerce, and service — a shared view of your customers with one integrated CRM platform. Salesforce Financial Services Cloud (FSC) is the platform that can do it all for your financial services team. It’s a platform proven to provide real-time access to critical data, visibility into unique customer journeys, and meaningful insights at every stage of the customer lifecycle. 

Customer Relationship Management (CRM) solutions were hosted by companies own servers before Salesforce was introduced. The time and money it cost these companies to set up their own CRM was astronomic. It used to take months or even years and millions of dollars for these companies to have their own servers. The solution was to make CRM affordable and desirable to these companies by building a software and delivering it online as a service separate to them. It moved everything to the internet through cloud computing. Things like financial services cloud (FSC) are set up by financial consulting companies for these clients. This product is designed to support wealth management, retail banking, commercial banking and insurance carrier markets. Below I’ve listed what Salesforce FSC is and how it works.

Reasons to Use Salesforce FSC

1. User Experience and Integration

The user experience when using Salesforce for CRM compared to other tools is lightyears ahead. The number of integrations both within the Salesforce ecosystem and outside is very strong. There’s also Community Cloud which many clients use which allows you to create web portals where your customers can log in and their Salesforce data directly. When you’re dealing with a best-in-class platform like Salesforce, there are many integrations to industry tools out there, either managed by Salesforce or not.

2. Salesforce Community

The talent, knowledge sharing, and resources that are available either online or in-person. When you own a big CRM system knowing that you can reach out and get help either for your internal staff, or hire external resources, it’s a very strong advantage that comes with being a Salesforce customer.

3. Customization

Surprisingly, customization doesn’t enhance the experience of Salesforce but will actually hinder it. It can lead to implementation challenges and ongoing maintenance repairs within the system. Overall, the sales cloud is a less stable option. Bugs are constantly needed to be fixed because even if the coding is slightly off due to customization, it won’t work. As the business the client is doing changes, the company providing the services will have to go in manually and fix the system. With FSC companies will obtain industry specific features right away that suits their business. FSC also brings out new functionality 3 times a year.

Why Use Salesforce?

Many institutions are doing CRM type activities in their back-office record-keeping system, which of course, is designed for something else. Many companies are using a back-office tool like that for CRM purposes. To phrase it another way, it’s a system that’s great for tracking transactions or loan processing, but not great for tracking interactions or marketing activities. Just having a CRM is a step forward for these organizations. The best they can get is Salesforce. Financial services cloud is a Salesforce product that is designed to support wealth management, retail banking, commercial banking, and insurance carrier markets. It was initially designed to support wealth management. Since then it continues to be enhanced to support other aspects of financial services.