Salesforce for Financial Services
Client Relationship Management (CRM) software is designed to help businesses manage and analyze customer interactions throughout the customer lifecycle. From a business functionality standpoint, CRM software provides tools for:
Customer Data Management: Centralized storage of customer details, communication history, and preferences to create a complete customer profile.
Sales Management: Automation of sales activities, such as lead tracking, opportunity management, and sales forecasting, to streamline the sales pipeline.
Marketing Automation: Management of marketing campaigns, segmentation, email marketing, and customer engagement strategies to target the right customers effectively.
Customer Service: Tools for managing support tickets, customer inquiries, and feedback, helping improve response times and customer satisfaction.
Analytics and Reporting: Data-driven insights into customer behavior, sales performance, and marketing effectiveness, enabling better decision-making.
Workflow Automation: Automation of routine tasks like follow-ups, scheduling, and notifications to increase efficiency and productivity.
By consolidating these functionalities, CRM software helps improve customer retention, boost sales, and enhance overall customer experience.
Salesforce Financial Services Cloud CRM is a comprehensive solution tailored for financial institutions to manage client relationships, streamline workflows, and ensure regulatory compliance. It includes components like Account, Contact, Opportunity, Lead and Referrals, enabling efficient tracking of customer profiles and business opportunities. The CRM extends to Financial Goals, Education, Employment, Revenue, and Financial Accounts, covering every aspect of a client’s financial life, from Transactions, Assets, and Liabilities to Billing Statements, Charges and Fees, and Securities Holdings. By integrating these elements, it supports personalized financial planning, enhanced client service, and holistic client insights.
Here are descriptions for each component in Salesforce Financial Services Cloud CRM:
Account: In Salesforce CRM, an Account represents an organization, client, or household with whom a business relationship exists. It provides a centralized profile where client details, preferences, and financial activities are tracked for a holistic view.
Contact: Contacts are individual client records associated with an Account, capturing personal information, communication history, and relationship data. This allows teams to manage interactions, preferences, and service needs at an individual level.
Opportunity: Opportunities represent potential revenue-generating events, such as new sales or service upgrades, linked to Accounts or Contacts. They help in tracking the sales pipeline, forecasting revenue, and managing the sales cycle from interest to close.
Lead and Referrals: Leads and Referrals track new client interests or prospects that could convert into Accounts or Opportunities. This component allows for efficient follow-up and qualification of new business prospects or referrals within financial institutions.
Financial Goals: Financial Goals capture specific objectives clients aim to achieve, like retirement or education savings. They enable advisors to tailor financial strategies and monitor progress toward achieving these goals.
Education: Education fields store information about a client’s educational background, which can inform tailored financial advice or planning for student or future education expenses.
Employment: Employment captures a client’s job history and current role, aiding in assessing financial status, income stability, and potential career-based financial needs.
Card (Debit and Credit): This component tracks client debit and credit card details associated with their accounts. It aids in managing card-related interactions, transactions, and client needs related to spending and credit limits.
Revenue: Revenue represents the client’s income details or revenue generated by client accounts. Tracking revenue allows for understanding client financial capacity and managing financial strategies more effectively.
Financial Account Roles: This component defines the relationship or role a client has within specific financial accounts, such as owner, joint owner, or beneficiary. It helps in clarifying permissions, responsibilities, and access to funds.
Billing Statement: Billing Statements record detailed account statements, including payment due dates and historical statements. These statements provide transparency in billing and help maintain up-to-date records for clients.
Financial Account: Financial Accounts store data on client bank accounts, investment accounts, and other financial holdings. This centralizes client financial data, making it easier to track and manage accounts.
Financial Account Transactions: Transactions record all account activities, such as deposits, withdrawals, and transfers. This transaction history provides a complete view of client financial activities for monitoring spending habits and account health.
Assets and Liabilities: Assets and Liabilities provide an overview of what clients own and owe, critical for understanding their net worth and informing financial planning.
Charges and Fees: This component tracks the fees or service charges associated with client accounts or transactions. Monitoring these charges helps in managing client costs and fee-related inquiries.
Financial Holding: Financial Holdings represent specific investments or assets held within client portfolios, like mutual funds or real estate. It allows for tracking portfolio composition, asset value, and diversification.
Securities: Securities refer to client-owned financial instruments, such as stocks and bonds. This enables advisors to monitor market positions, portfolio performance, and make recommendations based on security holdings.
Household: In Salesforce CRM, a Household groups multiple family members or individuals associated with a client Account, allowing advisors to view and manage family-level financial relationships collectively. It enables comprehensive financial planning by considering the needs and financial activities of the entire household.
Client to Account Relationship: This relationship structure links clients to their financial accounts, identifying roles such as primary holder, joint holder, or beneficiary. It provides clarity on account ownership and helps advisors tailor financial strategies based on each client’s specific connection to the account.
Client to Client Relationship: Client-to-client relationships capture connections between individual clients, like family ties, business partnerships, or referrals. Understanding these connections allows advisors to provide more personalized services and address interconnected financial goals or obligations.
Account to Account Relationship: Account-to-account relationships represent connections between different client accounts, such as linked investment accounts or shared liabilities. This helps advisors and institutions manage linked financial activities, assess cross-account dependencies, and streamline services across related accounts.
