Introduction to Salesforce Financial Services Cloud

In this post we will talk about what is Salesforce Financial Services Cloud (FSC) and Top 5 Reasons why Financial Services Companies should implement Financial Services Cloud instead of Sales Cloud or Service Cloud.

What is Salesforce Financial Services Cloud?

Salesforce Financial Service Cloud (FSC) is industry specific offering from Salesforce with out of the box workflows and data model specific to Financial Services Industry. FSC caters to three important Financial Services verticals as listed in table below. 

Table: Salesforce Financial Services Cloud Verticals

Wealth and Asset managementPrivate Banks
Registered Investment Advisors
InsuranceLife and Annuities
Property & Casualty

Financial Services Cloud Vs Sales Cloud vs Service Cloud

Top 5 Reasons why Financial Services Companies should implement Financial Services Cloud instead of Sales Cloud or Service Cloud

1. Financial Services Industry Data Model

If you are implementing Sales or Service Cloud for Financial Services customers you will have to design a custom data model to represent entities in the financial sector. Building a data model from ground up will be a significant effort. Financial Service Cloud comes with OOB structured and flexible data models specific to the Financial Services Industry. 

Financial Services Cloud data model includes:

  • Sales and Service Cloud Standard Objects
  • FSC Standard Objects
  • FSC Packaged Objects
Financial Services Cloud Vs Sales Cloud vs Service Cloud
Image: Financial Services Cloud Managed Package Data Model

The above Diagram shows the Managed Package Data Model. Apart from this FSC also comes with following data models

  • Insurance Data Model
  • Interaction Summaries Data Model
  • Financial Deal Data Model
  • Mortgage Data Model
  • Action Plans Data Model
  • Consent Data Model

2. Quickly Implement Industry Workflows

FSC comes with pre-assembled flows for the Financial Services Industry. Customers can make appropriate changes to these flows to tailor it to their specific needs and quickly go live instead of spending months developing custom processes. Some of the available OOB flows are listed below.

Table: Flows for Retail Banking

Activate CardActivate a new debit or credit card linked witha financial account.
Close AccountClose a financial account.
Issue New CardIssue a new card for a financial account and send it to the customer’s billing or shipping address.
Update AddressChange the address associated with a financial account.
Order ChecksSend checks for a financial account to the customer’s billing or shipping address.

Table: Flows for Insurance

Initiate FNOLInitiate the first notification of loss for an insurance policy.
Add Beneficiary to PolicyAdd a beneficiary to a life or home insurance policy.
Add Driver to Auto PolicyAdd a driver to an auto insurance policy.
Cancel PolicyCancel an insurance policy.
Update Premium Payment MethodChange the current method or add a method for paying the premium of an insurance policy.

3. Access Actionable Information at a Glance

Financial Services Cloud comes with several OOB Features which helps users find information that they need with minimum clicks. Some of the User productivity features are listed below.

Table: User Productivity Features

Relationship MapsDirectly associate businesses and legal entities, such as trusts, to households and groups.
Actionable Relationship CenterVisual representation of your customer’s relationships. Explore deeper levels of connection and quickly take specific actions from one screen.
Life Events and Business MilestonesGet an at-a-glance view of your customer’s life events or business milestones
Action PlansCapture repeatable tasks and automatically assign task owners and deadlines.
AlertsGet timely alerts about clients and act as necessary.

4. Stay Compliant with Industry Regulations

Financial Service is one of the highly regulated industries and these regulations are ever changing. FSC comes with several features to help customers stay compliant.

Table: Financial Services Cloud Key Compliance Related Features

Compliant Data Sharing Lets administrators and compliance managers configure advanced data sharing rules, so that they can improve compliance with regulations and company policies.
Intelligent Document Automation for Consent and Disclosures Manage consent and disclosure documents, generate authorization request forms, and track user responses.
Interaction SummariesManage client and partner interactions and take advantage of structured note-taking and compliant, role-based data sharing options.
Financial Deal ManagementDeal teams can manage every aspect of deal-related information and take advantage of compliant, role-based data sharing options.

Image: Interaction Summaries 

5. Empower Agents and Customers

Financial Services Cloud Managed Package comes with feature-rich portals to share key financial data with your customers and agents.

Table: FSC Experience Cloud Sites

Insurance Agent PortalInsurance Agent Console. 360-degree view of Policyholders.
Financial Services Client PortalCreate a self-guided loan application and financial account experience for your customers.

Image: Financial Services Client Portal

Salesforce Financial Services Cloud Video

YouTube video


Apart from the features discussed above Financial Service Cloud comes with several other features such as Intelligent Need-Based Referrals and Scoring, Intelligent Form Reader, Rollups by Lookup specially made for the Financial Services Industry making Financial Service Cloud preferred choice over Sales or Service Cloud for a Financial Service Customer.

Dinesh Yadav
Dinesh Yadav

27x Certified Salesforce Solution Architect

More than10 years experience in Salesforce

Articles: 1


  1. Hello,
    My client is looking for a Salesforce Financial Cloud trainer. Need to train their employees for one month or so. Daily 1 / 2 hour sessions would be fine. Kindly let me know your availability and interest to proceed further.

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