Key Features of Financial Services Cloud

Financial Service Clouds

The financial services industry has increasingly embraced cloud services in recent years. This trend will continue as cloud service provider functions are further adopted and integrated. Traditional technology for banking, commerce, financial transactions, and the exchange of financial data may be replaced by these cloud services.

Financial Services Cloud is a sophisticated and specialized customer relationship management (CRM) solution meticulously designed to cater to the unique requirements of the financial services industry. Unlike general-purpose CRMs, the Financial Services Cloud is tailored to address the intricate dynamics and distinct customer interactions that characterize financial services businesses. It is a specialized platform designed for financial service professionals. It also allows them to improve client relationships, customize interactions, optimize financial planning, and navigate complex regulatory compliance issues. 

Whether you’re a well-established financial institution seeking to enhance your customer interactions or a new player hoping to make a strong impression in the industry, the Financial Services Cloud can transform how you handle relationships, insights, and achievements in the finance world. 

Let’s explore the diverse facets of the Financial Services Cloud, including its distinctive features, advantages, and applications within the financial services sector.

Where to Use the Financial Service Cloud?


The Financial Services Cloud aids banks in gaining a more profound comprehension of their customers and their distinct requirements. The software enables the monitoring and graphical representation of customer relationships and financial details. Consequently, a heightened insight into each customer and their demands is established.

This augmented insight empowers banks to interact with their customers with enhanced efficiency, providing precisely what is desired. 

For example, by keeping track of a customer’s financial information, banks can see when a customer’s position changes and can then offer products and accounts uniquely suited to that customer.


Lending enterprises derive numerous advantages from the implementation of the Financial Services Cloud. It provides them invaluable insights into their operational dynamics and customer preferences. These profound insights play a crucial role in predicting customer behavior, improving decision-making, and, ultimately, delivering an elevated standard of customer service.

Furthermore, Financial Services Cloud offers these lending enterprises a comprehensive view of every customer. This includes a centralized repository comprising customer documentation, accounts, affiliations, and loan requests, facilitating seamless optimization of operational workflows.


Financial Services Cloud simplifies the process for insurance firms to understand each policyholder’s profile comprehensively. In essence, the platform furnishes them with an all-encompassing perspective of each customer, encompassing:

  • Their Coverage Portfolio

The platform offers a holistic view of a customer’s insurance coverage. This includes various policies such as health, life, property, and more, allowing financial professionals to understand the extent of protection the customer has.

  • Previous claims

The platform tracks and displays any past insurance claims that the customer has made. This historical data provides insights into their insurance usage and potential patterns.

  • Claims made by family members

The platform also captures and presents information about claims filed by the customer’s family members. This enables a broader understanding of the customer’s household risk profile and potential interconnected claims.

  • Specifics of policies

Detailed specifics of the customer’s insurance policies are readily available, encompassing terms, coverage limits, deductibles, and other relevant details. This ensures a comprehensive understanding of the customer’s insurance arrangements.

Furthermore, the insights delivered by Financial Services Cloud arm insurance agents with the necessary tools to offer well-suited recommendations tailored to each customer’s distinct requirements. 

For instance, with a wealth of information about every customer, insurance agents can promptly detect shifts in a customer’s risk assessment. This enables them to proactively engage with the customer and propose a suitable product, likely lowering insurance expenses.

Consequently, this process directly elevates customer contentment, ultimately leading to an enhanced journey for every policyholder. Hence, insurance companies are poised to enhance the customer experience, adeptly catering to evolving needs.

Wealth Management

Financial Services Cloud equips wealth management enterprises with the resources to offer more practical guidance to their clients, facilitating the attainment of their financial objectives. To illustrate, Financial Services Cloud allows agents to visually comprehend a client’s account particulars, objectives, interactions, connections, and involvements.

Leveraging the power of artificial intelligence, wealth management firms utilizing Salesforce’s Financial Services Cloud can individualize every interaction with their clients and propose products aligned with each client’s requirements. In addition to this, the centralization of all customer data enhances the efficiency of advisors.

Features of Financial Service Clouds

Cloud Computing Solutions

Financial Service Data Model

A standout feature within the Financial Services Cloud is its distinctive data structure. Given the intricate nature of customer relationships in the financial sector, the Financial Services Cloud employs a data structure that integrates industry-specific elements such as objects, permission sets, and user interfaces. Central to this data framework is either the Person Account or the Individual Account.

Both of these models permit the creation of a record from Salesforce’s account tab; however, they store information across both the account and contact tabs using differing approaches. Your selection between these models hinges on the unique requirements of your business and the compatibility with other financial services software you intend to integrate with Salesforce.

Secure Communication

The encrypted communication channels implemented by the platform allow financial professionals to securely and confidentially interact with their clients, ensuring that sensitive financial information is kept safe from unauthorized access. This feature provides peace of mind to both parties, knowing that their sensitive information is handled with the utmost care and attention to security. This platform allows financial professionals to build trust with clients and establish long-lasting relationships built on trust and safety.

Enhanced Client Engagement

Financial Services Cloud is a comprehensive platform offering various features to help financial institutions stay connected with their clients. One essential tool the medium provides is the ability to automate and personalize client communications. This includes sending alerts, reminders, and follow-ups, which can help to ensure that clients are always up-to-date with the latest information and that their needs are being met. By leveraging these features, financial institutions can build stronger client relationships and increase client satisfaction, ultimately leading to long-term success and growth.

Relationship Building and Mapping

Financial Cloud Services is known for its strong relationship-building and mapping capability in the financial sector. This is particularly important in the complex economic terrain, where understanding the intricate web of relationships among clients, stakeholders, and entities is essential. Financial institutions and professionals rely on this feature to gain a comprehensive view of their network, which helps to foster stronger connections and informed decision-making.

Financial Cloud Services provide tools for relationship mapping, enabling experts to analyze business affiliations, partnerships, and regulatory links. By mapping these relationships, financial professionals can identify synergies, assess risks, and discover new opportunities. This approach is essential for strategic planning, risk management, and compliance. Financial institutions can strengthen their position by establishing deep connections with clients, optimizing cross-selling opportunities, and improving overall performance.

Business Milestones

Financial Services Cloud provides a comprehensive outlook on your clientele, encompassing the capacity to record and present significant life occurrences and notable business achievements. The capture of these events empowers financial services establishments to construct more tailored campaigns and interactions, along with offering fitting product recommendations to their customers’ needs.

Financial Accounts and Rollups

Financial Services Cloud enables connections among members and even external parties. Moreover, the platform will give you enhanced perspectives into each individual’s financial accounts, spanning bank and investment accounts, insurance policies, and additional assets.

By understanding every customer’s financial portfolio and the assortment of accounts and assets, advisors can more effectively unearth fresh prospects, provide suggestions, and devise investment strategies tailored to their clients.

Referrals Made Easy with Financial Service Clouds

The platform offers AI-supported referral scoring and routing capabilities. These features enable the collection of well-qualified referrals, directing them into your referral pipeline. You can ensure seamless communication within this pipeline, enhancing customer experience and cultivating more robust relationships.

Business Intelligence and Analytics

Financial Services Cloud provides a robust set of tools for Business Intelligence (BI) and Analytics, giving financial service companies the ability to make data-driven decisions. With BI features, communities can quickly gather, summarize, and study data. Whether they’re keeping an eye on client portfolios, monitoring transaction trends, or evaluating the performance of financial products, Financial Services Cloud offers a complete view of operations. User-friendly dashboards and customizable reports give financial professionals the insights they need to streamline processes and improve customer experiences.

Financial Services Cloud offers advanced analytical tools that predict profitable investment opportunities based on market data and customer patterns. It provides personalized financial advice, manages risks, and improves the customer experience. Its Business Intelligence and Analytics features give a competitive advantage for long-term success in a data-driven industry.

Action Plans, Document Tracking and Approvals

The suite of capabilities within the Financial Services Cloud streamlines the document compilation process. Essential documents for each customer will consistently be readily accessible. Moreover, the platform enables the crafting of tailored approval processes, allowing the monitoring of customers’ endorsement statuses. Provided templates for monitoring documents and tasks that contribute to efficiently managing customer interactions, ensuring effective engagement management.


Lastly, a notable aspect of Salesforce Financial Services Cloud is its inclusion of AppExchange. AppExchange serves as an application marketplace where you can discover software to enhance the functionalities of the Salesforce platform. It’s important to note that while AppExchange offers a variety of apps, not all are compatible with Financial Services Cloud’s integration.

Best Practices for Cloud Adoption in Finance

Engaging in extensive documentation tasks, generating, storing, and exchanging substantial volumes of financial data, underscores the tailored relevance of cloud adoption in banking and fintech domains. The following factors are to be considered:

Financial service Cloud

Encryption and Access Control

When securing your financial data, dialogue with your service provider to discuss encryption policies and protocols comprehensively. This proactive step allows you to explore the most suitable technical solutions, ensuring the utmost protection for the sensitive financial information you transmit. 

Engaging in this dialogue establishes a solid security foundation and enables you to align your security measures with industry best practices. Address questions concerning encryption strength, data in transit and at rest, and the management of encryption keys.


As finance executives, it’s crucial to take a proactive stance by requesting cloud service providers publicly display their compliance certificates. This essential step is a litmus test, confirming that the providers adhere to industry standards and regulations. By reviewing these certificates, you’re not only ensuring that the cloud services you’re considering meet the stringent requirements of the financial sector but also establishing a robust foundation for data integrity and security. Regulatory frameworks like GDPR, HIPAA, and industry-specific mandates are critical benchmarks.

Data Segregation and Management

Cloud services flourish through the utilization of shared resources, but financial institutions often seek a blend of shared resource advantages coupled with the heightened security achieved through data segregation. This hybrid approach allows them to capitalize on the efficiency of shared infrastructure while maintaining the paramount security demanded by their sensitive financial operations.

Discovery Recovery plan

Esteemed service providers consistently incorporate this practice, underscoring the importance of acquiring a comprehensive disaster recovery plan and verifying that your digital infrastructure is fully compatible with such provisions. This safeguards your operations in case of unforeseen disruptions and establishes a foundation of reliability and resilience for your financial services.

Five ways the Cloud will drive Fintech in the Future

Recognizing the advantages of cloud technology, the fintech sector is actively leveraging its benefits, contributing to the industry’s projected compound annual growth rate of 23.84%. However, the trajectory of this progress raises the question: In what ways will cloud technology propel fintech forward? 

Here is how-

Self Service Application

As the pandemic peaked in early 2020, the demand for remote self-service technology became critical. As the crisis persists and extends beyond the pandemic’s conclusion, this demand is unlikely to diminish; in fact, it might escalate, particularly given the ongoing closures of physical bank branches.

Both individuals and businesses require the capacity to initiate and oversee their financial matters from a distance. Yet, it’s not solely limited to that. Internal personnel must also have the capability to administer processes remotely. Cloud-based self-service applications enable businesses to offer such technology swiftly.

New Security Features

Despite initial apprehensions regarding security and data safeguarding, the cloud has demonstrated a commendable level of security when accompanied by appropriate precautions. Implementing zero-trust authentication and encrypted data has notably bolstered cloud security recently. 

When companies educate their employees and implement strict access controls, the risk associated with using the cloud is comparable to, if not safer than, traditional IT infrastructure. For fintech providers, security is a top priority when adopting new technologies, requiring the implementation of solid safeguards within their systems.

Data Management

Today, it is essential to obtain and use data effectively. This ranges from verifying identities during onboarding to managing accounts, monitoring expenses, and more. Data plays a crucial role. Cloud technology enables businesses to securely collect and store large amounts of data, making it available 24/7. This means that personnel with the proper credentials can access important information without waiting for an IT expert. The process is automated and works seamlessly regardless of location or time.

Scalability and Flexibility

Fintech companies frequently experience rapid expansion, necessitating an infrastructure capable of seamless growth without introducing undue obstacles or complications. Cloud technology offers the flexibility to scale relatively quickly, avoiding the need for costly upgrades to on-premises technology infrastructure.

This advantage extends even to conventional banking models, enabling them to adjust to branch closures while maintaining widespread service accessibility. Transitioning infrastructure to the cloud enhances accessibility, adaptability, and scalability for agile fintech startups and established financial institutions.

Potential for Innovation 

The cloud is crucial for the financial sector as it provides agility, essential for recent advancements. Without this, we wouldn’t have seen many of the latest innovations. Financial entities can launch products quickly, adapt to emerging trends and market shifts, and adjust strategies in response to global events such as the pandemic. This inherent agility is a decisive advantage that fintech enterprises can leverage in the future.

Why Financial Services Cloud Stands Out? 

The financial services industry often clings to the misconception that data can be secured solely through localized, self-controlled servers. This belief can be limiting, especially within complex enterprise IT environments. Embracing the cloud provides a solution to these challenges, enabling robust governance, quicker adoption of new technologies, and enhanced security measures. 

  • Most global banks, insurers, and investment managers plan to partner with financial technology firms over the next 3-5 years and expect an average investment return of 20% on their development projects. Additionally,
  • Leveraging cloud services streamlines governance, access provisioning, and security controls.
  • Equifax uses the cloud to implement security policies rapidly and embrace innovative technologies like machine learning for threat detection.
  • The shift from data silos to fostering innovation transforms the industry’s perspective on data ownership.
  • The cloud enables controlled data access, fostering a unified source of truth and driving positive outcomes.
  • Uniformity in processes and decisions is pivotal for Equifax’s progress in adopting cloud technologies.
  • Cloud services promote industry-wide collaboration, particularly in areas like fraud prevention, by facilitating secure data sharing and analysis.
  • The cloud represents a paradigm shift challenging traditional notions of data security and fostering industry-wide collaboration.
  • The cloud’s versatility and cultural adaptation promise a brighter future for financial services by enabling efficient governance, innovation, and collaboration.

The Impact of Risk on Financial Services and Ways to Mitigate Them

The financial sector’s embrace of cloud technology raises complex challenges. Despite being highly regulated, the industry relies on unregulated cloud infrastructure, creating a unique situation.

Key concerns include data risk management, obsolescence, and cloud concentration. Operational resilience obligations, third-party risk guidelines, and impending cloud registries add complexity. Standardized Regulatory Technology (RegTech) solutions and Environmental, Social, and Governance (ESG) strategies are emerging to address this.

Cloud adoption divides firms into two camps: those cautious due to legacy risk assessment and those eagerly embracing it. However, both groups face challenges. Technology providers like Cloudera offer solutions for hybrid multi-cloud environments, ensuring flexibility.

Collaboration and standardized data sharing are crucial for a comprehensive approach. The bottom-up influence of technology should be supplemented by top-down design and regulatory alignment. Despite cloud providers’ redundancy, more system information is needed to ensure risk analysis.

Also Check: Decoding Sales Cloud VS Service Cloud

Final Words

To sum up, Financial Services Cloud offers essential features and innovative contributions that are reshaping financial institutions. Leveraging the platform’s capabilities provides a comprehensive view of customers, maps intricate relationships, and harnesses AI-driven insights. This dynamic partnership integrates seamlessly with existing systems and amplifies the value proposition for financial service providers. The platform’s advanced functionalities, such as streamlined document management and referral scoring, create a holistic environment that fosters growth and innovation.

The ecosystem is further enhanced by advansappz introducing specialized applications that complement the Financial Services Cloud. These tailored solutions address specific industry needs, driving efficiency, accuracy, and improved customer interactions. 

The combination of Cloud and advansappz expertise equips institutions to navigate the evolving industry and empowers them to deliver exceptional customer experiences. By embracing these key features and leveraging the skills of their experts, financial institutions can position themselves for success, embracing change and propelling their operations into a future of enhanced customer engagement, operational efficiency, and sustained growth.

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