What is Financial Services Cloud?

What is Financial Services Cloud?

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Financial services are in the midst of a significant shift. To keep up with customer demands, financial companies need modern technology that provides them with convenience and personalization across all channels. In this article, we’ll explore Financial Services Cloud and learn its benefits for your financial business.

What is Financial Services Cloud?

Financial Services Cloud is the perfect CRM for financial service companies. This product can be used in any area that has to do with money and banking, such as mortgage or wealth management and insurance.

Financial Services Cloud allows companies to manage customer relationships more effectively and grow faster. It unlocks a deep understanding of clients and offers valuable insights at every stage in their lifecycle – from pre-engagement through post-sale follow-up.

Advantages of Financial Services Cloud

Financial Services Cloud for Banking

What is Financial Services Cloud?

Banks can create a unified customer experience with Financial Services Cloud and increase their satisfaction. They get complete visibility into the whole pipeline of any deal. They can act swiftly on new opportunities efficiently because they have access throughout all aspects of business operations from one platform – the cloud.

  • Segmenting clients into their financial needs and goals to deliver personalized services.
  • Providing digital-first engagement from quick onboarding to real-time service responses on both mobile and desktop.
  • Deepening customer relationships and earning their loyalty with a unified view of every customer.

Financial Services Cloud for Insurance

The Financial Services Cloud enables insurers to make customers the focus of every insurance experience and quickly implement digital. It gives agents tools for delivering personalized, real-time communications across any device.

  • Getting a snapshot of every policyholder’s past, present, and future life events and all associated insurance policies, coverage, claims, and interaction information.
  • Streamlining the underwriting process with digital submissions, automated quoting, document review, and online collaboration.
  • Personalizing the policyholder experience and managing the entire claims lifecycle, including first notice of loss intake that drives auto adjudication, reserve management, payment, and more.

Financial Services Cloud for Wealth Management

Wealth management companies can now help clients achieve financial goals with customized advice that earn them long-lasting loyalty. The cloud services provide customizable dashboards to stay on top of the different aspects and get actionable insights about your bookings, leads, or referrals in a visual format.

  • Unifying data to get a clear picture of clients without logging into different systems.
  • Automating routine processes to supercharge workflow, work smarter, and grow business faster.
  • Connecting with clients on any device, getting timely account alerts, and collaborating on crucial life goals across the household.

Financial Services Cloud Features

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  • Your platform’s homepage aims to give you all the information that can help with any tasks, priorities, and risks. Your customizability depends on your specific needs, but we offer a wide range, so it should be easy.
  • It filtered lists of people and households based on similar interests or financial characteristics to navigate the profiles quickly.
  • The Actionable Relationship Center helps you explore client relationship layers and related records to organize all information for each individual. You can then create a document that details their financial account, including any underlying holdings or assets they may have in addition to liabilities associated with those accounts – giving them an accurate understanding of how best to position themselves financially going forward.
  • With Tableau CRM, you can use advanced analytics to determine how your clients are doing and what they need from a business. You’ll have all their information so that, as an owner or manager of this company, it is easy for people who work with them to know exactly where things stand.

What is Cloud Financial Management?

Cloud Financial Management, also known as FinOps, is the key to unlocking your company’s potential when exploring new technologies. It involves devising a strategy and implementing a governance structure that addresses cloud inefficiencies and higher cloud costs. Investing time, effort, and resources in FinOps helps companies deliver the best experience to internal or external users. Cloud Financial Management ensures stakeholders receive the cloud-related ROI they were initially promised.

Cloud Financial Management is a crucial milestone in the cloud migration journey. Without it, organizations risk paying more for an unnecessary infrastructure they do not need because FinOps was missing from their model.

Three phases of cloud financial management

Phase 1: Inform

The first step of this process is for organizations to clarify their cloud usage and create a dashboard that allows everyone access to gain insights into resources deployed and their costs.

When managing your cloud services, you need a way of analyzing and reporting on demand. The best solution for this is leveraging an easy feedback system that generates reports and helps predict how changes will affect the organization’s bill.

When leaders embark on their cloud financial management journey, they must work with key stakeholders to create a strategic plan. They can’t do this alone, and it’s vital for the success of any initiative that people from different disciplines come together. This ensures buy-in across all levels within an organization or company and outside sources such as vendors/partners who may also have input into what gets implemented. Ultimately, we want our plan driven by needs rather than desires.

Phase 2: Optimize

Cloud stakeholders can create incredible value for organizations when they talk to each other. They can see usage in real-time and take action quickly with reports at their fingertips that help optimize bills.

When multiple stakeholders work together, they can optimize their multi-cloud deployment. For example, one group in the organization might have spare capacity for a particular cloud vendor. It can share it with another group that seeks out public or private clouds and seasonal uptime spikes demand.

Right-sizing and cost-saving strategies are essential processes companies use to optimize their cloud financial management. Right-sizing involves changing the technical specifications on deployment so it can be maximized for resources. At the same time, cost saving identifies programs offered by individual vendors that offer commercial cost savings to make efficient use of them.

Phase 3: Operate

The final phase of Cloud Financial Management is focused on what data stakeholders now have thanks to their platform and cost reductions achieved through expert advice. This helps them think about the future as it relates to current trends and emerging technologies that may forever affect how we store information.

5 benefits of Cloud Financial Management

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  1. Drive cloud maturity: With the right Cloud Financial Management solutions, your organization can unlock its full potential and make long-term investments more exciting.
  2. Maximize cloud utilization: The right Cloud Financial Management solution can ensure that every cloud investment is used optimally.
  3. Avoid cloud spend waste: The cloud has made it easy to have resources without an idea of those investments. Cloud Financial Management helps gain visibility and reduce wasted funds by ensuring that all your company’s information is in one place. You can then use it for budgeting or accounting purposes with accuracy because there won’t be any guesswork involved.
  4. Enable automation and forecasting: Cloud Financial Management solutions provide the ability to automate discovery and forecast future usage based on insights from product managers. This allows them more time to innovate without needing constant supervision or oversight by IT teams.
  5. Reduce compliance and security risks: By working with a team of specialists, you can create policies that reduce risks from both a compliance and security point-of-view. The best way for your company’s financial house to stay in order is through careful planning on how it will deal with daily transactions and potential problems before they strike.

By implementing a Financial Services Cloud, you can improve your customer service and reduce the time it takes to resolve complaints. You can also enhance communication among departments and increase transparency for your customers. If you’re ready to take your financial services business to the next level, contact us today to learn more about Financial Services Clouds. 

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