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Financial Services Cloud could personalise money

9/03/2016 by Sharon Shahzad


Salesforce, one of the world’s leaders in customer relationship management (CRM) software, has rolled out its Financial Services Cloud; it is now readily available to everyone.

The tool has been developed by repackaging many of the company’s existing tools but pushing them towards the process of increasing assets and accounts under management. The move makes it clear that Salesforce is increasingly targeting specific industries with its new products, but it is yet to be seen whether the level of personalisation for wealth management will be enough to attract investors.

In details revealed by Salesforce, it was reported that the Financial Services Cloud will cost $150 per month per user, with additional features pushing the price up past the basic subscription fee. Salesforce Financial Services Cloud General Manager Simon Mulcahy revealed that the service was created because a lot of investors are not satisfied with their advisors. As a result, they require more collaborative advice when it comes to financial goals, and this could be met with the service cloud. “The process needs to be personalised. Clients want advisors to step up to personalised guidance,” he said.

At first glance, the Financial Services Cloud seems to be initially targeted towards large firms that want to boost productivity by eradicating the need to switch between various systems. These companies are looking to increase their assets, and would, theoretically, be able to concentrate on their most profitable clients with Salesforce’s tools. However, Mulcahy believes that small advisory businesses might also be able to benefit from the variety of features on offer through the Financial Services Cloud.

Some of the features available include a Wealth Home Page, which automates necessary administrative tasks to boost the productivity and efficiency of advisors. There are also a number of collaborative tools to aid investor consultation for an ongoing billing period, as well as Client Households and Client Profiles, both of which allow advisors to easily dip into individual accounts or networks.

Salesforce’s solution still needs to meet a high level of personalisation and advice on a large scale – a requirement that the company says will be achieved by using a combination of engagement, automation and analytics. However, it’s still too early to say whether face-to-face meetings will be enhanced and optimised by the ongoing communication. However, Mulcahy said: “An advisor would be able to manage more clients day-to-day and grow that book of business.”

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