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Financial Services Cloud is a product that helps financial institutions to deliver personalized and integrated customer experiences across various channels and devices. 

Some of the key modules of Financial Services Cloud in Salesforce are:

• Financial Planning: This module helps advisors and personal bankers to create, manage, and track financial plans for their clients based on their goals, risk tolerance, and life events.

• Electronic Forms: This module enables advisors and personal bankers to generate, prefill, and e-sign forms and documents for their clients, such as account opening, KYC, and consent forms.

• On-boarding: This module streamlines the process of bringing new clients onboard, from capturing their information, verifying their identity, setting up their accounts, to providing them with a welcome kit.

• Customer Profiling: This module provides a 360-degree view of the client’s financial profile, including their personal and household information, financial accounts, holdings, goals, interactions, referrals, and life events.

• Data Aggregation Services: This module integrates with third-party data providers to enrich the client’s financial profile with real-time data from external sources, such as bank accounts, credit cards, loans, mortgages, insurance policies, and investments.

• Compliance Solutions: This module helps advisors and personal bankers to comply with regulatory requirements and industry standards, such as GDPR, FINRA, and MiFID II, by providing tools for data privacy, consent management, audit trails, and reporting.

Some of the ways that Financial Services Cloud helps financial institutions to improve customer experience are:

• It enables advisors and personal bankers to create, manage, and track financial plans for their clients based on their goals, risk tolerance, and life events.

• It allows advisors and personal bankers to generate, prefill, and e-sign forms and documents for their clients, such as account opening, KYC, and consent forms.

• It streamlines the process of bringing new clients onboard, from capturing their information, verifying their identity, setting up their accounts, to providing them with a welcome kit.

• It provides a 360-degree view of the client’s financial profile, including their personal and household information, financial accounts, holdings, goals, interactions, referrals, and life events.

• It integrates with third-party data providers to enrich the client’s financial profile with real-time data from external sources, such as bank accounts, credit cards, loans, mortgages, insurance policies, and investments.

• It helps advisors and personal bankers to comply with regulatory requirements and industry standards, such as GDPR, FINRA, and MiFID II, by providing tools for data privacy, consent management, audit trails, and reporting.

• By using Financial Services Cloud, financial institutions can offer more convenient, relevant, and personalized services to their customers, which can increase customer satisfaction, loyalty, and retention.

Financial Services Cloud integrates with third-party data providers in different ways, depending on the type and source of the data. Some of the common methods are:

• Data Aggregation Services: This module integrates with third-party data providers to enrich the client’s financial profile with real-time data from external sources, such as bank accounts, credit cards, loans, mortgages, insurance policies, and investments. The data is securely transferred and stored in the cloud, and can be accessed and analyzed by advisors and personal bankers using Financial Services Cloud.

• Data Marketplaces: These are platforms that connect data buyers and sellers, and offer a variety of data sources, such as identity, demographic, behavioral, and transactional data. Financial Services Cloud can leverage data marketplaces to acquire and use third-party data to enhance customer insights, personalization, and segmentation.

• Data Exchanges: These are networks that enable data sharing and collaboration among different parties, such as financial institutions, regulators, and service providers. Financial Services Cloud can participate in data exchanges to share and consume data securely and compliantly, and to benefit from collective intelligence and best practices.

Financial Services Cloud ensures data security and compliance by using the following features and capabilities:

• Encryption: Financial Services Cloud encrypts data at rest and in transit using industry-standard encryption algorithms and protocols. It also supports customer-managed encryption keys for additional control and protection of sensitive data.

• Access Control: Financial Services Cloud provides granular and flexible access control mechanisms to manage who can access, view, edit, and delete data. It also supports role-based access control, multi-factor authentication, single sign-on, and audit logging.

• Compliance Manager: Financial Services Cloud leverages Compliance Manager, a tool that helps customers assess and manage their compliance posture across various regulations and standards, such as GDPR, GLBA, ISO, and SOC. Compliance Manager provides a risk-based score, recommended actions, and built-in control mapping to help customers reduce risks and meet their compliance obligations.

• Regulatory Configurations: Financial Services Cloud offers regulatory configurations that help customers comply with specific requirements and best practices for different regions and markets, such as US, UK, EU, and APAC. These configurations include data residency, data sovereignty, data retention, and data deletion policies.