The new Financial Services Cloud by Salesforce offers a brand new data model with pre-built features that bring information to the fingertips of wealth managers quickly. Due to this cloud’s early stage of release, it holds some limitations to be considered and a requirement for careful implementation. However, the earlier you adopt this technology, the more influence you will have on the enhancements of this cloud over time and the faster you can gain an advantage in your industry. Before implementing, these are the four questions you must ask to ensure adding this new technology will be successful for your firm.
How Many Currencies Does Your Firm Manage?
The current version of the Financial Services Cloud does not support multi-currency or language localisation, however this is changing in the summer release. Some limitations will still apply so check the release notes for more detailed information if you manage global accounts.
What Is Your Current IT Debt?
A common issue we see during implementations is that clients are still running very old versions of Internet Explorer due to legacy IT builds. Financial Services Cloud requires the use of Internet Explorer 11 or later. If your IT debt has you locked into old technology, implementation of this cloud will carry the additional cost of the time required to update your browsers to current versions.
Additionally, the Financial Services Cloud requires the new Lightning Experience. Any custom development in your current Salesforce version will likely need to be converted into Lightning Components before being Lightning friendly. This isn’t the most difficult task though - and let’s be honest, you should be doing it anyway.
Is Your Data Ready?
Putting data into the hands of users is only valuable if your data is accurate. Putting the wrong data into the hands of your advisors will make for some awkward conversations at best and losses of client trust at worst. To this end, perfecting the integration to populate client holdings correctly is crucial to the success of an implementation. While the features of the Financial Services Cloud are fairly easy to set up within Salesforce, you will need to go through multiple testing cycles during integration in order to catch and address any discrepancies within your source data.
Are You Ready to Support This Level of Change?
Financial Services Cloud allows users to decide how individual client information is rolled-up and summarized. This gives users a lot of control over their processes, but also means they must be properly trained to utilize this powerful data. Implementing these new features without proper training as to how best to leverage them, poses the risks of lower ROI at best and a completely failed roll-out at worst.
Also keep in mind that even if your firm has used Salesforce previously as your CRM, Financial Services Cloud was built with the Lightning User Interface, so it looks very different from the Classic version of Salesforce. Training will be key to your success.
If, after considering these points, you decide your firm is ready to begin using the Financial Services Cloud, you are ready to be on the leading edge of technology-enabled wealth management.
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