Everyone strives to level up. Whether it’s getting a new promotion, a swankier place to live or even a bigger TV. While this is always welcome, it’s not necessarily simple. Promotions are accompanied by more responsibilities and demands, while moving takes a lot of effort.
Similarly, leveling up to Salesforce Financial Services Cloud can be complicated. This technology has some obvious benefits: FSC includes sub-clouds customized for different industries. For example, customizable rollups allow wealth advisors to calculate balances and networth with tremendous flexibility.
Even so, it’s hard to commit without knowing exactly what this switch entails. The questions your team should ask differ based on whether you’re an entirely new Salesforce user, you’re an existing user staying in the same org or you’re switching to a new org. Keep reading to find out what to consider when leveling up to Financial Services Cloud:
If you’re already using Salesforce and keeping your same system or “org,” the transition to FSC is fairly straightforward. This is a lot like redecorating your current home instead of going through the trouble of moving somewhere else. Break out those paint buckets and DIY supplies, but keep paying close attention. Changing the data model in Salesforce leads to changes in workflows and automations.
For instance, wealth management firms working in SalesCloud were likely using accounts as households and contacts as household members. In FSC, contacts will switch to person objects, which may mean defining roles differently. The same person account can have multiple relationships. A primary client will possibly be connected to other households, such as the relationship of a parent and child.
In banking, financial account data was likely stored as a custom object in SalesCloud, according to compliance policies. This data must now be migrated into Financial Services Cloud, where financial accounts are part of the standard model. Retaining financial data tied to the client’s relationships while migrating this data from a custom object to a standard object can be tricky.
Note that transforming the data model also impacts reporting. Your team needs to carefully consider what reports are most valuable. Then, adjust existing reporting to align with the post-FSC migration data configurations.
Although less costly, staying in the same org means that your team might experience some downtime without Salesforce access.
As an existing Salesforce user stepping up to Financial Services Cloud and creating a new org, the transition gets more complex.
Users keeping the same org can potentially re-use basic field names like “contact name” or “contact address” to minimize the volume of data migration. Instead, your team must migrate non-matching as well as common data points. Additionally, you’ll have to re-create all automations and integrations. A potential benefit of doing so is taking advantage of this opportunity to clean the old data model and get organized.
The biggest win when transitioning to a new org is the lack of downtime. Businesses that rely on Salesforce for daily operations can’t go offline for a week or more. When installing FSC, it’s best you make changes in a sandbox environment first. While this deployment process takes place, your team can continue to work in the previous org while the IT team or implementation partner plans for the final migration.
Lastly, in preparation for the “go live” date, your team has a chance to get training, so they’re all ready to jump in when the new org is complete. This is another significant benefit.
Remember that setting up a new org is a big – and costly – undertaking. If your team can’t afford downtime, it makes sense, but be prepared for some effort. After all, even leveling up in a video game takes time, patience and specialized tools like a chair with great back support.
If you’re new to Salesforce, be aware that the existing integrations in your current CRM may not be available. Your team has to do some homework, carefully analyzing all the integrations, automations and reporting they rely on today. Then, ask your implementation partner whether those are out-of-the-box features in FSC or something to be custom-created for a fee.
Consider a wealth management firm that depends on automation which brings financial accounts data from the custodian system into the CRM. Perhaps this team uses a CRM that has out-of-the-box integrations already. On the other hand, in Salesforce, integrations to custodian systems such as Orion or Tamarac have to be connected from the AppExchange. To learn more about the flow of financial data in Salesforce, click here.
In the mortgage industry, Encompass is a tool that allows loan officers to create leads and convert clients. Once the underwriting team creates new loans, bringing those loans into Salesforce requires a separate integration.
Now that we’ve covered integrations and automations, don’t forget reporting. It’s up to you to decide whether standard Salesforce reports will suit your needs. If you want more in-depth analysis and a fancier UI, consider choosing Einstein Analytics.
Lastly, account for marketing. If your current CRM offers marketing automation features, consider a replacement such as Pardot (now known as MC Account Engagement) or Marketing Cloud. Of course, these tools will also have their own separate implementation lifecycle.
Starting from scratch with Salesforce is a lot like committing to a healthy diet and exercise routine. It takes planning and precise execution, but the results are so worthwhile. Grab those running shoes and weights and level up!
Financial Services Cloud is one of Salesforce’s fastest growing products.
Yet when you’re striving to be better, stronger and faster, getting there takes some thoughtful planning. If you’re new to Salesforce, FSC is just one of many considerations. If you’re already using SalesCloud, the change won’t be as unfamiliar, although transforming the data model will impact automations, workflows, reporting and security.
Now that you have all the details, you can proceed with confidence, knowing that your team will be prepared to ask all the right questions. And if your next question is finding a savvy implementation partner to make it all happen, give us a call!