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Adopt the cloud or be redundant


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“The more your money works for you, the less you have to work for money.” ― Quote by Idowu Koyenikan, Wealth for All: Living a Life of Success at the Edge of Your Ability

The 21st century is the century of digital disruption. No industry or person is immune from its far-reaching tentacles or impact. Companies have to be onboard with the latest tech tools in the market or be left behind in the highly competitive rat race. This scenario is applicable to wealth management companies and their employees.  These companies both continue with outdated digital tools and feel the burn or onboard various cloud offerings etc and become popular with clients and leads.

Financial Services Cloud – This cloud is meant for businesses / companies in the financial sector such as banks, insurance firms, loans, and lending companies, wealth management advisors, and so on.  This cloud helps its customers with:  

  • Comprehending their clients better  

  • Enhancing client engagement   

  • Holistic view of the client lifecycle  

  • Insurance companies and their clients come closer  

  • Simplify & streamline the loan process  

  • Quicker & informed decision making process enabled

The Financial Services Cloud ensures Wealth Managers remain competitive in the following ways:

  • Clients expect to engage with their service providers on multiple channels. The cloud has the option of multiple channels for clients to access self-service solutions, consultation as well as deal with their wealth manager. As per a survey, nearly 60 % of the respondents said that they would bid adieu to a wealth management firm if integrated channel experiences are not available via the company. Salesforce Financial Services Cloud platform uses the cloud, letting all employees of the firm collaborate through any medium or device. Data is collated, analyzed, and park on its own, and can be accessed and updated in real-time to give a holistic view of each client, their history, etc. 

  • Understanding the financial needs of the customers.  As per a survey undertaken in 2011, nearly 1 in 4 advisors admitted that they are not clued in about their customers overall financial needs. The Financial Services Cloud is aiding in comprehending the financial needs of investors as personal data have become more assimilated into systems that allow anytime/anywhere access, marketing automation, and the functionality to enable wealth managers to nurture leads into good customers, and offer the best products and advice thanks to detailed customer profiles created over time and with data available. 

Salesforce’s Financial Services Cloud is a stage for engagement between the client, wealth manager, and financial product provider. It is the need for all in this sector as we can see from the above.  Rajesh Verma, a wealth manager for some HNIs in Delhi says “ Cloud adoption seemed strange for us not used to tech tools but now as we realise its value in making us better informed, the more I recommend it to all”.    

Remain competitive over others. Adopt the cloud and keep your clients happy and loyal. Contact us for a demo or engagement session.

About the Author

Anand Sharma

Anand is a Salesforce Evangelist, joined the Salesforce ecosystem in 2014 helping customers to be successful with Salesforce, and joined Codleo to share the goodness with even more developers all around the world. He is based in New Delhi, with his wife, and he tries to escape summers every chance he gets.

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