March 17, 2016
Salesforce has announced the general availability of its Financial Services Cloud. The company also said that upwards of 20 partners are joining its “ecosystem to extend the product with applications for portfolio management, prospecting and data management.
“Advisors are under more pressure than ever before to meet the growing expectations of today’s digitally demanding investors. At the same time, advisors struggle to increase their client-facing time, as their days are filled with manually gathering client insights and information from separate systems to prepare for meetings. To succeed, wealth management firms must equip advisors with the latest technology to increase productivity and engage with clients on their terms.
* Account aggregation: Athene Group and Envestnet | Yodlee aggregate account data from multiple sources, such as bank accounts to provide advisors using Financial Services Cloud with holistic views of their books of business.
* Document management: DocuSign and eSignLive plan to add integrations that could allow advisors to send, sign and manage financial documents within Financial Services Cloud.
* Data aggregation: Informatica and MuleSoft bring information from multiple sources including on-premise systems, SaaS applications, enterprise databases into the Financial Services Cloud allowing advisors to access data from siloed systems in one place.
* Implementation services: Accenture, Capgemini, Deloitte, Fortimize, INVISR, LiquidHub, NexGen Consultants, PwC, Silverline and Unlimited Technology Solutions deliver professional services for implementation of Financial Services Cloud, ensuring the product is customized for each firm’s individual needs.
* Portfolio management: Orion integrates new billing capabilities into Financial Services Cloud, allowing users to aggregate, schedule, pay and report seamlessly from within the product.
* Portfolio rebalancing: Advisor Software’s rules-based rebalancing engine enables account monitoring and rebalancing at both the household and individual account level.
* Prospecting: Idio and WealthEngine extend client acquisition capabilities with services, such as wealth scoring and analytics, that assist advisors in expanding their books of business.
* Security and compliance: CipherCloud and Blue Coat provide data protection, and Smarsh adds archiving solutions, to Financial Services Cloud to ensure data and communication compliance, which is critical in a heavily regulated industry like financial services.
“Legacy advisor solutions were created decades ago to serve a product-centric world,” said Simon Mulcahy, general manager of financial services at Salesforce. “Today, we live in a new world that is digital- and client-centric, which is turning the wealth management industry on its head.”
Kieran Hines, practice leader for financial services technology at Ovum, said the wealth management industry is undergoing rapid change, and the “ability to deliver on customer expectations for a more responsive and highly personalized digital-led experience will become an increasingly important competitive differentiator.
“Investing to enhance the customer experience is a top three IT priority for a significant number of private banks in 2016, with institutions in Western Europe and North America particularly focused on this area.”
Salesforce Financial Services Cloud pricing starts at US$150 per user, per month.