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Salesforce for Financial services

September 9, 2016

Throughout long years there has formed a tendency: while other industries were innovating by leaps and bounds, finance concentrated on old but reliable technologies and just spinned their wheels. Let’s throw the light upon two can’t-miss tools for your financial company – Financial Services Cloud and FinancialForce.

A couple of years ago, came up with  an absolutely new solution – Financial Services Cloud – with a hope that a new technology advance will change the game.

Salesforce Financial Services Cloud allows financial services to develop better relationships with clients and scale their performance by providing automated update of the client’s information from diverse IT systems. One of the most powerful features of the solution is that it can run both as an extension to your Salesforce CRM and as a separate solution.

FinancialForce is another gamechanger that really makes difference for financial services vendors.  Being a native application on the Salesforce Platform, it connects and streamlines processes from all of your departments and synchronize data within the one cloud platform.

Let’s take a look at two successful customer stories for both solutions.

Extending existing functionality for insurance company

The customer was an insurance company with a complex client financial reporting for disparate processes which consisted of  stand-alone systems:

(a) report generation;

(b) report tracking(after it is due).

After implementation of Financial Services Cloud solution, there was no need for two external systems so the first system (a) was integrated into existing Salesforce CRM ecosystem with the addition of new fields and objects:

-Report types;




-Due dates.

As far as the (b) system was concerned, it was replaced with a new functionality so that refreshed workflow was triggered by due dates. Report tracking was provided by records of any inputs made and approval stages.

As a result,  insurance agents were enabled to streamline financial service reporting, track their progress, and more.

FinancialForce implementation

Our client was an accounting company with disconnected CRM solution which made closing the ledger and data analysis long and complicated.

The solution was to integrate FinancialForce with existing ecosystem.The solution included single ledger design and a multidimensional reporting tools with real-time intelligence allowing reduction of the book closing cycles. As a special bonus – multiple currency reporting which leveraged international cooperation.

Paperwork is out, data is synchronized, input errors are eliminated, the team is organized and efficient – what else accounting company could ask for? Even more, after processes streamlining with FinancialForce, the company balanced their books within 2 weeks, which is a week less than before.

Like any software solutions provider, we work with ever growing companies that constantly need an upgrade. Among our clients, there are a lot of representatives of financial, banking, accounting, and other finance-related businesses. What we are trying to do, is to enhance the financial processes inside a company, not reducing the quality of customer service and performance.

To understand how your business can benefit from Salesforce financial solution, get in touch with CodeSWAT.