By Cameron Abbott and Simon Ly
Salesforce wants to get in on the Fintech act, recently announcing the public launch of “Financial Services Cloud”. This is a service that allows financial advisors to be more productive with relevant client information.
The service aims to better position advisors in “managing client life goals, household relationships and client profiles from a connected platform”. Financial Services Cloud has a variety of features including portfolio management, prospecting and data management whilst also assisting with compliance with new and proposed regulatory changes. These features leverage areas which Salesforce is historically strong in, namely automation and analytics.
While start-ups abound, Salesforce clearly wants to bring its pedigree to the table to work with large established market participants. This new offering is certainly likely to be sold strongly to Salesforce’s existing customers, including Goldman Sachs, Deutsch Bank and Merrill Lynch.
With Financial Services Cloud, it will be interesting to see if this takes over from in-person meetings that customers may have with their advisors, which can be both clunky and time consuming. Salesforce seeks to provide some real data-driven insight into investment decisions that will give customers more of an understanding of their personal wealth whilst increasing the oversight on wealth advisors.
You can find out more from Simon Mulcahy (General Manager of Financial Services, Salesforce) here.