A Leading Financial Services Firm moves to 100% Client Satisfaction and a 200% Surge in Operational Productivity Using Financial Services Cloud

About the client

The client is a renowned financial services firm that specializes in wealth management and advisory services. It has a diverse client base and emphasizes client interactions, operational competence, and compliance.


Client challenges

Our client faced several challenges that impeded their business operations. These included:

  • Fragmented Client Data Management: It was difficult to manage fragmented client meeting records, which led to issues with logging and categorizing discussions. Additionally, a lack of consolidated reporting at the household level made it challenging to gain a comprehensive view of client activity.
  • Disjointed Financial Processes: The financial account review processes required streamlining for review and report generation. Errors in integration jobs for financial account creation disrupted data flow.
  • Cash Balance Management and Marketing Automation Issues: Identifying and managing large cash balances took time, and inefficiencies existed in triggering marketing cases based on life events. Moreover, automatic task creation based on life events was needed to ensure timely follow-ups and actions.
  • Manual Tasks Complexity and Financial Complexity: The lack of a systematic approach to track and manage tax loss harvesting tasks added complexity. Accurately tracking incentives also posed a significant challenge.
Solution
  • PreludeSys addressed the client’s challenges by leveraging Salesforce Financial Services Cloud to improve operational optimization and service delivery. Our seasoned team of Salesforce experts developed methods for logging and categorizing client meetings and generating interaction summaries. We also automated financial account reviews and report generation. Reporting mechanisms for client activities at the household level were implemented, and issues with updating billing addresses on household accounts were fixed.
  • We also developed tools to track large cash balances and automate notifications. We maintained data consistency by proactively preventing automatic changes in Opportunity Owner names. Furthermore, we triggered marketing cases based on life events and updated household names accordingly.
  • Tools were developed to monitor and manage tax loss harvesting tasks, separate Portfolio and Trading Notes fields, and connect them to trade cases. Additionally, validation rules were implemented for mandatory fields in distribution records. Automation was set up for task creation triggered by life events, and required fields for incentive tracking were included.
  • Additionally, we investigated and fixed errors in integration jobs, ensuring a robust and efficient financial services management system.
Results at a glance
25% increase in operational productivity 40% enhancement in data accuracy 30% improved client experience
Benefits
  • Our streamlined processes and improved data management resulted in smoother operations, reduced manual effort, and 25% increased operational productivity.
  • Implementation of tools for better client interaction tracking and reporting resulted in a 30% improvement in client experience.
  • Comprehensive reporting at the household level equipped our client with invaluable insights for informed decision-making.
  • The enhanced compliance measures and tracking systems ensured strict adherence to regulatory standards. The implementation of validation rules significantly minimized errors, improving data accuracy by an impressive 40%.
  • Our strategic integration enhancements fostered seamless team collaboration, boosting overall productivity. By addressing errors in integration jobs, we facilitated a smooth flow of data and system interoperability.
  • The addition of fields for incentive tracking gave the client enhanced visibility into performance metrics and program effectiveness.
Technology

Salesforce Financial Services Cloud