Salesforce Summer '23 Release

Salesforce Summer '23 Release: Financial Service Cloud

With the Summer 23' Release, Salesforce users in the financial sector can expect to see several interesting features. These include enhancements for Insurance and Omni Studio. Ewa de Vries, Financial Services Domain Lead at Nextview, shortly explains three features that will make you love the platform even more.

Actionable Relationship Center

This is an essential feature of the Financial Cloud that provides a 360-degree view of your customers, allowing you to take action on your users' data in seconds. With the Summer 23 release, the Actionable Relationship Center has become even more user-friendly by introducing new functionalities that will help you improve your customer relationship management and increase productivity. You can now get a birds-eye view of your ARC graph by hiding fields on cards, which helps you get a high-level view of your client's relationships and react quicker. Plus, the hierarchy icon now shows on ARC graph cards anytime a card has child records associated with it.

Zoom In on Your ARC Graph
One of the most exciting features introduced is the ability to zoom in and out of your ARC graph. Users can now focus on the most relevant information by zooming in up to a maximum of 160%. This feature enables users to analyze their data more precisely, zeroing in on intricate details that could make a difference.

On the other hand, to make sure that text on each ARC graph card remains readable, the zoom out function has been limited to 40%. This ensures that users won't lose the necessary context when they want to get an overview of their data.

Moreover, the "Reset Zoom" and "Center Graph" buttons have been introduced, enabling users to return the ARC graph to its original zoom level and position. This function provides a quicker way to return to the default view after deep-diving into the data.

Hide Card Fields for a High-Level View
Additionally, the new release includes an innovative toggle that allows users to hide fields on ARC graph cards. This feature is perfect for those moments when users need to take a step back and view the overall picture of their client's relationships. With just the record name visible on the card, users can gain a bird's-eye view, enabling more strategic decision-making.

Instant Identification of Cards with Child Records
Finally, the ARC graph card now comes with a hierarchy icon to show whenever a card has associated child records. This feature enhances convenience by saving users from the need to click on each card to determine whether it has child records. The hierarchy icon offers a quick glance to know if there are child records on an ARC graph card, thus streamlining the process and saving valuable time.

With these enhancements, the Actionable Relationship Center (ARC) in the Financial Cloud is set to offer users a more effective and efficient tool for managing customer relationships. User-friendly features such as the zoom function, the option to hide fields on ARC graph cards, and the hierarchy icon for child records all contribute to a more streamlined and productive user experience. With these updates, managing your client's relationships has never been easier.

Scoring Framework

As AI and machine learning become buzzwords in our professional and personal lives, Salesforce understands that it will play a significant role in the future. With Scoring Framework, available for an extra cost, you can analyze customers' propensity to purchase financial assets, decrease customer attrition, and increase assets under management by making predictions based on data. You can also define your own target variable to get prediction scores based on data of your accounts and contacts. (Both insights are helpful to have if you want to build profitable, long term relationships with you customer.

Maximizing Revenue with Scoring Framework
With the Scoring Framework, businesses can identify the right products to pitch to their customers, boosting revenue. The system analyzes the customers' propensity to purchase financial assets, providing insights that can guide marketing and sales strategies.

Moreover, it can also help manage customer attrition more effectively. By examining a customer's likelihood to churn, companies can take proactive steps to retain valuable clientele, thereby ensuring a stable revenue stream.

Crucially, the Scoring Framework can also enhance asset management strategies. It allows businesses to sell assets to interested customers based on predictive analysis. This proactive approach ensures better utilization of assets, adding to the bottom line.

One of the unique features of the Scoring Framework is its flexibility. Users can define their own target variable to receive prediction scores, further tailoring the predictive analysis to specific business needs and objectives.

Effective Customer Engagement with Actionable Lists
Scoring Framework also supports the creation of actionable customer lists. These lists are tailored to show relevant predictions, allowing businesses to focus on the right customers at the right time.

For instance, a list can be created to identify customers predicted to buy specific products. This list will display the likelihood of each customer purchasing the products, allowing businesses to target their sales and marketing efforts more effectively.

In practice, this means companies can engage customers with the products they are most likely to buy. Not only does this strategy lead to increased revenue, but it also improves the customer experience by ensuring their needs and interests are at the heart of each interaction.

To sum it up, Salesforce's Scoring Framework offers a powerful, user-friendly tool for businesses seeking to harness the power of machine learning for revenue optimization and improved customer engagement. By making complex predictive analytics accessible and actionable, it can play a key role in driving business growth and success.

Discovery Framework

Discovery Framework is a scalable assessment framework that financial institutions use to gather and evaluate customer information through digital and human channels. And with the power of Salesforce, you get a 360-degree view of your customers’ data.With the Discovery Framework data model and the power of OmniStudio, you can create digital forms to expedite questionnaire-driven data collection and validation. .The Discovery Framework feature is now available to users who have the Financial Services Cloud - Starter license. Previously, this feature was available only to users who had the Financial Services Cloud - Growth license. Guest users can access OmniScripts of the Discovery Framework type on Experience Cloud sites.

Fine-tune your Assessment with Editable Signatures
A notable enhancement introduced recently is the ability to edit a signature before submitting an assessment form. This feature allows users to make necessary changes or corrections to their signature, ensuring that the final version aligns with their intent and accurately represents their identity. This functionality is an example of the fine-tuning that Salesforce provides, focusing on the smallest details to improve overall user experience.

Extending Accessibility to Guest Users
Furthermore, Salesforce has extended the accessibility of the Discovery Framework, ensuring that it can be accessed by a broader user base. Now, guest users can access OmniScripts of the Discovery Framework type on Experience Cloud sites. This enhancement signifies a commitment to inclusivity, making the comprehensive tools and features of the Discovery Framework available to an even wider audience.

To sum it up, these improvements to the Discovery Framework are indicative of Salesforce's dedication to enhancing user experience and expanding accessibility. From enabling the editing of signatures in assessment forms to allowing guest users to access the Discovery Framework on Experience Cloud sites, these changes help to ensure a more inclusive and efficient environment for all users. As Salesforce continues to innovate and refine its tools, users can look forward to even more advancements that further streamline the data collection and evaluation process.