Financial services are a crucial part of our economy, connecting savers and spenders to facilitate transactions and prosperity. Financial institutions include credit unions, banks, credit-card companies, insurance agencies and investment firms. Each of these businesses serve a specific purpose, and they can vary in the type of products they offer or the ways they make money.
Financial institutions make it possible to get loans when you need them, such as home loans, car loans and small business loans. They are also essential to the stability of a financial system as they help individuals and companies manage risk. They pool money from many individual investors and then lend it to those who need funds. They earn interest on the loan amount and may charge fees for their services.
Brokerage services are a form of bundled broker service where an investor can buy and sell stocks, mutual funds, bonds or other securities. They earn a commission on each trade and can provide financial advice or act as consultants.
Wealth management is the process of managing and advising high net-worth clients on their investments. Getting full insights into a client’s financial profile is critical for this industry. Salesforce Financial Services Cloud helps advisors and brokers keep track of their leads & referrals and gives them a detailed view of their client relationship with features like the Client Relationship Map & Referral Path. It also empowers them with predictive analytics to proactively bring recommendations to their customers.