Financial-Services-Cloud Exam Dumps - Salesforce Accredited Professional Certification Questions and Answers

As explained in the previous question, Action Plans are a feature that can help users track and manage common client processes. By creating an Action Plan Template with associated pre-determined Tasks, such as reviewing credit & debit card usage, reviewing account payables, and discussing credit needs, users can ensure that these activities are tracked and followed up on in a timely manner. Users can also automate the periodical creation of Action Plans for customer accounts using Process Builder or Apex triggers. 

 To model a requirement where more than one person can be joint owners on a Financial Account, the Admin can map additional owners using the Financial Account Role. The Financial Account Role is a junction object that links a contact or an individual to a financial account and defines their role or relationship with that account. By using Financial Account Role, the Admin can add multiple owners to a Financial Account and specify their ownership percentage, primary status, and other details.

To set up a permission set for Actionable Relationship Center (ARC), the administrator should select FSC Standard as the license on the Permission Set setup page. FSC Standard is a permission set license that enables user access to a license with contractual restrictions for Financial Services Cloud and provides access to core objects and features, including ARC1. By selecting FSC Standard as the license, the administrator can grant users access to ARC and its related objects and fields

Salesforce offers various tools and capabilities to integrate Financial Services Cloud with external systems, such as core banking, insurance, or mortgage platforms. Some of the tools and capabilities that a consultant can recommend are:

• Industry Integration Solutions with the MuleSoft Anypoint Platform: These are prebuilt integration solutions that leverage the MuleSoft Anypoint Platform to connect Financial Services Cloud with common industry systems, such as Fiserv, FIS, Jack Henry, and Guidewire1. These solutions enable bi-directional data synchronization, orchestration, and transformation between Salesforce and the external systems2.
• OmniStudio Integration Procedures: These are reusable components that define the logic and sequence of steps for integrating data from external sources into Financial Services Cloud3. Integration procedures can be triggered by events, such as a button click or a record update, and can invoke other components, such as DataRaptors or OmniScripts4.
• OmniStudio DataRaptors: These are data transformation components that can extract, load, and manipulate data from various sources, such as Salesforce objects, REST or SOAP web services, or CSV files5. DataRaptors can be used to map data between different formats, perform calculations or validations, or create or update records in Financial Services Cloud6.

References:

• Industry Integration Solutions
• MuleSoft Anypoint Platform
• OmniStudio Integration Procedures
• Create an Integration Procedure
• OmniStudio DataRaptors
• Create a DataRaptor

To ensure that all users see Person Accounts, but only specific users can view Financial Accounts, the Admin should take the following steps:

• Grant users access to the Financial Account object with permission set, which is a collection of settings and permissions that give users access to various tools and functions. The Admin can use permission sets to grant access to the Financial Account object and its fields to specific users or groups of users1.
• Change Organization-wide Defaults (OWD) sharing on the ‘Financial Accounts’ object to Private’, which is a setting that determines the baseline level of access that users have to records they do not own or share. By setting the OWD sharing on the ‘Financial Accounts’ object to Private’, the Admin can ensure that only the record owners and users above them in the role hierarchy can view the Financial Accounts. Verified References: 1

The following standard Insurance Platform components can digitally enable the core insurance operations of getting an insurance quote or submitting a claim:

• Policy Administration, which is a component that allows users to manage the lifecycle of insurance policies, such as creating, renewing, canceling, or endorsing policies. By using Policy Administration, the consulting firm can enable customers to view and update their policy information online.
• Claims Management, which is a component that allows users to manage the lifecycle of insurance claims, such as creating, investigating, adjusting, or settling claims. By using Claims Management, the consulting firm can enable customers to submit and track their claims online.
• Quote, Rate, and Apply, which is a component that allows users to create and compare insurance quotes, calculate premiums and discounts, and apply for policies online. By using Quote, Rate, and Apply, the consulting firm can enable customers to get an insurance quote online

The order of uploading Salesforce objects during an FSC data migration is important to ensure data integrity and avoid errors. The recommended order is:

• Accounts and contacts: These are the core objects that store the basic information about the customers and their relationships. They should be uploaded first to establish the foundation for the FSC data model4.
• Financial accounts: These are the custom objects that store the financial information about the customers, such as balances, interest rates, fees, and transactions. They should be uploaded after the accounts and contacts, and linked to them using lookup fields5.
• Account groups and households: These are the custom objects that group the accounts and contacts based on common attributes or relationships, such as family members or business partners. They should be uploaded after the financial accounts, and linked to them using junction objects6.

References:

• Financial Services Cloud Data Model
• Data Migration Best Practices
• Accounts and Contacts
• Financial Accounts
• Account Groups and Households

The following OmniStudio tools should be used to design a solution that meets the requirements for creating a car insurance quote process for the website:

• OmniScripts, which are tools that allow users to create guided, interactive, and intuitive scripts that capture data and execute actions. By using OmniScripts, the consultant can create a script that guides the user through the car insurance quote process and captures the contact and address information, the driver’s age, and the car model and year.
• Integration Procedures, which are tools that allow users to orchestrate data and actions across multiple systems using RESTful APIs. By using Integration Procedures, the consultant can create a procedure that calls the core system service to calculate an insurance quote based on the data provided by the user and returns the quote to the OmniScript.
• Business Rules Engine, which is a tool that allows users to define business logic and validation rules using natural language expressions. By using Business Rules Engine, the consultant can create rules that validate the data entered by the user and enforce any business policies or conditions for the car insurance quote process.

The following value outcomes should the company’s stakeholders expect from implementing Salesforce Financial Services Cloud (FSC):

• Achieved higher CSAT & NPS scores attributed to personalized customer experiences driven by shorter waits due to decreased average case handle times and improved self-service solutions via Einstein Bots for FSC. This outcome means that the company improved its customer satisfaction (CSAT) and net promoter score (NPS) metrics by providing customized and relevant interactions with customers, reducing their waiting time by handling cases more efficiently, and offering self-service options through chatbots powered by artificial intelligence.
• Improved customer onboarding experiences by fast-tracking and simplifying document tracking and approvals via FSC Action Plans. This outcome means that the company enhanced its customer onboarding process by speeding up and streamlining the document management and approval workflow using Action Plans, which are features that allow users to create templates for common client processes, such as account opening, loan application, or financial review.
• Drove Advisor productivity with a daily task list, client life events, opportunities, and aggregated household information directly from the FSC Home Page. This outcome means that the company increased its advisor productivity by providing them with a daily task list that shows their priorities and action items, a client life events component that shows important events in their clients’ lives, an opportunities component that shows potential sales deals, and an aggregated household information component that shows a holistic view of their clients’ financial situation, all on the FSC Home Page