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Part 2- Implementing Salesforce Financial Services Cloud (FSC)

August 10, 2024 - By Gaurav Sinha

1. Budget Considerations:

  • Assess Your Needs: Identify the specific features and capabilities your organization requires. The Professional Edition might serve smaller firms well, while larger firms with more complex needs might benefit from the Enterprise or Unlimited Edition.
  • Future Growth: Consider your organization’s growth trajectory. If you anticipate significant growth, opting for a more comprehensive plan might be cost-effective in the long run.
  • Customization and Integration: Evaluate the level of customization and integration required. The Enterprise and Unlimited editions offer more extensive customization capabilities, which might be necessary for organizations with specific needs.

2. Planning and Preparation

Pre-Installation Tasks:

  • Enable the Contacts to Multiple Accounts Feature:
    • From Setup, enter Account Settings in the Quick Find box, and select Account Settings.
    • Select “Allow users to relate a contact to multiple accounts”​ (Salesforce)​.
  • Create User Profiles:
    • Clone the Standard User profile and customize it to create profiles such as Advisor, Personal Banker, and Relationship Manager​ (Salesforce)​.
  • Enable Lightning Experience:
    • From Setup, click Get Started in the Migration Assistant tile at the top of the menu.
    • Enable Lightning Experience and switch to it​ (Salesforce)​.

Data Preparation:

  • Data Mapping: Identify and map data fields from your legacy system to FSC. This ensures that all relevant data is accurately transferred.
  • Data Cleansing: Clean and validate your data before migration to ensure its accuracy and completeness. This step helps prevent data quality issues in the new system.
  • Data Validation: After migration, validate the data to ensure it has been accurately transferred. This includes checking for completeness and correctness​ (Salesforce)​.

3. Migration Planning

Migrating from a legacy system to FSC requires careful planning to minimize disruptions and ensure data integrity. Here are the key steps involved:

Assessment and Planning:

  • Evaluate Existing Systems: Conduct a thorough assessment of your current systems, including data structures, workflows, and integrations.
  • Define Objectives: Clearly define the goals of the migration, such as improved data accuracy, enhanced functionality, and better user experience.
  • Create a Project Plan: Develop a detailed project plan outlining the migration steps, timelines, resource requirements, and risk management strategies.

Data Migration Strategy:

  • Data Extraction: Extract data from legacy systems, ensuring all relevant data is captured.
  • Data Transformation: Transform the data to fit the FSC data model. This may involve data cleansing, normalization, and enrichment.
  • Data Loading: Load the transformed data into FSC using Salesforce Data Loader or other ETL (Extract, Transform, Load) tools.
  • Data Validation: Validate the migrated data to ensure accuracy and completeness. Perform data reconciliation to identify and address discrepancies.

System Integration:

  • Identify Integration Points: Determine the points where FSC needs to integrate with other systems, such as core banking, CRM, or ERP systems.
  • Develop Integration Solutions: Use Salesforce APIs, middleware, or integration platforms to connect FSC with other systems.
  • Test Integrations: Conduct thorough testing of all integrations to ensure data flows smoothly between systems and processes work as expected.

Testing and Quality Assurance:

  • Unit Testing: Test individual components of the migration process to ensure they function correctly.
  • System Testing: Test the entire system, including data migration, integrations, and customizations, to ensure everything works together seamlessly.
  • User Acceptance Testing (UAT): Involve end-users in testing to verify that the system meets their needs and works as expected in real-world scenarios.

Deployment and Rollout:

  • Pilot Deployment: Start with a pilot deployment to a small group of users to identify and resolve any issues before a full rollout.
  • Training: Provide comprehensive training to users to help them become familiar with FSC and its features.
  • Full Deployment: Roll out FSC to the entire organization, ensuring ongoing support and monitoring to address any issues that arise.

Post-Deployment Review:

  • Evaluate Performance: Monitor the system’s performance, user adoption, and data integrity. Collect feedback from users to identify any issues or areas for improvement.
  • Continuous Improvement: Implement a plan for ongoing system enhancements and updates based on user feedback and evolving business needs.

4. Implementation Steps

Installation Tasks:

  • Install the Managed Package:
    • Use the URL provided in your order form to install the managed package. Map the cloned profiles to the package profiles during installation​ (Salesforce)​.
  • Install the Unmanaged Extension Packages:
    • Install additional packages for field sets, referral packages, and dashboards as needed​ (Salesforce)​.

Post-Installation Tasks:

  • Configure Navigation to Individual and Group Profiles:
    • Configure overrides to redirect standard URLs to profile pages instead of account or contact records​ (Salesforce)​.
  • Lightning Pages Setup:
    • Assign home pages and Lightning pages to specific apps, record types, and profiles to give users access to the relevant information​ (Salesforce)​.
  • Add Values to Lead Status and Opportunity Stage Picklists:
    • Customize picklist values to help users track leads and opportunities effectively​ (Salesforce)​.
  • Add Users and Configure Permissions:
    • Create users, assign them the necessary profiles and permissions, and set up page layouts and global actions to facilitate their work​ (Salesforce)​.

5. Tools for Effective Implementation

Salesforce provides various tools to aid in the effective implementation and migration of FSC:

  • Salesforce Trailhead: Offers modules and trails for learning about FSC and its features.
  • Salesforce Success Community: A platform for users to share best practices, ask questions, and collaborate.
  • Change Management Tools: Tools like Salesforce Adoption Manager help in planning and managing the implementation strategies.
  • Salesforce Support and Consulting Services: Professional services to assist with the implementation and customization of FSC.
  • CRM Analytics: Enables detailed analytics and reporting to monitor the implementation and usage of FSC​ (Salesforce)​.