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Salesforce.com Launches Shield for Financial Services Cloud
The solution aims to assist financial services providers in complying with industry regulations.
Posted Jul 25, 2016
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Salesforce.com today announced the launch of Shield for Financial Services Cloud, which aims to provide insight into client behavior, improve data visibility, and assist financial services providers in complying with industry regulations. The solution teams up with Salesforce partners such as Deloitte to provide additional services including integration support and training.

Shield provides profiles of clients and client households within Financial Services Cloud, with the goal of delivering detailed views of clients and their networks. The solution looks to provide access to information about client’s other investments, financial circumstances, tax status, and life goals, to assist advisers in making recommendations by identifying and targeting individual client’s specific needs.

The solution also aims to simplify the record-keeping process. Financial Services Cloud has an Advisor Dashboard tool that enables users to see an instant snapshot of their books of business, including client account activities. Furthermore, advisers can create digital records of their decisions and the reasons for those decisions, with the goal of simplifying preparation for due-diligence reviews.

To help users make better use of their data, Shield has an Event Monitoring feature that allows users to see the identity and location of personnel as they access different kinds of data. This capability is aimed at auditors and compliance experts within financial firms.

Shield also aims to ensure secure communication with clients within Financial Services Cloud. Private Client Communities enable advisers to communicate with clients regarding recommendations, consent, and compensation through a secure channel. Furthermore, communications can be documented via a Notes feature as evidence that clients have been properly informed and assisted.

The solution's Platform Encryption feature aims to provide security without compromising accessibility. The capability allows sensitive data to be encrypted while simultaneously preserving standard and custom fields, files, and attachments. Finally, Shield's Field Audit Trail capability enables advisers to view the state and value of data at any date or time for up to a decade.

Sean Cunniff, specialist leader at Deloitte, said in a statement that the solution will help firms keep up in a fast-changing environment:

"To comply with [Labor Department regulations], the financial industry will need to implement substantial changes in how they interact with clients. Salesforce's solution will help financial services firms accelerate readiness for complying…while providing personalized advice, encouraging collaboration, and increasing advisor efficiency, all in a scalable and documented manner. We are thrilled to collaborate with Salesforce on this initiative."

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