Free Salesforce Financial-Services-Cloud Practice Exam with Questions & Answers

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 customeronboarding 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 approvalworkflow 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 eventscomponent 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 FSCHome Page

To set up a permission set for Actionable Relationship Center (ARC), the administrator should selectFSC 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

The following objects dosupport Group-Level Rollups:

Financial Accounts: You can use Group-Level Rollups to display the total balance, total market value, and total cost basis of all the financial accounts that belong to a group.

Action Plans: You can use Group-Level Rollups to display the number of action plans, the number of completed action plans, and the completion percentage of all the action plans that are associated with a group.

Opportunities: You can use Group-Level Rollups to display the total amount, expected revenue, and weighted amount of all the opportunities that are related to a group. Verified References: : Salesforce Financial Services Cloud Implementation Guide, page 80. : Salesforce Financial Services Cloud Implementation Guide, page 81. : Salesforce Financial Services Cloud Implementation Guide, page 82.

Salesforce provides features and tools to help financial institutions improve the efficiency of their mortgage processes and provide better experiences for their customers. Some of the features and tools that a consultant can suggest to Cumulus Bank to implement are:

The standard mortgage flow templates to build a mortgage flow in Financial Services Cloud: These are prebuilt flow templates that guide users through the steps of creating a mortgage application, capturing borrowerinformation, and submitting the application for approval7. The templates can be customized to suit the bank’s specific needs and requirements8.

Flow Builder to automate these business processes: Flow Builder is a point-and-click tool that lets users create flows to automate business processes in Salesforce9. Flow Builder can be used to create custom mortgage flows that integrate with other Salesforce features, such as data models, objects, fields, validation rules, and actions10.

To prevent users from accidentally creating more than one event of such an event type, the Admin should create a validation rule that will stop the user if they attempt to add multiple one-time events. A validation rule is a rule that verifies that the data a user enters in a record meets the standards you specify before the user can save the record. By creating a validation rule, the Admin can ensure that only one event of a certain type can be created for each contact. 

Identification Document is the Financial Services Cloud object that should be recommended for storing client data on drivers’ licenses and passports. Identification Document is a standard object that represents a document that verifies a person’s identity, such as a driver’s license, passport, or national ID card. You can create identification document records for individual clients and link them to their person accounts. You can also store information such as document type, number, issue date, expiration date, and country of issuance.References: [Identification Document Object], [Manage Identification Documents]

The following OmniStudio tools should be recommended to generate the prefilled PDF:

OmniStudio Action Document Generation, which is a tool thatallows users to create documents from templates and data sources using OmniScripts and Integration Procedures. Byusing OmniStudio Action Document Generation, the consultant can create a document template with placeholders for the contact and address information and generate a PDF file from it using an OmniScript.

DataRaptor, which is a tool that allows users to extract and transform data from Salesforce or external systems using Integration Procedures. By using DataRaptor, the consultant can create a datasource that retrieves the contact and address information from Salesforce and maps it to the document template placeholders.

Compliant Data Sharing (CDS)is a feature of Financial Services Cloud that lets administrators and compliance managers configure advanced data-sharing rules so that they can improve compliance with regulations and company policies. Some of the things to consider when implementing CDSin Financial Services Cloud (FSC) are:

CDS in FSC allows record owners to grant access to their records to other FSC users. Record ownerscan use the Manage Participants component on record pages to share their records with other users who have relevant roles or permissions6.

CDS can only be applied to FSC objects and Account and Opportunity objects. CDS supports sharing for Account, Opportunity, Financial Account, Financial Holding, Financial Goal, Referral, Relationship Group, Action Plan Template, Action Plan, Action Item Template, Action Item, Interaction Summary, Interaction Summary Participant Role Assignment, Interaction Summary Participant Role Definition7.

To get the benefits of CDS, administrators must set organization-wide sharing settings for supported objects to the Private access model. This ensures that only record owners and users above them in the role hierarchy have access to the records by default8.

Thefollowing names are Association Type picklist field values:

Trust, which is a value that indicates that the accounts are related through a trust relationship.

Family, which is a value that indicates that the accounts are related through a family relationship.

Peer, which is a value that indicates that the accounts are related through a peer relationship.