14 Exciting Salesforce Spring ‘23 Updates for Financial Services 

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Previously, we discussed some of the most significant updates, features, and enhancements Salesforce is rolling out in the Spring ‘23 release. As we know, Salesforce offers solutions tailored for different industries to help businesses get the most out of their platforms. Such is the case with Financial Services Cloud, Salesforce’s product for the Financial Services industry, and like in most of its releases, this Salesforce Spring ‘23 release also brings new updates and enhancements to the Financial Services Cloud. 

In this article, we’ll discuss some of the new enhancements, how they will affect your current Salesforce instance, the benefits for your business, and how to get them. Let’s get started. 

1. Customize an Actionable Relationship Center 

ARC provides a panoramic view of the customer and their relationships, so you can gain relevant insights to unlock new business opportunities. The latest updates included in this Spring ’23 release allow users to customize an ARC graph to show Fields from multiple objects, check ARC error messages for custom metadata changes, and more.  

2. Show Fields from Multiple Objects on an ARC Graph Node 

With customized ARC graph nodes, you can visualize fields that are most relevant to your users. Previously, on an ARC graphic node, you could only show fields from the node object. With this new enhancement, you can now configure an ARC graphic to add the objects and fields that have a lookup relationship to the node object.  

For example, you can create an ARC graph to show users to which household each financial account is related. 

The image shows the ARC graph node, a  Salesforce Spring '23 update for financial services, and how to set it up.

This update is available for different Salesforce editions like Lightning Experience in Professional, Enterprise, and Unlimited, where Financial Services Cloud is enabled. 

3. Streamline Processes Using OmniScripts in your ARC Nodes 

This feature allows you to add OmniScripts to your ARC nodes to streamline day-to-day tasks for your users. You can now gain quick access to actions and processes you often do and get a configurable path to create seamless experiences for your users. If you are a Financial Account Manager, you can use it to gain quick access to update household members. 

To have this feature available, users need the Financial Services Cloud Foundations or the Financial Services Cloud Extension permission set and OmniStudio User and OmniStudio Admin permission sets. 

4. Prevent Deletion of Custom Metadata 

Another cool feature available in this release for the Actionable Relationship Center is the ability to avoid deleting custom metadata used in an ARC graphic by using Error handling. Meaning, whenever you try to delete custom metadata, an error message will appear to prevent you from deleting the custom metadata, and it will tell you in which ARC graph the metadata is used.  

This is the new message that appears when trying delete custom metadata in the new update of Salesforce Spring '23 release for financial services.

This feature will be helpful for companies who have more than one Salesforce Admin to prevent unnecessary Salesforce changes or having an ARC graph no longer loading. 

In order to use this feature, users need to have the Financial Services Cloud Extension permission set. 

5. Sync Interaction Data from Email and Calendar Applications 

Usually, the Interaction Summaries feature makes collaboration seamless by capturing and managing communications with multiple applications. Now, with these new and useful enhancements, bankers will be able to use Einstein Activity Capture to sync interaction data from email and calendar applications. 

The update allows you to automatically sync events from connected email and calendar applications to Salesforce, which will help users to view interactions related to specific clients, capture call reports with minimum manual data entry, keep interaction data up to date and prioritize the interactions that drive deal flow. 

This feature will be available for Lightning Experience in Enterprise and Unlimited editions where Financial Services Cloud and Einstein Activity Capture are enabled. 

6. Get Interaction Summaries Up and Running with Ease. 

With a new Guided Setup, bankers and financial advisors can build customer relationships faster by setting up and configuring interaction summaries with ease. The Guided Setup walks you through configuration, settings, sharing settings, and more. Once it becomes available, you can get the Guided Setup from Setup. 

7. Capture Meeting Notes Easily. 

Another new enhancement bankers can enjoy is the improved experience of taking notes for an interaction. Now, by using the Rich Text Editor formatting and a larger canvas, bankers can easily capture meeting notes about an interaction.  

The feature is available to Lightning Experience in Enterprise and Unlimited editions where Financial Services Cloud is enabled. 

8. Provide a Digital Signature Option for Respondents 

With the Discovery Frameworks data model, users can collect and validate customers’ information in a compliant way. 

The new enhancements to the Discovery Framework provide respondents the option to either use their names or initials with Salesforce fonts or use their digital signature to authenticate a form by using the new Signature element in the OmniScript. Additionally, they can use the same signature at multiple places on the form before submitting the form. 

9. Accelerate the Submissions of Assessments 

You can help your respondents submit responses to an assessment more quickly by using the new DiscoveryFramework_Prefill integration procedure in an OmniScript. You can customize the Integration procedure to fill your business needs and save your respondents time and effort. 

10. Use New QR Codes Elements on Assessment Forms. 

Your FSC customers can now easily add QR codes on assessment forms by using the new Discovery Framework QR Code element. Respondents will be able to scan the QR code with their mobile devices to open third-party applications, open an URL attachment, and upload documents for screening and verification. 

These features are available for Lightning Experience in Enterprise and Unlimited editions where Financial Services Cloud is enabled or in Enterprise and Unlimited editions where the Health Cloud license is enabled. 

11. Set up Integrations with External Endpoints Quickly 

Leverage the Integration Definitions across Salesforce Industries to set up integrations with external endpoints faster than before. 

Create integration definitions with different external endpoints and for different use cases by leveraging the power of a low code interface. Now you can call the integration definition from an invocable action within a flow and choose between External Services Defined or Apex defined Integration definitions to create the integration definitions.  

This feature is available for Lightning Experience in Enterprise and Unlimited editions where Financial Services Cloud is enabled. 

12. Improve Churn Prediction Accuracy for Wealth Management 

Companies in the Wealth Management sector can now use features that were created based on customers’ responses to surveys to gain more valuable insights and improve the accuracy of customer churn predictions. 

Get more insightful details on customers who are likely to churn based on customer satisfaction (CSAT) and Net Promoter Score (NPS). Focus on clients who are more likely to churn, reduce customer churn and increase customer loyalty by using the Customer Churn Risk for Wealth Management template and the Feedback Management & Sentiment Insights Features templates. 

These templates are available to users with the Revenue Intelligence for Financial Services license, and to users with the Feedback Management – Starter or Feedback Management – Growth license, and the Sentiment Insights license. 

13. Improve Churn Prediction Accuracy for Retail Banking  

Companies in Retail Banking can now get more accurate predictions on Retail Management customers who are most likely to churn, and get real-time account details and financial account information in Salesforce. 

Reduce the customer’s likelihood to churn and increase loyalty by getting the new Customer Churn Risk for Retail Banking Template and the Feedback Management & Sentiment Insights Feature template to get churn predictions based on data from customers’ survey responses and the sentiment behind the responses.  

These templates are available to users with the Revenue Intelligence for Financial Services license and to users with the Feedback Management – Starter or Feedback Management – Growth license and the Sentiment Insights license. 

14. View Real-Time Account and Financial Account Information in Salesforce 

Connect Salesforce to your core banking system via MuleSoft by using the new Data Consumption Framework and use the FSCFinancialAccountsSummary component to gain updated clients’ financial account details, transaction details and record alerts associated with accounts in one place. 

This feature is available for users who have the Financial Services Cloud Extension permission set.  

In Short 

Many of these enhancements are in preview and won’t become available until the latest general availability date. To check Salesforce Spring ‘23 main release date, check this link, or if you know the instance your production org is located, you can go to Salesforce Trust and review the availability. 

Some of these enhancements will be automatically available, and others will need the help of your admin to set them up. If you need extra help setting them up or don’t know how to take advantage of the new features and work your platform to its full potential, contact our Salesforce subject matter experts and request our complimentary Salesforce Health Check, and let us help you reach your Salesforce goals.  

Contact our Salesforce subject matter experts and let us help you reach your Salesforce goals!