Financial-Services-Cloud Braindumps Real Exam Updated on Apr 29, 2024 with 172 Questions
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Salesforce Financial Services Cloud (FSC) Accredited Professional Exam covers a range of topics, including client management, financial planning, and investment management. It also tests the candidate's knowledge of Salesforce FSC's features and capabilities, such as its data model, automation tools, and reporting capabilities. Financial-Services-Cloud exam consists of 60 multiple-choice questions, and candidates have 90 minutes to complete it.
Salesforce Financial Services Cloud (FSC) is a customer relationship management (CRM) platform designed specifically for financial advisors, insurance agents, and bankers. It helps these professionals manage their clients' financial information, track their interactions, and provide personalized advice. Salesforce FSC is a powerful tool that can help financial institutions improve their customer service, increase productivity, and grow their business.
Salesforce Financial Services Cloud (FSC) Accredited Professional Certification Exam is designed for professionals who specialize in providing financial services to clients using the Salesforce platform. Salesforce Financial Services Cloud (FSC) Accredited Professional certification exam is ideal for individuals who have experience in the financial services industry and want to expand their skillset to include Salesforce. The Salesforce FSC Accredited Professional Certification Exam is an excellent way for professionals to demonstrate their expertise and gain credibility as a financial services professional.
NEW QUESTION # 78
Salesforce provides a robust set of automation features to help save time and resources. For example, a system administrator can use Flow Builder to automate most of an organization's repetitive business processes.
Which use case is a suitable fit for Flow Builder?
- A. Perform an operation for more records than schedule-triggered flows allow
- B. Suggest offers and actions to users that are tailored to meet an organization's unique business criteria.
- C. Collect input from internal users with a form placed on a Lightning page cKlaunched by a button.
- D. Coordinate multiple flows and assign them to multiple teams or individuals.
Answer: C
Explanation:
A suitable use case for Flow Builder is to collect input from internal users with a form placed on a Lightning page or launched by a button. Flow Builder is a tool that allows users to automate business processes by building flows that guide users through screens, execute logic, manipulate data, and interact with Salesforce and external systems. By using Flow Builder, the system administrator can create a flow that collects input from internal users with a form and performs actions based on the input.
NEW QUESTION # 79
Lake Tahoe Bank, an existing Salesforce customer, is planning to implement Financial Services Cloud. Their Salesforce Admin is considering whether to use a new Salesforce org or upgrade the existing org. Which three of the considerations below indicate that a new Salesforce org is the better choice9
- A. The current implementation is using a product-centric view and the bank wants to move to a customer-centric view.
- B. The bank wants to use this project as an opportunity to retire customization
- C. Data migration is a big concern The current org has a large amount of data and the Bank wants to minimize data migration efforts.
- D. Existing business capabilities and processes can be redesigned to deliver a higher business impact
- E. The bank has limited redesign opportunities for business capabilities.
Answer: A,B,D
Explanation:
The following considerations indicate that a new Salesforce org is the better choice for implementing Financial Services Cloud:
The bank wants to use this project as an opportunity to retire customization. A new org will allow the bank to start fresh and avoid carrying over unnecessary or outdated customization that may conflict with Financial Services Cloud features or best practices.
The current implementation is using a product-centric view and the bank wants to move to a customer-centric view. A new org will allow the bank to adopt the Financial Services Cloud data model, which is designed to provide a holistic view of the customer and their relationships, goals, financial accounts, activities, and interactions.
Existing business capabilities and processes can be redesigned to deliver a higher business impact. A new org will allow the bank to leverage the Financial Services Cloud capabilities, such as Action Plans, Relationship Groups, Rollup By Lookup, Service Processes, etc., to optimize their business processes and enhance their customer experience. Verified Reference: : Salesforce Help Article 6
NEW QUESTION # 80
Universal Containers has a marketing team set up as a public group. A sales representative would like to engage the marketing team on one opportunity.
What should the sales representative do to ensure the marketing team can access the opportunity?
- A. Change the opportunity owner to the public group.
- B. Manually share the record with the public group.
- C. Add the public group to an opportunity queue.
- D. Add the public group to the opportunity team.
Answer: B
NEW QUESTION # 81
What are the challenges Financial Institutions face? (Select all that apply)
- A. Isolated data and outdated systems
- B. Rising class of new competitors
- C. Not enough data
- D. Regulatory compliance
Answer: B,C,D
NEW QUESTION # 82
A new custom object has been created, and the records of this object will be created through integration with another system What should a consultant do to ensure the data is loading into the correct fields in Financial Services Cloud?
- A. Create a junction object between the external system and the new customer object where the data will reside
- B. Utilize a field mapping file with the external system (allocation and the corresponding field in Salesforce
- C. Ensure custom metadata is configured and each custom metadata record details where the data will be sent
- D. Use a CSV file with the data created and use Data Loader to map to the correct field
Answer: B
Explanation:
To ensure the data is loading into the correct fields in Financial Services Cloud, the consultant should utilize a field mapping file with the external system allocation and the corresponding field in Salesforce. A field mapping file is a file that specifies how fields from an external system map to fields in Salesforce. By using a field mapping file, the consultant can ensure that the data from the new custom object is imported into the correct fields in Financial Services Cloud and avoid any data loss or inconsistency.
NEW QUESTION # 83
How can knowledge articles be used? (2 answers)
- A. To display Salesforce solutions
- B. To display Salesforce answers
- C. To resolve customer cases
- D. To display for customer self-service
Answer: C,D
NEW QUESTION # 84
A banking client currently manages its onboarding process manually with paper forms. To optimize the process, the client wants to digitize and automate as much as possible. The bank wants its clients to manage the forms in a portal and leverage e-signatures for processing.
Which three steps are needed to document this requirement following the discovery session?
- A. Create a visual flow diagram.
- B. Determine the best e-sigTiature solution to use.
- C. Design the solution using the Financial Services Cloud components.
- D. Understand the journey!for the multiple personas involved in the process.
- E. Document the business process flows.
Answer: B,D,E
Explanation:
Explanation
The following steps are needed to document the requirement for digitizing and automating the customer onboarding process following the discovery session:
Document the business process flows. You need to document the current and future state of the business process flows for customer onboarding, such as the steps, inputs, outputs, decisions, and dependencies involved in each flow. You can use tools such as diagrams, charts, or tables to illustrate the process flows and identify the pain points, gaps, or opportunities for improvement.
Understand the journey for the multiple personas involved in the process. You need to understand the journey for each persona that participates in or interacts with the customer onboarding process, such as the customer, the client specialist, or the manager. You can use tools such as personas, journey maps, or user stories to capture the needs, goals, pain points, and expectations of each persona and how they experience the process from their perspective.
Determine the best e-signature solution to use. You need to determine the best e-signature solution to use for collecting and processing digital signatures from customers during the onboarding process. You can use tools such as research, analysis, or comparison to evaluate different e-signature solutions based on criteria such as functionality, compatibility, security, cost, or user feedback. Verified References: :
Salesforce Help Article [11] : Salesforce Help Article [12] : Salesforce Help Article [13]
NEW QUESTION # 85
Lake Tahoe Bank's financial advisors are complaining that they can't see an accurate summary of their clients financial data as clients often change households. How can an Admin set up Financial Services Cloud to provide financial advisors with an accurate summary of their client's financial data?
- A. Set clients financial data to be rolled up using Financial Services Cloud Primary Group.
- B. Create a custom obiect to track client's financial data
- C. Use Process Builder to create a workflow to summarize data at the Person Account level.
- D. Create a roll-up field on the Opportunity object to track client's Financial Account balance and display the summary amount on the Person Account object.
Answer: A
NEW QUESTION # 86
The Salesforce Admin wants to make it easier for call center agents to complete some common tasks by setting up flows and launch them from the Retail Banking Console. What does the Admin have to keep in mind when setting up Flows?
- A. To open. edit, or create a Flow in Flow Builder, the user needs the Run Flows permission.
- B. Flows can be used to provide step-by-step guidance for address changes, without the need for then agent to navigate to different screens.
- C. To use a Flow, a user must have access to the underlying object and its field
- D. To use Financial Services Cloud Flows, you'll need the Financial Services Managed Package installed m the org and the Financial Services Cloud a permission set assigned to the user.
Answer: B,C,D
NEW QUESTION # 87
Lake Tahoe Bank is migrating customer records from the Individual Model to Person Accounts. Which three steps should a Data Architect take to ensure a successful migration?
- A. Ensure Person Accounts is enabled on the org
- B. Log a case with Salesforce to perform the conversion from the indrvkJual Model to Person Accounts.
- C. Enable 'Individual to Person Account Migration' in Custom Settings.
- D. Use a CSV field to map PersonRecordTypeld to the Person Account RecoroTypeld and use Data Loader to update Client Records
- E. Configure your Person Account record types m the Indrvidual Record Type Mapper.
Answer: A,D,E
NEW QUESTION # 88
A financial services company wants to plan ahead for designing the Financial Services Cloud (FSC) implementation. Which three activities should the implementation team prioritize during planning?
- A. Beyond the preconfigured settings, evaluate whether they need advanced customizations.
- B. Prepare for integrations with transactional systems, external data sources, custodians, and any other platforms that the company's business relies on.
- C. Design the modifications to fields, picklists, layouts, and othKrequired features to support business processes.
- D. Enable and configure person accounts in FSC, and assign users with permission set licenses.
- E. Review the out-of-the-box capabilities and compare them to the company's current needs.
Answer: A,B,E
Explanation:
The following activities should be prioritized by the implementation team during planning for designing the Financial Services Cloud implementation:
Prepare for integrations with transactional systems, external data sources, custodians, and any other platforms that the company's business relies on. Integrations are the connections or interactions that allow data or functionality to flow between different systems or platforms. You should prepare for integrations with your existing or new systems or platforms that support your business processes, such as transactional systems, external data sources, custodians, or other platforms. You should also consider the integration methods, tools, requirements, and challenges that you will need to address during the implementation.
Beyond the preconfigured settings, evaluate whether they need advanced customizations. Customizations are the changes or modifications that you make to Salesforce to meet your specific business needs or preferences. You should evaluate whether you need advanced customizations beyond the preconfigured settings that Financial Services Cloud provides out of the box, such as custom objects, fields, formulas, validation rules, workflows, triggers, or components. You should also consider the impact, benefits, and risks of your customizations on your data model, user interface, performance, security, or maintenance.
Review the out-of-the-box capabilities and compare them to the company's current needs. Out-of-the-box capabilities are the features or functions that Financial Services Cloud offers without any customizations or configurations. You should review the out-of-the-box capabilities and compare them to your company's current needs and expectations. You should also identify any gaps or opportunities for improvement that you can address with configurations or customizations during the implementation. Verified Reference: : Salesforce Help Article [12] : Salesforce Help Article [13] : Salesforce Help Article [14]
NEW QUESTION # 89
Lake Tahoe Bank has been using Sales Cloud to support the business to consumer (B2C) activities. The VP of IT wants a better and more flexible data model that can support his B2C Banking use cases. He is considering upgrading to Financial Services Cloud, using Person Accounts. Which 2 of these statements are true for the Financial Services Cloud Person Account Data Model?
- A. The Person Account record type can be used when a client is an agent for a broker firm that is doing business with the Financial Institution.
- B. The Person Account is a virtual object displaying data from Accounts and Contacts objects. It represents all aspects of the person and includes D data such date of birth or tax ID number.
- C. To share a Person Account record the admin will need to create sharing rules Account and Contact objects
- D. The Person Account model uses the standard Account object to hold all of the details about a person The Account object has been extended " with custom fields and a Person Account Record Type
- E. Person Accounts can be merged with Business Accounts in Financial Services Cloud
Answer: B,D
NEW QUESTION # 90
A financial services company wants to plan ahead for designing the Financial Services Cloud (FSC) implementation. Which three activities should the implementation team prioritize during planning?
- A. Beyond the preconfigured settings, evaluate whether they need advanced customizations.
- B. Prepare for integrations with transactional systems, external data sources, custodians, and any other platforms that the company's business relies on.
- C. Design the modifications to fields, picklists, layouts, and othKrequired features to support business processes.
- D. Enable and configure person accounts in FSC, and assign users with permission set licenses.
- E. Review the out-of-the-box capabilities and compare them to the company's current needs.
Answer: A,B,E
Explanation:
Explanation
The following activities should be prioritized by the implementation team during planning for designing the Financial Services Cloud implementation:
Prepare for integrations with transactional systems, external data sources, custodians, and any other platforms that the company's business relies on. Integrations are the connections or interactions that allow data or functionality to flow between different systems or platforms. You should prepare for integrations with your existing or new systems or platforms that support your business processes, such as transactional systems, external data sources, custodians, or other platforms. You should also consider the integration methods, tools, requirements, and challenges that you will need to address during the implementation.
Beyond the preconfigured settings, evaluate whether they need advanced customizations.
Customizations are the changes or modifications that you make to Salesforce to meet your specific business needs or preferences. You should evaluate whether you need advanced customizations beyond the preconfigured settings that Financial Services Cloud provides out of the box, such as custom objects, fields, formulas, validation rules, workflows, triggers, or components. You should also consider the impact, benefits, and risks of your customizations on your data model, user interface, performance, security, or maintenance.
Review the out-of-the-box capabilities and compare them to the company's current needs.
Out-of-the-box capabilities are the features or functions that Financial Services Cloud offers without any customizations or configurations. You should review the out-of-the-box capabilities and compare them to your company's current needs and expectations. You should also identify any gaps or opportunities for improvement that you can address with configurations or customizations during the implementation.
Verified References: : Salesforce Help Article [12] : Salesforce Help Article [13] : Salesforce Help Article [14]
NEW QUESTION # 91
How should developers configure customized nodes for display in Actionable Relationship Center (ARC)?
- A. Select OmniScript from the node Actions tab U^jhow the node in an OmniScript.
- B. Select Use FlexCard from the node Display tab to show the node in a FlexCar
- C. Reference the Lightning web component in the Display properties of the custom ARC relationship graph.
- D. Reference the FlexCard in the Display properties of the custom ARC relationship graph.
Answer: D
Explanation:
Explanation
To configure customized nodes for display in Actionable Relationship Center (ARC), developers should reference the FlexCard in the Display properties of the custom ARC relationship graph. A FlexCard is a tool that allows users to create custom user interfaces for displaying data from Salesforce or external systems using OmniScripts and Integration Procedures. A custom ARC relationship graph is a metadata type that defines the nodes and edges of a custom relationship graph for ARC. By referencing the FlexCard in the Display properties of the custom ARC relationship graph, developers can customize the look and feel of the nodes and display data from various sources on them.
NEW QUESTION # 92
Lake Tahoe Bank would like to capture their commercial customers in FSC. A commercial customer can be owned by multiple groups. How can Lake Tahoe Bank SF Admin configure FSC to capture and display commercial customer and its parent company ? (3 correct answers)
- A. Enable Relationship Group Hierarchy in Custom Metadata
- B. Add the Business record type to the Group record type mapper
- C. Leverage Groups to capture the majority owner and Account hierarchy to capture minority owner
- D. Capture the majority owner as parent account using Account hierarchy
- E. Link multiple owners to the business entity as a Group
Answer: B,C,E
Explanation:
To capture and display commercial customers and their parent companies, Lake Tahoe Bank SF Admin can use the following steps:
Add the Business record type to the Group record type mapper, which is a custom metadata type that defines which record types can be added as members of a group1.
Leverage Groups to capture the majority owner of a commercial customer, which is a business entity that has a stake in another business entity1. Groups are a feature that allows users to create and manage household and business relationships1.
Use Account hierarchy to capture minority owners of a commercial customer, which are business entities that have less than 50% stake in another business entity2. Account hierarchy is a feature that allows users to see how accounts are related to each other in a parent-child relationship2.
Link multiple owners to the business entity as a Group, which allows users to see all the stakeholders of a commercial customer in one place1
NEW QUESTION # 93
The Salesforce Administrator for Lake Tahoe Bank is receiving a report that a members Financial Account Balances are not adding up to the Financial Summary field in the related Household. Which two steps should the admin take to troubleshoot the issue?
- A. Ensure the reported Household is the Primary Group for the member
- B. Ensure a RollUpByLookup batch job is scheduled to run every 15 mins.
- C. Ensure RollUpByLookup Configuration is Active
- D. Ensure the Primary Group flag in the Account record is checked.
- E. Ensure that the member is the Primary Member in that Household
Answer: A,C
Explanation:
Explanation
To troubleshoot the issue of Financial Account Balances not adding up to the Financial Summary field in the related Household, the Admin should take the following steps:
Ensure RollUpByLookup Configuration is Active, which is a custom setting that enables or disables the Rollup By Lookup (RBL) feature. RBL is a feature that allows users to aggregate data from financial accounts and display it at the client and group levels1.
Ensure the reported Household is the Primary Group for the member, which is a field on the Account object that indicates whether an account is the primary group for a contact or an individual. The primary group determines which financial summary fields are displayed on the contact or individual page2.
Verified References: 12
NEW QUESTION # 94
Which setting in Action Plans helps to avoid non working hours, company holidays, and other non working days for deadline calculation?
- A. Skip Non-Work Days for Deadlines
- B. Sync with Company Calendar
- C. Skip Non-Work Days For Tasks
- D. Skip Non-Work Days for Action Plans
Answer: D
NEW QUESTION # 95
Which three processes are part of Claims Management?
- A. Auto Adjudication
- B. Underwriting
- C. Reserve Management
- D. Quoting
- E. Payment
Answer: A,C,E
Explanation:
The following processes are part of Claims Management:
Auto Adjudication, which is a process that allows claims to be processed automatically without human intervention, based on predefined rules and criteria. Auto adjudication can improve the efficiency and accuracy of claims processing and reduce operational costs.
Reserve Management, which is a process that involves estimating and setting aside funds for future claims payments. Reserve management can help insurers manage their cash flow and solvency and comply with regulatory requirements.
Payment, which is a process that involves disbursing funds to claimants or providers after a claim has been approved. Payment can involve different methods, such as check, electronic funds transfer, or debit card. Payment can affect the customer satisfaction and retention rate of insurers.
NEW QUESTION # 96
Which three objects should a Financial Services Cloud administrator use when planning to use the Mortgage Data Model to integrate with external Loan Origination and Customer Onboarding applications to accurately track the pipeline?
- A. Account
- B. Assets & Liabilities
- C. Case
- D. Financial Account
- E. Opportunity
Answer: A,D,E
Explanation:
Explanation
The following objects should be used when planning to use the Mortgage Data Model to integrate with external Loan Origination and Customer Onboarding applications to accurately track the pipeline:
Opportunity: An Opportunity is a standard object that represents a potential sale or deal for your products or services. You can use the Opportunity object to track and manage the stages, amounts, probabilities, and expected revenue of your deals. You can also use the Opportunity object to associate products, price books, quotes, contracts, orders, or assets with your deals.
Account: An Account is a standard object that represents a person or an organization that has a business relationship with your company. You can use the Account object to store information about your customers, such as name, address, phone number, website, industry, or rating. You can also use the Account object to associate contacts, opportunities, activities, cases, or notes with your customers.
Financial Account: A Financial Account is a custom object in Financial Services Cloud that represents a financial product or service that is owned by an account holder or related to an account holder's financial goal. You can use the Financial Account object to store information about your customers' financial accounts, such as type, balance, status, or interest rate. You can also use the Financial Account object to associate financial transactions, financial account roles, or financial goals with your customers' financial accounts. Verified References: : Salesforce Help Article [6] : Salesforce Help Article [7] :
Salesforce Help Article [8]
NEW QUESTION # 97
What is included in a FSC license?
- A. Lightning Scheduler
- B. Einstein Analytics for Financial Services
- C. FSC for Community
- D. Action Plans
Answer: D
NEW QUESTION # 98
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