Salesforce Financial Services Cloud Salesforce Financial Services Cloud (FSC) Accredited Professional (AP) Exam Practice Test

Answer : B, D

Interest Tags are a feature of Financial Services Cloud that let users add custom tags to client records to capture client needs, interests, and prospecting opportunities. Some of the things to consider when configuring a report to show Interest Tags are:

When the user defines the custom report type, Topics should be selected as the Primary Object.Topics is the standard Salesforce object that stores the Interest Tags data4. The user can then add other objects as secondary objects, such as Accounts, Contacts, or Opportunities.

To show Interest Tags applied to specific objects, the user can add a filter in the report and select the object name.For example, to show only Interest Tags related to Accounts, the user can add a filter for Entity Type equals Account5.

Interest Tags

Build an Interest Tags Report

Answer : A, B

The Access Interest Tags for Financial Services Cloud permission is included in two permission sets that are provided by FSC:

FSC Foundations permission set: This permission set grants access to the core features of FSC, such as financial accounts, account groups, households, goals, referrals, and interest tags7.

FSC Extension permission set: This permission set grants access to additional features of FSC that extend beyond the core functionality, such as action plans, relationship groups, relationship maps, client tasks, client notes, and interest tags8.

To create a new FSC permission set that includes the Access Interest Tags for Financial Services Cloud permission, either of these permission sets can be cloned and modified as needed.

FSC Foundations Permission Set

FSC Extension Permission Set

Answer : A

The order of uploading Salesforce objects during an FSC data migration is important to ensure data integrity and avoid errors. The recommended order is:

Accounts and contacts: These are the core objects that store the basic information about the customers and their relationships.They should be uploaded first to establish the foundation for the FSC data model4.

Financial accounts: These are the custom objects that store the financial information about the customers, such as balances, interest rates, fees, and transactions.They should be uploaded after the accounts and contacts, and linked to them using lookup fields5.

Account groups and households: These are the custom objects that group the accounts and contacts based on common attributes or relationships, such as family members or business partners.They should be uploaded after the financial accounts, and linked to them using junction objects6.

Financial Services Cloud Data Model

Data Migration Best Practices

Accounts and Contacts

Financial Accounts

Account Groups and Households

Answer : B, C, D

The Financial Services Cloud (FSC) packages and the Lightning Flow for FSC package provide preassembled flows that can be utilized to automate common financial services processes. The types of preassembled flows are:

Retail Banking flows: These flows enable retail banking customers to perform various self-service tasks, such as activating or closing a card, ordering checks, updating communication preferences, disputing transactions, and more1.

Insurance flow: This flow allows insurance customers to initiate the first notification of loss (FNOL) for an insurance policy2.

Mortgage flow: This flow helps mortgage customers to capture their financial information, such as assets, liabilities, income, and expenses, as part of the financial discovery process3.

Financial Services Cloud Flows

Lightning Flow for Financial Services

Retail Banking Flows

Insurance Flow

Mortgage Flow

Answer : A, D

To integrate with an external system, Salesforce needs to have objects and fields that can store the data that will be sent from the external system via an API. These objects and fields should match the data structure and format of the external system as much as possible. Additionally, Salesforce needs to have an integration user and an integration profile that can enable the connection between Salesforce and the external system. The integration user is a dedicated user account that has access to the API and can perform data operations on behalf of other users. The integration profile is a custom profile that defines the permissions and settings for the integration user.

Answer : A, C, D

Compliant Data Sharing (CDS) is a feature of Financial Services Cloud that allows granular control over access to sensitive data in Account and Opportunity objects. CDS can help financial services companies comply with regulations and policies that restrict data visibility based on user roles. Some considerations regarding CDS are:

Participant Roles provide another way to grant data access without overwriting sharing behavior from existing sharing features. Participant Roles are custom objects that define the possible roles for users who need access to Account or Opportunity records. For example, a Participant Role can be Advisor, Client, Specialist, or Decision Maker. Each Participant Role has an associated access level that determines what data fields the user can view or edit. For example, an Advisor can have full access to all fields, while a Client can have read-only access to some fields.

Compliance managers and Salesforce administrators can enable CDS for Account and Opportunity objects. CDS is not enabled by default in Financial Services Cloud. To enable CDS, compliance managers or administrators need to create an integration definition record for each object that they want to enable CDS for. An integration definition record specifies the object name, the field name that contains sensitive data (such as Notes), the field name that contains the record owner (such as OwnerId), and the field name that contains the record type (such as RecordTypeId).

Role Hierarchy---based sharing is disabled by default in CDS. Role Hierarchy is a feature of Salesforce that allows users to inherit access to records from their managers or peers in the role hierarchy. For example, if a user has access to an Account record, their manager also has access to that record by default. However, in CDS, role hierarchy---based sharing is disabled by default for Account and Opportunity objects. This means that users do not inherit access to records from their role hierarchy unless they are explicitly granted access through Participant Roles or other sharing features.

Answer : A, B, E

Unify and improve team collaboration by sharing and managing customer leads and referrals across multiple lines of business at the bank to drive customers' financial needs and deepen client relationships; Deliver connected and personalized digital experiences to the bank's customers thanks to a 360-degree view of its customer data consolidating multiple customer databases and sources from diverse channels at the bank; Modernize client-advisor experiences from engagement to relationship management to effectively drive long-term, trusted relationships.

Financial Services Cloud is a platform that enables banks to deliver seamless and personalized customer experiences across multiple channels and devices. Financial Services Cloud can help banks achieve the following outcomes:

Unify and improve team collaboration by sharing and managing customer leads and referrals across multiple lines of business at the bank to drive customers' financial needs and deepen client relationships. Financial Services Cloud provides tools such as Lead Conversion, Referral Management, Relationship Groups, and Compliant Data Sharing to facilitate cross-team collaboration and coordination.

Deliver connected and personalized digital experiences to the bank's customers thanks to a 360-degree view of its customer data consolidating multiple customer databases and sources from diverse channels at the bank. Financial Services Cloud provides a unified data model that integrates customer data from various sources, such as core banking systems, online banking portals, mobile apps, social media, and third-party providers. Financial Services Cloud also provides features such as Customer Profile, Actionable Relationship Center, Interaction Summaries, and Einstein Analytics to provide a comprehensive and holistic view of the customer's financial situation, needs, preferences, and interactions.

Modernize client-advisor experiences from engagement to relationship management to effectively drive long-term, trusted relationships. Financial Services Cloud provides features such as Client Onboarding, Action Plans, Goals-Based Planning, Financial Accounts, Financial Deals, Next Best Action, and Einstein Bots to enable advisors to deliver proactive and personalized advice, recommendations, and solutions to their clients.