Salesforce Debuts Shield for Financial Services Cloud, Aids with Compliance
With new federal regulations looming over their industry, financial services businesses in the U.S. must ensure they track and record a wide variety of activities. That's why Salesforce this week unveiled a new offering designed to help such businesses verify regulatory compliance: Shield for Financial Services Cloud.
Shield adds new regulatory management tools to the company's Financial Services Cloud, which launched in the spring. That launch was part of Salesforce's latest push to offer new services for specific industry verticals beyond its existing, general purpose customer relationship management software.
Like Financial Services Cloud, Shield is delivered with the support of a number of Salesforce partners, including Deloitte. Shield introduces new capabilities for tracking due diligence requirements, understanding services provided to individual customers and monitoring who in an organization has access to different types of protected customer data.
Streamlining Compliance 'Opens Doors' to Innovation
"Almost all the information collected by financial services firms is regulated, potentially sensitive, or private," Salesforce noted in a new whitepaper about Shield. "Therefore, financial services must be assured they can use cloud computing services in a manner that meets the evolving demands of information security at all levels: infrastructure, network and application."
In addition to helping monitor their adherence to government regulations, Shield will enable financial services companies to streamline their compliance and governance initiatives, the Salesforce paper added. That will help "open new doors to innovate at scale in the cloud," according to the company.
Salesforce said Shield will enable businesses to more easily meet new requirements such as the U.S. Department of Labor's Fiduciary Rule, introduced earlier this year. Set to take effect next April, the new requirements are designed to ensure that brokers and other financial advisors put their clients' best interests ahead of their own when giving advice.
"To comply with the DOL regulation, the financial industry will need to implement substantial changes in how they interact with clients," said Sean Cunniff, specialist leader with Deloitte, in a Salesforce statement. "Salesforce's solution will help financial services firms accelerate readiness for complying with the rule, while providing personalized advice, encouraging collaboration, and increasing advisor efficiency, all in a scalable and documented manner."
'360-Degree View' of Customer Activities
By boosting its existing Financial Services Cloud with Shield, Salesforce said companies will be able to gain 360-degree views of client investments and data, access instant snapshots of activities for due diligence reviews, ensure properly documented and protected communications and provide accurate recordings of histories for auditors.
Salesforce's whitepaper on Shield offered several examples of how the cloud-based tool can be used to help banks meet security and other requirements. For example, it enables permission-based restrictions on access to cardholder data, encrypts card data that's stored in PDF or image-based financial documents, and audits for changes to key pieces of information such as names and supports encryption of mortgage documents and other types of important files.
Already being used by a number of leading banks in the U.S., Salesforce Shield has "let customers bring more sensitive data into Salesforce and connect with their customers in a whole new way," Salesforce senior cloud specialist John Haugen noted recently in a post on LinkedIn.
Available now, Shield is priced according to a percentage of a user's total spending on Salesforce products, while Financial Services Cloud is priced starting at $150 per user per month.
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