Financial-Services-Cloud Exam Dumps - Salesforce Financial Services Cloud (FSC) Accredited Professional (AP) Exam (SU24)

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]

If a client is associated with more than one Household or Group, their records will get rolled up to the household selected by the advisor for record rollups. A Household or Group is a construct in Financial Services Cloud that allows you to group related accounts together and view their aggregated financial data and activities. A client can belong to multiple Households or Groups, but only one of them can be selected as their primary Group for record rollups. The primary Group determines which Household or Group will display the client’s records in its summary components or related lists. The advisor can select or change the primary Group for a client using the Primary Group field on the client’s record page. Verified References: : Salesforce Help Article 6

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.

Consent Management for Financial Services Cloud is a feature that helps financial institutions honor and respect their customers’ wishes when they request only specific forms of contact from their company or opt-out of certain types of data-sharing. This feature helps institutions comply with the data protection and privacy regulations that apply to their company11. A consultant can suggest the following actions to implement Consent Management for Financial Services Cloud:

• Set up tracking and storage of certain data privacy preferences: This involves creating data privacy records for customers who have opted out of certain types of communication or data-sharing, and selecting the appropriate options in the record to indicate their preferences12.
• Use the Consent API: This is an API that lets users query, create, update, or delete consent records for customers who have given or withdrawn their consent for certain types of communication or data-sharing.
• Protect your Salesforce organization: This involves setting up organization-wide sharing settings, encryption, field-level security, and other measures to ensure that only authorized users can access or modify customer data according to their consent preferences.

References:

• Consent Management for Financial Services Cloud
• Set Up Tracking and Storage of Certain Data Privacy Preferences
• [Use the Consent API]
• [Protect Your Salesforce Organization]

To enable advisors to capture Once-in-a-Lifetime events and prevent users from accidentally creating more than one event of such an event type, the consultant should configure Unique event types. Unique event types are event types that can only be created once for each contact or individual, such as birth, death, or marriage. By using Unique event types, the consultant can ensure that advisors can capture important life events for their customers and avoid duplication or inconsistency. 

To create a relationship between Rachel and her attorney before assigning the reciprocal role of “Attorney”, the Wealth Advisor should create a Contact-Contact Relationship between the primary member of the Adams Household and the attorney. A Contact-Contact Relationship is a junction object that links two contacts or individuals and defines their relationship with each other2. By using Contact-Contact Relationship, the Wealth Advisor can capture Rachel’s extended network of relationships with people outside of her household. Verified References: 2

Enable Compliant Data Sharing for Interaction Summaries, Use Interaction Summary Participants to provide the right access to individuals or groups, and Disable Role-Hierarchy-Based Sharing for Interaction Summaries.