[Dec-2023] Salesforce Financial-Services-Cloud Dumps - Secret To Pass in First Attempt
Salesforce Financial-Services-Cloud Exam Dumps [2023] Practice Valid Exam Dumps Question
NEW QUESTION # 43
A wealth management division manages the financial assets of many wealthy clients.
Which three steps should the Financial Services Cloud consultant take to offer a high level of customization to boost user productivity?
- A. Create a new type of person account so trust group details roll down to the beneficiaries level.
- B. Create a Custom Field Set solely for the Wealth Managers without affecting the Investment Bankers.
- C. Assign the Custom Field Set to the Financial Summary component.
- D. Assign the Custom Field Set To a Lightning component.
- E. Create and assign the Cuslhm Field Set permission set to all users.
Answer: B,C,D
Explanation:
Explanation
The following steps should be taken by the consultant to offer a high level of customization to boost user productivity for the wealth management division:
Create a Custom Field Set solely for the Wealth Managers without affecting the Investment Bankers. A Custom Field Set is a construct in Financial Services Cloud that allows you to define a collection of fields that can be displayed in a Lightning component, such as the Financial Summary or the Financial Account List. You can use Custom Field Sets to customize the fields that are relevant for different user groups or business scenarios, without modifying the underlying data model or page layout. You can create a Custom Field Set by going to Setup > Object Manager > Financial Account > Field Sets and adding or removing fields according to your requirements.
Assign the Custom Field Set to the Financial Summary component. The Financial Summary component is a Lightning component that displays aggregated financial data for a selected record, such as an account, contact, or opportunity. You can use the Financial Summary component to provide a holistic view of your client's financial situation and goals. You can assign a Custom Field Set to the Financial Summary component by using the Lightning App Builder and selecting the Custom Field Set from the Component Properties panel.
Assign the Custom Field Set To a Lightning component. A Lightning component is a reusable unit of user interface that can be added to any Lightning page, such as record pages, app pages, or Home pages.
You can use Lightning components to enhance the functionality and user experience of your pages. You can assign a Custom Field Set to a Lightning component by using the Lightning App Builder and selecting the Custom Field Set from the Component Properties panel. Verified References: : Salesforce Help Article 1 : Salesforce Help Article 2 : Salesforce Help Article 3
NEW QUESTION # 44
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. Assets & Liabilities
- B. Financial Account
- C. Opportunity
- D. Account
- E. Case
Answer: B,C,D
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 # 45
Lake Tahoe Bank allows more than two owners on Financial Accounts. The Salesforce Admin wants to make sure that balances are rolled up to all joint owner's primary Households. Which 2 options does the Salesforce Admin have to accomplish this?
- A. Create custom RBL (Rollup By Lookup) rules to rollup the joint owner balances.
- B. Disable RBL (Rollup By Lookup) rules that rollup balances using joint owner on Financial Account.
- C. Enable RBL (Rollup By Lookup) rules that rollup balances using Financial Account Role for joint owners.
- D. Enable the 'Enable Rollup Summary' in custom settings
- E. Enable all RBL (Rollup By Lookup) rules to ensure the balances are rolled up to the household level.
Answer: C,D
NEW QUESTION # 46
Lake Tahoe Bank is implementing Financial Services Cloud. The bank's new business processes require that Financial Advisors can add individuals to more than one Group or Household using Multiple Relationship Groups. Where do Admins enable Multiple Relationship Groups?
- A. Object Settings
- B. Custom Settings
- C. Lightning Page Editor
- D. Profiles
Answer: B
Explanation:
To enable Multiple Relationship Groups, which is a feature that allows users to add individuals to more than one group or household, the Admin needs to use Custom Settings. Custom Settings are similar to custom objects and enable application developers to create custom sets of data, as well as create and associate custom data for an organization, profile, or specific user. The Admin can use Custom Settings to enable Multiple Relationship Groups by following these steps:
From Setup, enter Custom Settings in the Quick Find box, then select Custom Settings.
Click Manage next to Group Member Record Type Mapper.
Click Edit next to Default Organization Level Value.
In Multiple Relationship Groups Enabled, select True.
Click Save.
NEW QUESTION # 47
A financial services company has found that more than two-thirds of customer onboarding processes are manually done by client specialists, consuming large amounts of time and resulting in errors in the sales process. The company contacts a consultant to learn how to leverage Financial Services Cloud features to improve the current state.
What should the consultant consider from a customer onboarding perspective?
- A. If the company struggles with the low efficiency of tracking required documents for its customers and creating templates for checklists, Action Plan is recommended to improve the current state.
- B. If the company struggles with the low efficiency of collecting data in questionnaires and meeting compliance with the company policies. Discovery Framework can be used to improve the current state.
- C. If the company struggles with the low effi^ency of tracking required documents for its customers and creating templates for ^ checklists. Discovery Framework is recorrU^ided to improve the current state.
- D. If the company struggles with the low efficiency of collecting data in questionnaires and meeting compliance with the company policies. Action Plan can be used to improve the current state.
Answer: D
Explanation:
Explanation
The consultant should consider the following from a customer onboarding perspective:
If the company struggles with the low efficiency of collecting data in questionnaires and meeting compliance with the company policies, Action Plan can be used to improve the current state. Action Plan is a feature in Financial Services Cloud that allows you to automate and standardize common business processes or service requests, such as customer onboarding, account opening, or loan application. You can use Action Plan to create templates that define the tasks, owners, and deadlines for each process or request. You can also use Action Plan to create instances of templates that apply to specific target records, such as accounts, contacts, or opportunities. Action Plan can help you collect data in questionnaires and ensure compliance with company policies by providing step-by-step guidance and validation rules for each task. Verified References: : Salesforce Help Article [4] : Salesforce Help Article [5]
NEW QUESTION # 48
Universal Containers uses a custom field on the account object to capture the account credit status. The sales team wants to display the account credit status on opportunities.
Which feature should a system administrator use to meet the requirements?
- A. Roll-up summary field
- B. Cross-object formula field
- C. Look-up Field
- D. Workflow field update
Answer: B
NEW QUESTION # 49
What feature does a Salesforce Administrator need to enable so users can see all the referrals for the members of a group?
- A. Referrals Rollups
- B. Group Member Referrals
- C. Referral Group Process Builder
- D. Referral Scoring
Answer: A
NEW QUESTION # 50
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 that the member is the Primary Member in that Household
- B. Ensure the reported Household is the Primary Group for the member
- C. Ensure the Primary Group flag in the Account record is checked.
- D. Ensure a RollUpByLookup batch job is scheduled to run every 15 mins.
- E. Ensure RollUpByLookup Configuration is Active
Answer: B,E
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 # 51
Which three processes are part of Claims Management?
- A. Reserve Management
- B. Auto Adjudication
- C. Quoting
- D. Underwriting
- E. Payment
Answer: A,B,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 # 52
Lake Tahoe Bank SF admin is planning to migrate date into the new FSC org. The admin can control whether Rollup by Lookup (RBL) rules or record rollups are queried and calculated. Before initiating data insert or update operations, the admin wants to disable rollups to speed up data loading. Where in SF would the admin disabled rollups to accelerated loads? (1 correct answer)
- A. Object Settings
- B. Custom Settings
- C. Company Settings
- D. App Manager
Answer: B
NEW QUESTION # 53
What is included in an FSC license?
- A. Lightning Scheduler
- B. Action Plans
- C. FSC for Community
- D. Einstein Analytics for Financial Services
Answer: B
NEW QUESTION # 54
Universal Container wants to ensure that users complete the standard industry field when creating a new account record. To address the concern the administrator set the Industry field as required. However, some users are still able to create a new account record without completing the Industry Field.
What should an administrator do to troubleshoot the issues? (2 answers)
- A. Verify the users have the "Edit" permission for accounts on their profiles
- B. Verify the users have the "Modify all data" permission for account on their profiles
- C. Verify the industry field is set as required on all the account page layouts assigned to the users
- D. Verify the field-level security for the industry field is not set to "Read Only" on the user profiles.
Answer: C,D
NEW QUESTION # 55
Cumulus Cloud Bank is asking the consultant to explain some tools available to integrate Salesforce into several of its back-end/core systems.
Which three capabilities should a consultant recommend?
- A. Data Consumption Framework
- B. OmniStudio Integration Procedures
- C. Industry Integration Solutions with the MuleSoft Anypoint Platform
- D. Data Processing Engine
- E. OmniStudio DataRaptors
Answer: B,C,E
Explanation:
Explanation
Salesforce offers various tools and capabilities to integrate Financial Services Cloud with external systems, such as core banking, insurance, or mortgage platforms. Some of the tools and capabilities that a consultant can recommend are:
Industry Integration Solutions with the MuleSoft Anypoint Platform: These are prebuilt integration solutions that leverage the MuleSoft Anypoint Platform to connect Financial Services Cloud with common industry systems, such as Fiserv, FIS, Jack Henry, and Guidewire1. These solutions enable bi-directional data synchronization, orchestration, and transformation between Salesforce and the external systems2.
OmniStudio Integration Procedures: These are reusable components that define the logic and sequence of steps for integrating data from external sources into Financial Services Cloud3. Integration procedures can be triggered by events, such as a button click or a record update, and can invoke other components, such as DataRaptors or OmniScripts4.
OmniStudio DataRaptors: These are data transformation components that can extract, load, and manipulate data from various sources, such as Salesforce objects, REST or SOAP web services, or CSV files5. DataRaptors can be used to map data between different formats, perform calculations or validations, or create or update records in Financial Services Cloud6.
References:
Industry Integration Solutions
MuleSoft Anypoint Platform
OmniStudio Integration Procedures
Create an Integration Procedure
OmniStudio DataRaptors
Create a DataRaptor
NEW QUESTION # 56
A feature that captures, refers, routes, and prioritizes customer needs across business lines
- A. Expressed Interest
- B. Opportunity
- C. Referrals
- D. Report
Answer: C
NEW QUESTION # 57
A system administrator at universal containers created a new account record type. However, sales users are unable to select record type when creating new account records.
What is a possible reason for this? (2 answers)
- A. The record type has not been added to the sales user profile
- B. The record type has not been activated.
- C. The record type has not been set as the default record type
- D. The record type does not have an assigned page layout
Answer: A,B
NEW QUESTION # 58
Financial Services Cloud (FSC) contains a number of custom objects to model a client's financial information, and each object can be configured to appear as tabs in your org. For example, if a consultant wanted to create a financial goal for a customer, they could use the Financial Goal object in FSC.
What are three objects in FSC?
- A. Financial Holding
- B. Revenue
- C. Financial Goal
- D. Inheritance
- E. Billing
Answer: A,B,C
Explanation:
Explanation
Financial Services Cloud contains a number of custom objects to model a client's financial information, and each object can be configured to appear as tabs in your org. Some of the custom objects are:
Financial Goal: An object that represents a client's financial objective, such as saving for retirement, buying a house, or paying off debt. A financial goal has fields to store information, such as name, amount, target date, priority, and status.
Financial Holding: An object that represents a holding in an investment account, such as a security, a mutual fund, or a bond. A financial holding has fields to store information, such as symbol, shares, price, gain/loss, and market value.
Revenue: An object that represents revenue generated from a client's financial accounts, such as an increase in stock value, a dividend payment, or an interest income. A revenue has fields to store information, such as type, amount, date, and source.
References:
Financial Services Cloud Associated Objects
Learn About the Financial Services Cloud Data Model
NEW QUESTION # 59
Which of the following would be considered a Junction Object in Salesforce?
- A. Two standard objects that have lookup relationship with each other
- B. A many-to-many relationship created with two master-detail relationship
- C. A custom object that contains a lookup field to a standard object
- D. A many-to-many relationship created with two lookup relationships
Answer: B
NEW QUESTION # 60
What permission is set in a user's profile? (3 answers)
- A. Object Permissions
- B. Run Reports
- C. Marketing user
- D. Active
- E. Mass email
Answer: A,B,E
NEW QUESTION # 61
What feature does a Salesforce Administrator need to enable so users can see all the referrals for the members of a group?
- A. Referrals Rollups
- B. Group Member Referrals
- C. Referral Group Process Builder
- D. Referral Scoring
Answer: A
Explanation:
Explanation
Referrals Rollups is a feature that enables users to see all the referrals for the members of a group, such as a branch or a team. It also allows users to filter referrals by status, priority, or owner.
NEW QUESTION # 62
What benefits do Flows for FSC offer to support customer onboarding?
- A. Flows provide step-by-step guidance for common service requests, such as change of address, or change of beneficiary without the need to navigate to different screens.
- B. Flows enable customers to schedule appointments via customer communities, mobile apps, or websites.
- C. Flows systematically capture and visualize important customer Life Events to drive more personalized and need-based engagements.
- D. Flows enable customers to book appointments with the right specialist at the right time and place through self-service scheduling
- E. Flows enable customers to schedule appointment via customer communities, mobile apps, or websites.
Answer: A
NEW QUESTION # 63
Which two limitations should a Salesforce Administrator consider before enabling Person Accounts?
- A. Person Accounts cannot be disabled once they were enabled
- B. Person Accounts can be enabled and disabled only by contacting Salesforce Support
- C. Creating a client record via Salesforce Inbox is not supported.
- D. AppExchange packages will not work if Person Accounts are enabled
Answer: A,C
Explanation:
Explanation
The following limitations should be considered before enabling Person Accounts in Financial Services Cloud:
Person Accounts cannot be disabled once they were enabled. Enabling Person Accounts is an irreversible action that affects your data model and user interface. You should carefully evaluate your business needs and test the functionality in a sandbox or developer org before enabling it in production.
Creating a client record via Salesforce Inbox is not supported. Salesforce Inbox is a feature that allows you to access Salesforce data and actions from your email application. However, you cannot use Salesforce Inbox to create a client record as a Person Account. You can only create a client record as an Individual Model record using Salesforce Inbox. Verified References: : Salesforce Help Article 4 :
Salesforce Help Article 5
NEW QUESTION # 64
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Salesforce Financial Services Cloud is a comprehensive platform designed specifically for financial service providers. It enables users to manage their clients, accounts, and financial products all in one place. The FSC Accredited Professional certification exam is designed to test your knowledge of this platform's features and capabilities. You will be tested on topics such as managing client relationships, financial products and services, and regulatory compliance. You will also be tested on your ability to configure, customize, and integrate the Financial Services Cloud platform to meet specific business needs.
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