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Salesforce Financial-Services-Cloud Exam Sample Questions


Question # 1

Lake Tahoe Bank is rolling out Financial Services Cloud and the VP of IT is concerned about the cost of the licenses. The System Admin recommends using restricted licenses for users that need only limited access to Financial Service Cloud features. Which Financial Services Cloud permission set license enables user access to a license with contractual restrictions for Financial Services Cloud and can be used to grant restricted access to users like Bank Tellers?
A. Financial Services Cloud Standard
B. Client Segmentation
C. Financial Service Cloud Basic
D. Financial Service Cloud Extension


C. Financial Service Cloud Basic
Explanation:

To grant restricted access to users like Bank Tellers who need only limited access to Financial Services Cloud features, the Admin can use Financial Service Cloud Basic permission set license. This license enables user access to a license with contractual restrictions for Financial Services Cloud and provides access to core objects such as accounts, contacts, leads, opportunities, cases, activities, reports, dashboards, and custom objects. This license also provides access to some Financial Services Cloud features such as Action Plans, Actionable Relationship Center (ARC), Branch Management, Complaint Management, Data Consumption Framework (DCF), Discovery Framework (DF), Document Generation (DG), Groups (Householding), Intelligent Document Automation (IDA), Intelligent Need-Based Referrals and Scoring (INRS), Referral Management (RM), Relationship Builder (RB), Relationship Groups (RG), Relationship Map (RM), Timeline (TL).





Question # 2

Which three record type options should an advisor configure for a Lead object configuration?
A. Referral
B. Opportunity
C. General
D. Adjustments
E. Retirement Planning


A. Referral
C. General
E. Retirement Planning
Explanation:

Reference: [Reference: Financial Services Cloud - Account and Contact Record Types | Salesforce Help, Explanation: Record types are a way to categorize records in Salesforce based on different business processes or requirements. Record types can have different page layouts, picklist values, and business logic. For the Lead object, a financial services company can create different record types to capture different types of leads based on their source, interest, or qualification. Some examples of record types for the Lead object are:, Referral: This record type can be used to capture leads that are referred by existing clients or partners. Referral leads can have fields such as Referrer Name, Referrer Account, and Referral Type to track the source and nature of the referral., General: This record type can be used to capture leads that are generated from general marketing campaigns or events. General leads can have fields such as Campaign Name, Campaign Source, and Lead Score to track the effectiveness and potential of the marketing efforts., Retirement Planning: This record type can be used to capture leads that are interested in retirement planning services or products. Retirement planning leads can have fields such as Retirement Age, Retirement Goal, and Current Savings to assess the needs and suitability of the leads., , , ]





Question # 3

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. Configure your Person Account record types m the Indrvidual Record Type Mapper.
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. Log a case with Salesforce to perform the conversion from the indrvkJual Model to Person Accounts.


A. Ensure Person Accounts is enabled on the org
B. Configure your Person Account record types m the Indrvidual Record Type Mapper.
D. Use a CSV field to map PersonRecordTypeld to the Person Account RecoroTypeld and use Data Loader to update Client Records
Explanation:

The following steps are required to migrate customer records from the Individual Model to Person Accounts in Financial Services Cloud:

Ensure Person Accounts is enabled on the org. You need to have Person Accounts enabled before you can convert Individual Model records to Person Accounts. You can enable Person Accounts by contacting Salesforce Support or by using the Enable Person Accounts option in Setup > Account Settings.

Configure your Person Account record types in the Individual Record Type Mapper. You need to map your existing Individual Model record types to the corresponding Person Account record types. You can do this by using the Individual Record Type Mapper option in Setup > Financial Services Settings.

Use a CSV file to map PersonRecordTypeId to the Person Account RecordTypeId and use Data Loader to update Client Records. You need to update the Client records with the correct PersonRecordTypeId value that matches the Person Account RecordTypeId value. You can do this by using a CSV file and Data Loader to perform a bulk update operation. Verified References: : Salesforce Help Article 1 : Salesforce Help Article 2 : Salesforce Help Article 3





Question # 4

Cumulus Bank's mortgage department is currently using spreadsheets to gather client data for mortgage applications. The bank is interested in improving the efficiency of this process. Which two features should a consultant suggest to Cumulus Bank to implement?
A. The standard mortgage flow templates to build a mortgage flow in Financial Services Cloud
B. Flow Builder to automate these business processes
C. A Mortgage Application’ custom object to hold the collected client data
D. Data Import Wizard to upload the data collected in spreadsheets


A. The standard mortgage flow templates to build a mortgage flow in Financial Services Cloud
B. Flow Builder to automate these business processes
Explanation:

Salesforce provides features and tools to help financial institutions improve the efficiency of their mortgage processes and provide better experiences for their customers. Some of the features and tools that a consultant can suggest to Cumulus Bank to implement are:

The standard mortgage flow templates to build a mortgage flow in Financial Services Cloud: These are prebuilt flow templates that guide users through the steps of creating a mortgage application, capturing borrower information, and submitting the application for approval7. The templates can be customized to suit the bank’s specific needs and requirements8.

Flow Builder to automate these business processes: Flow Builder is a point-and-click tool that lets users create flows to automate business processes in Salesforce9. Flow Builder can be used to create custom mortgage flows that integrate with other Salesforce features, such as data models, objects, fields, validation rules, and actions10.

References:

Flow Builder for Mortgage
Customize Mortgage Flows
Flow Builder
Create a Mortgage Flow




Question # 5

A consultant advising Cumulus Bank wants to ensure that the bank is compliant with Identity Verification Regulations when customers contact the bank. Which two features should a consultant leverage to design this business process?
A. Omni Studio
B. Process Builder
C. Discovery Framework
D. Screen Flows


B. Process Builder
D. Screen Flows
Explanation:

Process Builder and Screen Flows are two features that can be used to design a business process for identity verification. Process Builder is a tool that allows you to automate business processes by creating workflows that trigger actions based on certain criteria. Screen Flows are a type of flow that guide users through a series of screens to collect and update data. You can use Process Builder to launch a Screen Flow when a customer contacts the bank, and use the Screen Flow to capture and verify the customer’s identity information. References: [Process Automation], [Screen Flows]



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