Free Salesforce Financial-Services-Cloud Study Guides Exam Questions and Answer
Financial-Services-Cloud Exam Dumps, Financial-Services-Cloud Practice Test Questions
NEW QUESTION # 27
What must an administrator do when creating a record type?
- A. Add the record type to the required user records
- B. Set the field-level security for the record type
- C. Create a new page layout for the record type
- D. Assign the record type to the appropriate profiles
Answer: D
NEW QUESTION # 28
Which of these statements are true for Rollups in Financial Services Cloud
- A. Activities can not be rolled up on the activity timeline at group/household level.
- B. Rollups are done at both the client and group levels
- C. Choice 4
- D. All financial accounts information, such as account balances are calculated and summarized at the Financial Account Summary level
Answer: D
NEW QUESTION # 29
The SF admin wants to make it easier or call center agents to complete some common tasks by setting up Lightning Flows (3 correct answers)
- A. You can clone LF Templates and then customize according to your needs
- B. To run LF, the user needs a LF permission set license
- C. LF are available in multiple languages
- D. To use FSC LF, you'll need the FS Managed Package installed in the org
Answer: A,B,D
NEW QUESTION # 30
Scott Adams calls his Personal Banker Hank Burton to apply for a loan to buy a boat. Hanks wants to refer Scott to the loan department, but the current process is manual and time-consuming. Hank is asking the bank's System Administrator to automate Referral creation in Salesforce. How can the Admin speed up and simplify Referral creation?
- A. Write a trigger to create Referrals from a 'Create Referral* button.
- B. Use the Case process and create Cases with Case Type 'Referrar'.
- C. Use Global Action lo create Referrals.
- D. Use
Answer: C
NEW QUESTION # 31
The Salesforce Admin at Lake Tahoe Wealth Management Company wants to ensure that the advisors at his firm can quickly see the most important client data in the Actionable Relationship Center (ARC). What must the Admin configure for each object to display the most important fields on the side panel of ARC?
- A. Field Sets
- B. Page Layout
- C. Compact Layout
- D. Search Layout
- E. Lightning Record Pages
Answer: C
Explanation:
To display the most important fields on the side panel of ARC, the Admin must configure the Compact Layout for each object. The Compact Layout is a layout that determines which fields appear in key places in Salesforce such as record highlights areas, list views, lookup dialogs, and global search results. The Admin can use the Compact Layout to select up to 10 fields that are most relevant for each object and display them on the side panel of ARC
NEW QUESTION # 32
Which three insurance processes are managed by the Policy Administration component?
- A. Payments
- B. Commissions
- C. Endorsements
- D. Approvals
- E. Underwriting
Answer: A,C,D
Explanation:
The following insurance processes are managed by the Policy Administration component:
Payments: Payments are the amounts that a policyholder pays to an insurance company for a policy or a claim. You can use the Policy Administration component to manage the payment schedules, methods, and statuses for your policies and claims. You can also use the Policy Administration component to integrate with external payment systems and track the payment transactions and balances for your policies and claims.
Approvals: Approvals are the processes that an insurance company follows to review and authorize a policy or a claim. You can use the Policy Administration component to configure and automate the approval workflows, rules, and criteria for your policies and claims. You can also use the Policy Administration component to assign approvers, send notifications, and monitor the approval statuses and histories for your policies and claims.
Endorsements: Endorsements are the changes or modifications that a policyholder requests or an insurance company makes to a policy. You can use the Policy Administration component to manage the endorsement requests, types, and statuses for your policies. You can also use the Policy Administration component to update the policy details, coverages, premiums, or terms based on the endorsements for your policies. Verified Reference: : Salesforce Help Article [9] : Salesforce Help Article [10] : Salesforce Help Article [11]
NEW QUESTION # 33
What setting is controlled by a user's profile? (3 answers)
- A. Feature license assignment
- B. Field level security
- C. Locale settings
- D. Assigned apps
- E. Record type assignment
Answer: B,D,E
NEW QUESTION # 34
Which two statements are true about Group Membership in Financial Services Cloud?
- A. Group Membership is modeled using the Account-Group Relationship object.
- B. With Group Membership settings you can define who is the primary and who is the secondary member within the Group.
- C. Group Membership defines the role of the member within the Group.
- D. With Group Membership settings you can define if a Group is the member's primary Group.
Answer: C,D
NEW QUESTION # 35
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 effi^ency of tracking required documents for its customers and creating templates for ^ checklists. Discovery Framework is recorrU^ided to improve the current state.
- B. 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.
- C. 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.
- 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 # 36
During a project's design phase, a consultant must provide a Financial Services Cloud solution that can support Compliant Data Sharing (CDS). What are three things the consultant should consider regarding CDS?
- A. A financial services company wants to track different categories of financial accounts in its org.
Relationship managers must be able to see all of these financial accounts in one place on the customer's Account record page grouped by categories. Which three steps should an administrator take to configure the Financial Account object and the Account Lightning record page to meet the design? - B. In a standard Salesforce org, Role Hierarchy for Account and Opportunity objects is enabled by default and can't be turned off.
- C. Compliance managers and Salesforce administrators can enable CDS for Account and Opportunity objects.
- D. Participant Roles provide another way to grant data access without overwriting sharing behavior from existing sharing features.
- E. Role Hierarchy-based sharing is disabled by default in CDS.
Answer: C,D,E
NEW QUESTION # 37
If a client is associated with more than one Household or Group, where will this client's records get rolled up to?
- A. To all the parent households and groups
- B. To the Household where the client is the primary member.
- C. To the household selected by the advisor for record rollups.
- D. To the household with the client's primary address.
Answer: B
NEW QUESTION # 38
Which three referral metrics are tracked with custom components included in Financial Services Cloud?
- A. Expressed interests
- B. Web to Lead Referrals
- C. My Approved Referrals
- D. Referrals Assigned to me
- E. My Top Referrers
Answer: A,D,E
NEW QUESTION # 39
What capability included in the Financial Services Cloud license can assist bankers in focusing on the most promising referrals?
- A. Intelligent Need-Based Referrals and Scoring
- B. Einstein Referral Scoring for Financial Services Cloud
- C. Referral Routing Rules
- D. Referral Approval Processes
Answer: A
NEW QUESTION # 40
What is a key step in identifying different business processes and outlining encompassing system flows based on the existing environment when setting up Salesforce Financial Services Cloud (FSC)?
- A. Conducting a gap analysis between the customer's current processes and Salesforce FSC capabilities
- B. Importing the customer's existing data into Salesforce FSC without any modifications
- C. Creating a new Salesforce instance from scratch for the customer
- D. Implementing a generic, one-size-fits-all solution for all customers
Answer: A
Explanation:
Explanation
A gap analysis is a key step in identifying different business processes and outlining encompassing system flows based on the existing environment when setting up Salesforce Financial Services Cloud (FSC). A gap analysis is a method of comparing the current state of a system or process with the desired future state and identifying the gaps or differences between them. By conducting a gap analysis, a consultant can understand the customer's pain points, requirements, and expectations and design a solution that leverages the best practices and features of Salesforce FSC.
References:
Gap Analysis
Salesforce Financial Services Cloud Implementation Guide
NEW QUESTION # 41
A system administrator at Universal Containers needs to transfer records from one user to another.
What object can be transferred using the mass transfer tool? (2 answers)
- A. Quotas
- B. Leads
- C. Accounts
- D. Campaigns
Answer: B,C
NEW QUESTION # 42
Universal Containers has two business groups, products and services. Both groups will be using to track deals, but different fields are required by each group.
How should a system administrator meet this requirement? (2 answers)
- A. Create two page layouts
- B. Create two permission sets
- C. Create two sales processes.
- D. Create two record types
Answer: A,D
NEW QUESTION # 43
Which dashboard component can display data from the summary rows of reports? (2 answers)
- A. Metric
- B. Table
- C. Chart
- D. Gauge
Answer: B,C
NEW QUESTION # 44
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