Franklin Tsung, Fintech Growth Strategist
In today’s rapidly growing wealth management world, businesses need highly customized solutions that provide flexibility in connecting every office data to an integrated point. These businesses need modernized data architectures to ingest and consume a variety of structured and unstructured data and logically connect external data with internal CRM. Fulfilling this need is New York-based AppCrown, a privately held company that is transforming the way wealth management businesses set up their CRM integrations with turnkey 24-hour integrations with critical third-party software systems. The company delivers managed turnkey automated integrations into any financial cloud-based CRM. “Our multi-custodian integration solution aggregates custodian data into Salesforce Financial Services Cloud (FSC), providing tremendous value for clients in the wealth management and banking sector,” mentions Franklin Tsung, Fintech Growth Strategist for AppCrown. The company is not only one of the first integration partners for Salesforce’s wealth management strategy but also the first provider for multi-custodial integrations into Salesforce Sales Cloud.
The latest trend in today’s wealth management space is the amalgamation of brokerage and banking units with the use of modern technology. “We see a need to have data in terms of every office division—back, middle, and front office to come together into a single integrated point. This need arises due to the growing competition related to intelligent data analytics among the big names in the wealth management space, such as JP Morgan, Bank of America, and Citi,” says Tsung. However, most firms face difficulties in saving back-office custody clearing data into the CRM, in addition to connecting the systems for commission and payout to advisors, the planning software, and the different myriads of third-party vendors involved in running the business. Integrating all these systems and data into Salesforce CRM in an easy fashion, AppCrown helps clients’ management teams with analytic data about advisors, functional cross-selling, and activities that add to the business growth.
Founded in 2007, AppCrown provides Industry Data into Industry CRM via the firm’s managed integration network for enterprise software, particularly Salesforce Financial Services Cloud, within 24 hours to any new wealth management, brokerage, insurance or bank.
Our multi-custodian integration solutions aggregate custodian data into Salesforce Financial Services Cloud (FSC), providing tremendous value for clients in the wealth management and banking sector
“While most of our competitors require 6-12 months to accomplish the entire integration process, we create client and firm analytics from the combined integration of custodian and industry applications of various vendors, from Fidelity (NFS & IWS), Pershing (PAS & CLEARING) to TD Ameritrade, and planning software companies like Envestnet and Emoney,” highlights Tsung.
AppCrown aids most firms and banks to save millions of dollars in integrations and utilize that amount in the field of data, application of latest technologies like artificial intelligence, data mining, and data science for innovated wealth management. For Salesforce Financial Services Cloud customers, getting critical back office and vendor software data, natively, into the CRM can help realize the true potential of Einstein analytics.
The company assists major names in the wealth management sector, including Key Bank, Bank of the West, and Bank of Oklahoma, among others. In the case of Bank of the West, the fifth-largest bank in California, AppCrown integrated Industry Data into Salesforce within 24 hours, including held away annuity systems to transform the annuity business. The bank needed to integrate wealth management information with retail in a very intelligent manner because of cybersecurity laws. It was getting difficult for the wealth manager to be fully integrated with retail. After utilizing AppCrown, Bank of the West has become more competitive in the market as it can potentially offer better services to customers visiting its retail branches. “This data integration and transparency help the bank optimize its operations and combine retail and wealth management together into one business banking strategy combining wealth and retail,” states Tsung.
At present, AppCrown has a great customer base in communities like RIAs, brokerage, banks and broker-dealers related to the wealth management sector. The company is focused on further growth in the existing markets and providing continuous assistance to its clients to integrate with world-class CRMs perfectly suited for business growth initiatives.