Salesforce has launched Financial Services Cloud, a new product suite that includes portfolio management, prospecting and data management tools.

As part of the new look product offering, Salesforce has built an ecosystem of more than 20 partners to implement the additional features into the suite. “Today’s investors don’t wait for quarterly meetings to discuss their finances with advisors; they expect to be able to engage them for advice when and how they want,” said Richard Lumb, Group Chief Executive, Financial Services at Accenture, a member of the product ecosystem.

While seen as a more traditional industry, wealth management businesses are apparently under increasing pressure to provide more detail to customers on a more consistent basis. Whereas a quarterly meeting might have been sufficient in the past, customer demands for information, speed and continuous delivery has forced the wealth management industry to evolve into the internet age and an open-all-hours model.

With clients demanding more face-time, and instantaneous insight into the performance of their investments, wealth managers are seeking digital solutions to increase productivity. Such product launches not only demonstrate the trend of modernizing more traditional industries, but also the need to provide the complete customer experience to remain competitive in the CRM space.

“Legacy advisor solutions were created decades ago to serve a product-centric world. Today, we live in a new world that is digital- and client-centric, which is turning the wealth management industry on its head,” said Simon Mulcahy, GM of Financial Services at Salesforce.

To develop the new features, Salesforce developed a number of new partnerships with niche technology providers. For example, DocuSign and eSignLive plan to add integrations that could allow advisors to send, sign and manage financial documents, and WealthEngine provide tools to facilitate wealth scoring and analytics.

“The wealth management industry is undergoing rapid change, and the ability to deliver on customer expectations for a more responsive and highly personalized digital-led experience will become an increasingly important competitive differentiator,” said Kieran Hines, Practice Leader for Financial Services Technology at Ovum. “Investing to enhance the customer experience is a top three IT priority for a significant number of private banks in 2016, with institutions in Western Europe and North America particularly focused on this area.”