Which action can be performed with a workflow field update?

A workflow field update is primarily used for altering the value of a specific field within a record based on defined criteria. This functionality allows for automation in data management, ensuring that when certain conditions are met, the necessary fields are updated accordingly.

The correct action that can be performed with a workflow field update is to apply a specific value to a field. This is central to how workflow rules operate in Salesforce, enabling streamlined data input and maintenance without requiring manual intervention. By setting a value through a field update, users can ensure that their records reflect the most current information as determined by the business logic established in the workflow rules.

In contrast, changing the record type of a record cannot be done through a field update; record type changes involve more complex adjustments that require different processing mechanisms. Updating the value of a formula field is inherently different because formula fields are dynamic and automatically calculate their value based on the formulas defined; they don’t accept direct updates. Deleting a record is also outside the scope of what a workflow field update can accomplish, as it specifically pertains to modifying field values rather than handling record lifecycle actions.

Understanding this functionality is crucial for leveraging Salesforce's automation capabilities effectively within the Financial Services Cloud and ensuring efficient data management practices.