by Mike Walsh | Oct 30, 2019 | Blog, Salesforce Tips
Salesforce Mobile is the latest branch of the Salesforce UI to get a significant face lift. As many of you know, Salesforce is making a large push to get all of their users onto Lightning. And for good reason. The interface is more user friendly and the workflows and layouts have been improved. Of course, Salesforce Classic will no longer be getting the newest features, support and upgrades, so it only makes sense to make the jump to lightning.
That is where the new Salesforce Mobile App comes in. The mobile version of Salesforce has been a bit behind for some time now, and was in need of some love. The latest upgrades have made the mobile app completely in sync with Lightning, giving users an extremely similar experience.
If you are a Lightning user, the above screenshot should look pretty familiar to you. The end result of these upgrades:
- Users can have a smoother transition from desktop to phone, and can see the same screens and components on either
- You can set up different pages, templates, or components to show as default, depending on which type of device is being used (desktop, tablet, phone)
So, for any remote sales teams, or regular mobile users, the Salesforce Mobile App should be much improved and better enable you to grow your business.
Click here for a short guide on setting up and using the new Mobile App
-Ryan and the CloudMyBiz Team
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CEO of CloudMyBiz Salesforce CRM consulting services with a deep knowledge in the lending industry. Taking keen interest in the project management side of operations, playing a vital role in the 31% YOY company growth. Strategic leader, mastering the ability to problem solve at every level of the business, providing effective solutions for clients.
by Mike Walsh | Oct 24, 2019 | Blog, Salesforce Tips
With the continued growth of FinTech and the Alternative Lending industry, systems and solutions that are tailored to these industries have also flourished. Loan Origination, that fundamental piece to any lending business, can be one of the biggest pain points as it involves a complex sales process as well as various documents, checklists and qualifications to complete.
Naturally, digitizing and automating your loan origination process will mean a huge savings of time, effort and investment. What’s more, because so many systems and solutions are available through the cloud, lenders no longer have to buy a custom built option or spend a lot on in-house hardware.
What to look for from a Loan Origination Solution
Replacing an outdated loan origination solution with a streamlined, automated and scalable system is not an easy decision, or one that should be done spur of the moment. Whether your company is coming from an analog process involving pen, paper, notepads and spreadsheets, or a computer system that you have simply outgrown, you know that moving to one of the newer and better options could be a huge boost for your business. If you’re dissatisfied with your current system’s performance or concerned about growing operating and support costs, then your company’s overall success and profit are taking a hit and it’s time for a replacement.
When browsing around for a solution, you will see that most of your solution options will have many of the same features, including automated deal submissions, renewal management, stips and document tracking and easy to use application pages. Further, with so many companies having slick, modern looking websites with well written copy, it can be hard to know who you can trust to really deliver a system that will take your business to the next level.
So, in addition to the features and price of your potential solution, here are some characteristics of the solution and the company that provides it, that will help guide you to a winning option:
- Company Focus, Experience and Background
- Cutting Edge Technology
- Quality Resource and Data Integrations
- Scalability and Configurability
- Quick and Efficient Implementation
Company Focus, Experience and Background
First and foremost you should consider where the company came from and what their focus is? Do their employees have experience working in lending and do they understand if from all sides? While a very large software provider may have some advantages, if they are providing solutions for dozens of industries, how can you be sure that what you get will really meet your needs?
What you are really looking for, at the end of the day, is someone who speaks your language, understands loan origination inside and out, and intimately knows the lending industry.
A team of highly-knowledgeable employees with a background in lending, or hands-on-experience using a loan origination system, can significantly enhance the design, development, and support of a lending system.
Another tell tale sign of this is the solution provider’s client list. Have they worked with just a handful of businesses similar to yours, or dozens? If some of the top players in your industry or vertical are using their software, it’s probably a good sign that the solution is a good one.
Cutting Edge Technology
Cutting edge technology for software and solutions isn’t exactly like a new phone, which usually equals a better camera and sharper display. For a loan origination system, it means not only being built on a solid foundation of proven architecture, but one that also has the capability to grow and adapt to whatever developments arise down the road.
Software platforms can only grow as much as their development company puts into them. However, when a loan origination solution is built on a robust, worldwide CRM platform, like Salesforce, which spends billions every year to grow, enhance and develop, you can be sure your system will stand the test of time. After all Salesforce isn’t going anywhere anytime soon, and their arsenal of products, features and results only continues to grow.
Quality Resource and Data Integrations
Lenders rely heavily on 3rd party data providers to help them make quality decisions. With growing online support, this has become much easier than it was 15 years ago, however the next step is a quantum leap forward. A new loan origination system can integrate directly with your data provider, giving you instant access and sometimes pre-built automation, giving you a supercharged process. What was once a tedious, manual process, that could take hours of going back and forth between different screens and manually entering repetitive data, can be automated and reduced to just a fraction of the time commitment.
In addition, lenders can take advantage of Integrations with of Lender API’s, giving them direct access to some of the biggest players in the game, such as OnDeck and Kabbage.
When looking at a new system, take a look at which data sources and integrations you currently use, which ones are supported by the solution you are looking at, and which ones you might want to grow into in the future.
Configurability and Scalability
No two lenders have identical procedures. Your process is something that you have worked with and developed based on your own experience, portfolio and the overall market. You want to remove pain points, not scrap the whole thing.
So when looking for a new system, you should make sure that the system can not only be configured to your needs, but that you have transparency into the process as well. Some questions to consider:
- Does every change and tweak need to be made by the developer, or can that be done by users as well?
- How technical is it to make changes?
- What level of support is offered and needed to ensure the longevity of the system?
Again, a system like Salesforce built its reputation on “clicks not code” meaning users everywhere were given the power to configure their system by clicking, dragging and dropping, rather than needing a coding background.
Going hand in hand with this is scalability. If you are going to make a big investment into a new solution, you don’t want it to break or be completely outdated in just a couple of years. So make sure to look for a system that is built on proven tech, built to last, and can be changed and configured without too much hassle. If you can meet these requirements, you should have a system that will grow with you.
Efficient Implementation and User Adoption
So you have done your homework and know which system will be best. Now comes the next challenge, the implementation. While you naturally want to have the system up and running as fast as possible, sometimes good things come to those who wait (at least a little).
Get a system that can be implemented at lightning speed and you might be running a risk that it isn’t robust enough to really handle your business needs for today and for tomorrow. Or there could be corners being cut when it comes to QA and testing, so while the system is up and running fast, it is full of errors and you end up wasting more time and money to get things right.
On the other hand, a solution that takes a long time to implement might end up costing you more than you expected, as you are stuck with your in-effective system while others get further ahead.
The Goldilocks zone is different for every company, and will change based on the project and level of customization. After all, if you are spending $5 million on a system versus $30K, your timeline and expectations will be very different.
Finally, there is user adoption to consider. How easy is it for new users to be on-boarded and trained? How challenging or cumbersome do employees find it to be diligent with their data and practices? No matter how good the software, how quick it is implemented or how great the price, none of it matters is your team doesn’t use it, or doesn’t use it the right way. So make sure you look for a loan origination system that is easy to adopt and use, and is built on a platform that is known for its usability!
-Ryan and the CloudMyBiz Team
Want to get started with Salesforce?
Need custom development or consulting to enhance the Salesforce you already have?
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CEO of CloudMyBiz Salesforce CRM consulting services with a deep knowledge in the lending industry. Taking keen interest in the project management side of operations, playing a vital role in the 31% YOY company growth. Strategic leader, mastering the ability to problem solve at every level of the business, providing effective solutions for clients.
by Mike Walsh | Oct 18, 2019 | Blog, Salesforce Tips
When writing marketing emails, it can be pretty common to re-use certain details and bits of content not only throughout the email, but across various emails within a certain campaign. The more emails you are creating, the more you will use these pieces of content, and the more time you will spend on it. This can be a drain on your time, and pose a risk of error as tedious content needs to be created over and over.
To help avoid these issues, Pardot is introducing Snippets. Pardot Snippets are basically merge tags that are specific to a certain campaign, rather than the prospect account.
For example, say you have a campaign letting customers know about a new software product you are offering, you can create Snippets of relevant content, such as, “Release Date” “Product Name” “Product Details” and “Call to Action”. This way, you only have to type these bits of info once, and then use the Snippet tag in each email campaign to insert the exact same content, every time!
Even more powerful, is that the Snippets are saved, and can be modified at a later date. Using the same example as above, say a new product is being released a few months later. The email templates have already been created, using the Snippets. Now all you need to do is go in and update the snippet content to reflect the new product details, and just like that, you have a whole new set of marketing emails ready to go!
Click here to learn more!
-Ryan and the CloudMyBiz Team
Want to get started with Salesforce?
Need custom development or consulting to enhance the Salesforce you already have?
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CEO of CloudMyBiz Salesforce CRM consulting services with a deep knowledge in the lending industry. Taking keen interest in the project management side of operations, playing a vital role in the 31% YOY company growth. Strategic leader, mastering the ability to problem solve at every level of the business, providing effective solutions for clients.
by Mike Walsh | Oct 11, 2019 | Blog, Salesforce Tips
As a certified Salesforce Partner and cloud consultant, at CloudMyBiz we are in the business of revamping and improving the system that our clients run their business on. However, it sometimes happens that clients come to us wanting to improve without really thinking about what all that means. You can’t always improve your business if you don’t look at what is working and what doesn’t, and then be willing to let go of what doesn’t work.
The folks at Salesforce know this better than anyone, as the CRM platform is specifically designed to be the single, lifetime solution that a business can be built on. Salesforce is so much more than just a Sales tool. With all of the various integrations, products and platforms, such as Pardot for B2B marketing or Einstein for AI analytics, you can do it all on Salesforce.
With all of that in mind, it bears repeating that if you are going to make the switch and investment in Salesforce, you may want to spend a bit of time thinking about how to adjust your practices for the better. After all, if you are getting a clean start on a new system, why would you want to import over all of your bad habits and ineffective practices?
The following blog post on the Salesforce Admin site, gives a quick and easy breakdown of the process: Build the Vision, Shape the Environment, Deliver the Results. While this article is aimed at Salesforce Admins, the general principles apply to anyone looking to improve their business process. Of course, if you would like to work with a Salesforce consultant to give you a more detailed vision of what you life could be with Salesforce (or how your could improve your current Salesforce) feel free to drop us a line and we would be happy to talk to you!
Click here to read the blog post!
-Ryan and the CloudMyBiz Team
Want to get started with Salesforce?
Need custom development or consulting to enhance the Salesforce you already have?
Contact us
CEO of CloudMyBiz Salesforce CRM consulting services with a deep knowledge in the lending industry. Taking keen interest in the project management side of operations, playing a vital role in the 31% YOY company growth. Strategic leader, mastering the ability to problem solve at every level of the business, providing effective solutions for clients.
by Mike Walsh | Oct 3, 2019 | Blog, Salesforce Tips
One of the characteristics of modern technology is that just about everything that can be automated, is being automated. From shopping to restaurants to CRM’s, automation is one of the most common changes to come to any business. And the various branches of alternative lending, funding and fintech are no exception.
An automated loan management system has a number of significant advantages over legacy lending systems. Using a modern cloud platform, these systems provide superior customer experiences, improved decisioning accuracy, and eliminate paper documents. It streamlines the entire process of originating, underwriting, and servicing Alternative Loans and Merchant Cash Advances, or whatever funding vertical you work in.
Replacing manual steps with automation, transforming paper into digital format, and gathering performance data on all aspects of your lending practice lets you:
- Provide a better user experience to improve the speed and accuracy of loan applications
- Process a larger number of loan applications with existing resources
- Eliminate sources of human error for faster, better-quality evaluation decisions
- Establish predictable, repeatable, and auditable processes that support compliance
- Reduce delays and costs associated with paper processes
- Analyze process and loan performance with the goal of continually improving efficiency and profitability
Unlike legacy solutions, that are often a hodge-podge of outdated and unconnected systems, each handling only a single element in the funding process, modern, automated loan management solutions helps firms attract and close more deals, accelerate the underwriting process, generate more pricing options, reduce errors, and ensure greater consistency. These funders also earn a more professional reputation among borrowers, brokers, and syndication partners.
Key Benefits of Automated Loan Management Systems:
1. Better Loan Processes and Results
For each origination, loan officers collect a large number of documents and data points, including face-to-face interactions, email, fax, text, or documents uploaded through a site. They all need to be added to the system, carefully tracked and thoroughly reviewed against information on the loan application and from third-party sources. Technology can identically process every document, and easily integrate 3rd party data sources to provide a faster, more reliable and more accurate process.
Automation also decreases the manual work associated with notifications. Every application, and often the various stages requires a response or notification. A quality system helps lenders create a variety of notification templates, specify triggers for when they are sent, and then populated with loan-specific information before sending the notification.
2. Improved Speed to Completion
Using intelligent technology options, such as smart content recognition, and automated data population, document review and verification times can be drastically reduced, which speeds up processing and shortens origination time frames.
Automation improves applicant evaluation and loan decisioning. It eliminates repetitive manual steps that are best executed digitally and allows human expertise to be applied where it works best. Some examples include:
- Integration with credit data sources and services such as LexisNexis or Experian lets lenders automatically and quickly verify applicant information.
- No lost or misplaced documents. Paper documents converted to digital images are immediately and securely accessible by the underwriter, so they can review applicant materials more quickly.
- The combination of decision rules and integration with credit data sources and services lets lenders automatically calculate optimum loan structures and terms.
- Decision rules provide predictable, repeatable processes that remove the variations associated with human decisions and demonstrate compliance with lending regulations.
3. Better Tracking and Transparency
With just a couple of clicks, automated loan management solutions can prepare a comprehensive view of all documents that have been received, verified or flagged for follow-up, and where the application is in the approval process. In contrast, documents collected and tracked through manual efforts may not be available on various systems, paper-based checklists or a loan officer’s email account.
In addition, advanced reporting options in a CRM give managers essential data on conversion rates, lead sources and more!
4. Scalability and Growth
A better loan management system also greatly reduces training demands and risk, helping lenders quickly and more affordably scale to meet peak seasons. That translates to lower risk of quality degradation and lenders can save on overhead costs associated with ongoing training.
The more you eliminate manual processes and streamline your business, the more volume one person can handle. This means that with your current team, you could dramatically increase your deal volume. Further, adding more resources lets you increase your deal flow just that much more!
Because cloud based CRM’s can be implemented and used anywhere, you eliminate all sorts of restrictions, such as geography or only being able to login from a certain machine. Since the process and data is also shared amongst the team, adding new team members becomes faster and more intuitive, helping you onboard without slowing down the train!
-Ryan and the CloudMyBiz Team
Want to get started with Salesforce?
Need custom development or consulting to enhance the Salesforce you already have?
Contact us
CEO of CloudMyBiz Salesforce CRM consulting services with a deep knowledge in the lending industry. Taking keen interest in the project management side of operations, playing a vital role in the 31% YOY company growth. Strategic leader, mastering the ability to problem solve at every level of the business, providing effective solutions for clients.
by Mike Walsh | Sep 27, 2019 | Blog, Salesforce Tips
If you are a reader of this blog, or just generally keep up with the goings on in and around Salesforce, you have probably heard about Salesforce Einstein once or twice. Einstein, which came out a couple of years ago, is Salesforce’s highly touted AI and data analytics platform. However, unless you have really done a bit of digging, you probably don’t have a very concrete idea of just what that means exactly!
Well we came across this great article, posted on the Salesforceben.com website, and written by one of Salesforce’s own Einstein gurus. He gives a great overview of all the essential questions you may have regarding Einstein, including:
- Why do you need Einstein?
- How does Einstein get its data?
- What are the main components of Einstein?
Read to full article with the link below
Guide to Salesforce Einstein
-Ryan and the CloudMyBiz Team
Want to get started with Salesforce?
Need custom development or consulting to enhance the Salesforce you already have?
Contact us
CEO of CloudMyBiz Salesforce CRM consulting services with a deep knowledge in the lending industry. Taking keen interest in the project management side of operations, playing a vital role in the 31% YOY company growth. Strategic leader, mastering the ability to problem solve at every level of the business, providing effective solutions for clients.
