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FUNDINGO is on the Salesforce AppExchange!

FUNDINGO is on the Salesforce AppExchange!

FUNDINGO is on the Salesforce AppExchange!

 

Loan management software that allows alternative lending companies to streamline the entire process of originating, underwriting and servicing loans.

 

For some lenders, the impact of the COVID-19 pandemic means a spike in applications for business loans. That’s putting a strain on loan management systems, making it difficult to respond quickly. AppExchange partners like FUNDINGO allow employees to remotely access and manage all of the required documentation to complete funding in a timely, organized, and accurate manner.

 

FUNDINGO Loan Origination Management and Automation

FUNDINGO Loan Entry App

 

Additionally, the shutdown is creating payment challenges for many businesses that rely on merchant cash advances. According to legal experts, MCA firms may need to adjust their servicing contracts during the crisis in order to comply with government regulations. Making these adjustments manually or with outdated systems can be challenging. If your operation might benefit from a more efficient, automated solution, take a look at the FUNDINGO Loan Servicing Management and Automation solution.

Work.com

Work.com

Sourced through Scoop.it from: www.salesforce.com

For guiding businesses back to re-opening, Salesforce is always a good option. And not just because of the support options like these!

Updates to Free Salesforce Maintenance Exams [Updated 2020]

Updates to Free Salesforce Maintenance Exams [Updated 2020]

Sourced through Scoop.it from: www.salesforceben.com

Great to see Salesforce making it easier and more streamlined to stay certified and manage the various exams!

6 Tips for Increasing Salesforce User Adoption

6 Tips for Increasing Salesforce User Adoption

Just because you and your team have, or are going to, implement Salesforce, doesn’t mean all of your business problems will be instantly fixed. At the end of the day, user adoption is absolutely critical to establishing a working business process on a powerful CRM like Salesforce. It doesn’t matter how much you spent on custom development or if you have the latest plugins and integrations. If your team isn’t using them or isn’t using them properly, you business will suffer.

So with that in mind, here are six of our top recommendations, taken from various points in the Saleforce implementation and usage cycle to help ensure quality user adoption and ultimately, the success of your business.

meeting, presentation, salesforce, planning, office

1. Establish leadership, the project team and empower enthusiasts.

Before the project really gets underway, it is always best to have your teams set and ready to go. Make sure every department is represented among the leadership and project team. Consider how much leadership needs to be involved in the day-to-day, and establish a rhythm and routine.

Next, identify prospective users who are enthusiastic about the Salesforce initiative. These users can be your “Champions” group, and serve as a communication conduit to and from the remainder of the team, relaying messages, sharing success stories and reporting back questions or issues.

2. Celebrate!

Share Salesforce successes big and small, and communicate them outward each time a milestone is reached. At launch, think about celebrating, thanking or rewarding your early adopters and champions. From emails to banners to TV screens, get creative so that people internally can’t help but be aware of the growth and changes, and want to get in on the action.

3. One size doesn’t fit all

It might be helpful for management to take stock of where different groups of people are, and tailor responses and training accordingly.

  • Able and Willing – These people are already Salesforce power users.
  • Willing but Unable – They’re willing to use the Salesforce, they’re just not able (or not able to fully use it). Focus on solving the issues that are stopping them and encourage them to work through it.
  • Able but Unwilling – Often a key group to address. Make expectations clear and continue moving forward while offering them plenty o opportunity to get on board
  • Unwilling and Unable – Hopefully there aren’t many of these folks. These people will require a lot of work, and generally, complete unwillingness might be an indicator of a larger problem.

4. Go in Phases

The more complex the system, the more there will be for your team to learn and adapt to. Don’t overwhelm them by doing it all at once. Set up your new CRM adoption plan into phases to make it easily digestible. Focus on small steps and achievable goals so that everyone can see, smell and taste the growth that you are achieving.

5. Move Basic Tasks and Processes onto Salesforce

The idea is that it will become easier for people to do their jobs by using the system, and if they choose to not adopt, their jobs will be more difficult by default. Some examples include:

  • Align Salesforce configuration and functionality with the business processes.
  • Use third-party applications (ex. electronic signature) to increase efficiency.
  • Use Chatter to communicate with the team on deal updates, internal news and important events.
  • Conduct performance reviews and team meetings using the information in reports and dashboards.

6. Wash, Rinse, Repeat

Remember that user adoption is never static. It can always be increasing or decreasing. Set regular review periods, ex. 3 mo, 6 mo, 12 mo, and analyze how well your team is doing and what could be improved upon. Then make sure to follow through with fixing any issues.

If you are using a phased approach, try and establish measurable goals for each, and use them to help you know when it’s time to start the next phase. Plus, you can use your quantitative and qualitative data from the first phase to guide your way forward in Phase 2.

 

-Ryan and the CloudMyBiz Team

 


 

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Need custom development or consulting to enhance the Salesforce you already have?

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Essential Characteristics of a Quality Loan Origination Solution

Essential Characteristics of a Quality Loan Origination Solution

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:

  1. Does every change and tweak need to be made by the developer, or can that be done by users as well?
  2. How technical is it to make changes?
  3. 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?

 

Contact us