by Mike Walsh | Mar 5, 2019 | Event
It’s one thing to get some good momentum and motivation going internally within a company. It’s another thing to keep it going and adopt a series of best practices to ensure it never leaves.
On February 7th, 2019, CloudMyBiz partnered with Hoopla – a leader in employee motivation and engagement to put on a free webinar regarding exactly this topic.
During the webinar we discussing motivation in the workplace. What is it? How it works? And how can you use that knowledge to apply solutions that keep everyone motivated and ready to tackle anything that comes next!
We’ll also discussed practical applications for departments across financial organizations, leaving our participants with knowledge that they could apply right away. The feedback was great and overall, resulted in a very successful webinar.
Did you miss it? Well do not fear, we have a recording available for anyone who is interested!
Watch the recording here!
Want to learn how CloudMyBiz and FUNDINGO can help your company fund more deals faster?
Contact us to get started!
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 | Nov 12, 2018 | Success Stories
Imperial Advance, a leading small business lending and financial services company in New York City, provides small businesses the access they need to fast and affordable working capital. The company provides an unparalleled level of customer service and a commitment to helping all businesses achieve their goals.
Imperial Advance is proudly recognized by the Better Business Bureau (BBB) as an Accredited Business, achieving an A+ rating for its proven record of trustworthiness, ethics and commitment to outstanding client service.
The Challenge
When Imperial Advance came to CloudMyBiz, their growth had plateaued. They were essentially blocked from any further improvements or innovations due to a no longer effective legacy system.
Inefficient Processes:
- They had a slow onboarding process for new hires and procedures.
- It was difficult to submit loan applications to lenders for approval.
- Deals were often being sent to the wrong lenders, taking too much time, or not getting approved in time
- They had to go to the ACH portal every day to review all balance sheets, navigating in and out of many screens and apps to find the details of each deal
Limited Deal Tracking, Reporting and Disconnected Systems:
- Deals were being tracked on spreadsheets, and separate systems that didn’t talk to each other
- While on a call, reps had a limited view of customer contacts, history, and deals
- Their lack of reporting options made it almost impossible for management to track deals and get an accurate understanding of weekly cash flow
- It was difficult to track deals and provide exceptional customer service, leading to lost deals and unhappy customers
- The cost of acquisition of each closed deal was very high, as they were not able to target their marketing spend, leading to low conversions.
- Their lack of weekly cash flow metrics restricted their ability to take on new deals
Why FUNDINGO?
FUNDINGO is a loan management solution, created by industry experts, and designed specifically for Alternative Lending companies. It streamlines the entire process of originating, underwriting, and servicing loans. Unlike a hodge-podge of outdated and unconnected systems, each handling only a single element of the lending process, the FUNDINGO solution helps Alternative Lending companies attract and close more deals, accelerate the underwriting process, generate more pricing options, reduce errors, and ensure greater consistency.
For Imperial Advance, FUNDINGO was the perfect solution because it would provide them with:
- An end-to-end platform to integrate all of their different systems
- Significantly improved tracking and reporting on lead conversions and marketing campaigns
- A better and faster way to submit deals to the right lenders
- A system that would give them actionable insights, allowing them to scale while reducing the cost of acquisition.
With these upgrades, Imperial would be able to jumpstart their business.
The Result
The FUNDINGO solution, developed and implemented by CloudMyBiz, became the new foundation for Imperial’s business.
The project included implementing Sales Cloud, FUNDINGO Origination and a number of 3rd party apps such as Conga and Docusign. As we often do at CloudMyBiz, the project also included a number of customizations tailored specifically to Imperial Advance’s unique process. Some of our most significant tweaks for this project were: a customized FUNDINGO loan submission wizard, added a number of lender API’s, financial/ACH integrations and the implementation of a whole host of automations, alerts and reporting options.
Imperial’s funding process, from start to finish, became faster, more user-friendly and smarter. As a small company, they saw immediate improvements to their entire business, from faster deal submissions to significantly improved metrics and data insights. The turn around was so significant, that within a few short months Imperial was able to expand, and open a new office in Miami, where they now emphatically endorse Salesforce, and the FUNDINGO solution. Their stagnation is definitely a thing of the past.
Interested in learning more?
Have specific questions or want to talk to a FUNDINGO consulting expert?
Contact us at info@cloudmybiz.com
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, 2018 | Salesforce Tips
At CloudMyBiz, we like to say that we speak the language of lending. We know how the industry works from the inside, and so, we are always keeping up with the trends and news in the Alternative Lending and FinTech. This allows us to keep abreast of new developments, better understand what our clients are experiencing and then better tailor and develop our solutions to meet the changes of the future.
Alternative Lending and FinTech have been growing by leaps and bounds in recent years. The industries move quick, and so staying on top of things is essential to keeping ahead of the competition.
There have been a number of articles written in recent months detailing the top FinTech trends of 2018 and, after reading our share of content, we wanted to share some of these trends in our own blog.
Interestingly (and not really surprising), many of these trends mimic the developments and growth that Salesforce is taking as well. So, we will not just be looking at the current trends in the industry, but also how Salesforce is enabling this growth, and providing companies with better tools and solutions to keep up with the trends.
So without further ado, our list of Top FinTech Trends of 2018
More and More Automation
Automation has come to just about every industry, and so it should be no surprise that FinTech is not an exception. For financial companies, increased automation means faster transactions and smarter processes. Interestingly, McKinsey & Company predict a second wave of automation in banking, that will increase capacity and free employees to focus on higher-value projects.
How Salesforce Enables Automation
Not much needs to be said here. Salesforce was built to bring companies streamlined processes and all around better functionality through automation. The idea has always been to empower administrators through “clicks-not-code”, so that smart workflows and automation can be built by anyone, regardless of any programming knowledge.
More Data. Better Data
Data and big data have been getting a ton of attention in the last few years. In regards to the finance industry, how data is collected and used is changing. Credit scores are no longer the only driving factor, as many creative loan options look at a large variety of factors to determine eligibility. Having access to large volumes and more precise metrics are changing the way financing is done
How Salesforce Enables Data
Reporting. Cough. Reporting. It shouldn’t be news to anyone that Salesforce routinely touts the power of their reports and dashboards to give users deeper insights into their data. And it’s for good reason. The reporting in Salesforce is robust, and when used properly, can provide valuable info on all sorts of important business metrics.
In addition, with Salesforce’s ability to add on various apps, risk and decisioning tools can be integrated directly to your CRM. For example, FUNDINGO’s LexisNexis or Experian integrations give lenders, brokers and funders direct access to these online credit services.
Increasing Regulation
Finance is certainly one of the most regulated industries and as financial technology continues to change, financial regulations are constantly struggling to keep pace.
10 years ago, Bitcoin hadn’t even been invented, let alone understood in such a way as how to regulate it. As companies are relying on digital tools more and more to handle money, security concerns are just one of the things that come along with it. For the FinTech industry, more regulation by and large means that companies simply have to keep aware of what is happening, and do everything they can to remain compliant.
How Salesforce Handles Regulation
As a cloud-based system, Salesforce has always had to worry about regulation and security. Protecting sensitive customer data has always been essential, and with a Sales platform that can be used in just about any vertical, Salesforce has had to be ironclad to be used so broadly. How did they do it? Say hello to Salesforce Security and Salesforce Shield, which protect your data and help you remain compliant.
Blockchain and Bitcoins
Speaking of Bitcoin there could hardly be a discussion about new trends in finance without Blockchain. Yes, this year’s markets have been volatile, but regardless of how the individual coins fare in trading, the Blockchain technology is here to stay.
While we can’t really say how much blockchain will infiltrate financial systems, it does provide the opportunity for a more efficient and more secure way of doing business.
Because blockchain works in real time, and on an unchangeable digital ledger, both paper transactions, and large amounts of fraud can be avoided. Not only that, but wires and transfers will be less necessary. Bitcoin can clear and settle instantly, and with digital wallets, credit applications or funds queries can be run in real time.
How Salesforce Enables Blockchain
When you think Salesforce, you probably don’t immediately think blockchain. However, Salesforce has begun this year to get involved in blockchain to improve transportation. Then there is the AppExchange, which has something for just about everything out there, including a couple of Blockchain integrations for fund storage and transfer, such as PencilDATA and Blockchain Explorer.
Artificial Intelligence
What’s that? You didn’t know that robots are taking over the planet? Well its true, but not in an apocalyptic way. FinTech is in the early stages of investing and embracing AI where, according to a report by Econsultancy and Adobe, 20 percent of financial services organizations are already using AI, while 41 percent are planning to use it within the next 12 months.
For FinTech AI is set to do a number of things in the near future, including facilitating customer interactions with chatbots, offering financial advice based on customer’s habits and spending, detecting fraud and being able to automate data analysis tasks.
How Salesforce Handles AI
If you spent any time in the Salesforce network or blogosphere this year or last, you have definitely heard about Salesforce Einstein. Einstein was developed to plug directly into the heart of the CRM, and the AI analytics can then be applied to just about any of the clouds you or your team use. AI is getting better all the time, and so using it to guide your business might very well be one of the best investments you can make.
Everything Goes Mobile
Banking and financing ‘on-the-go’ is pretty much a given for the future. With the ever-increasing efficiency of our mobile technology, customers are going to expect to be able to do just about everything from their mobile devices. Currently, about 45% of banking customers use mobile payments while banking interactions on laptops and desktops are expected to decrease by 63% by 2022
So, for any company in the FinTech industry, providing quality mobile services will be more and more essential going forward, and those that get there first may win a lion’s share of potential customers.
Salesforce and Mobile Usage
For mobile CRM usage, there is Salesforce1. While it’s true that FinTech is going ever more technology-heavy, in particular with all sorts of mobile applications and devices, Salesforce is right there to keep pace. With a mobile version of your CRM, anyone who is routinely on the go, can continue working and remain plugged in no matter where you are.
Wrap Up
Keeping up with the latest trends in the industry is not just something we do for work, it’s also something we are genuinely interested in.
This is not just because we specialize in loan management solutions for Alternative Lending and Merchant Cash Advance industries, but also because many people on our team, used to work for Alternative Lenders. In fact, that’s how the idea of CloudMyBiz came to be, as our founder recognized a gap between the technology available on the market, and the systems that were commonly being used by lenders, brokers, and funders. So, where there is a gap, there is a need, and where there is a need, there is usually a solution.
And that solution as we see it, is Salesforce and our FUNDINGO Loan Management Solution.
-Ryan and the CloudMyBiz Team
Sources:
https://www.forbes.com/sites/danielnewman/2018/07/03/exploring-5-trends-driving-the-fintech-revolution/#548bc6ff12c7
https://rubygarage.org/blog/biggest-fintech-trends-for-2018
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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.
