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Unlike legacy solutions, that are often a hodge-podge of outdated and unconnected systems, each handling only a single element in the funding process, modern, automated loan management solutions helps firms attract and close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
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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 | Jul 25, 2019 | Blog, Salesforce-Apps-AppExchange
Making little tweaks to your Salesforce Org. can add up to big enhancements. This week’s app gives users 5 handy new lightning navigation buttons to refresh their org, and extend functionality. Because it is built with the standard Salesforce Lightning Component Library, this app will scale with new releases! A final feature of note is that this app allows dynamic visibility for buttons via the Lightning App Builder versus using Record Types, which means you can run a button report based on field values on a record.
5 Lightning Components which display a button for users to interact with. Easily drag-and-drop these buttons onto any page to navigate to records, URLs, Chatter Groups, and List Views, and create records with specific record types.
Check it out here!
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 | Jun 13, 2019 | Blog, Salesforce Tips
User adoption is critical, especially for software that drives your business like Salesforce. At the end of the day, it just doesn’t make sense to be spending money on a system that your team isn’t using.
However, the importance of user adoption is more than “we bought it so use it”, rather, user adoption has been linked to all sorts of business issues, including:
Keeps Data Relevant
One of the most powerful features of Salesforce is its ability to capture, track and analyze many facets of your Sales data. However, if your users aren’t using the system or aren’t entering everything properly, you can pretty much throw all your data out the window.
Avoid Losing Leads
Proper use of Salesforce across all sales team members can provide timely, accurate and detailed information to potential consumers, encouraging higher conversion rates.
Improve the Skills of Your Sales Team
Full adoption and utilization of Salesforce helps team members grow their skills, which leads to higher conversion rates and a stronger return on investment.
Discourage Ghost Users
Ghost users are those who simply log in, and do a few things every so often to avoid being shamed. When adoption is high though, it is more difficult to hide and avoid using Salesforce without being noticed.
Encourage Collaboration
When a company has high adoption, each department can contribute their expertise to the benefit of the entire company. Conversely, when a company has low adoption – the data is unreliable and each department must work much harder to find information.
So with all of that being said, how do you increase user adoption? Well, there are a number of ways, from setting incentives to designating internal use champions to working with a consultant to help your team. This article gives a nice example of going at it from the consulting perspective.
There are quick and easy options as well, like Emojis! Emojis can be useful in more than just text messages, and can, in fact, make your org more user-friendly, fun and actually help drive user adoption.
Take a look at this article here, and remember that every bit of adoption helps, even the little things like emoji! 🙂
-Ryan and the CloudMyBiz Team
Want to get started with Salesforce?
Need some custom consulting or development 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 | Apr 12, 2019 | Blog, Salesforce-Apps-AppExchange
Keep it simple. This can be the best advice when making sure your Salesforce system does what it needs to do. Sure, there are super complex workflow apps out there, and all sorts of beautiful automation tools, but sometimes you need a good old fashioned Alert to pop up, and stop your users from doing something they shouldn’t. With this Alert Message App, you can an alert message to any object or record you want, without any coding!
Show an alert message when the user opens a record. If a field on a record is filled in, the alert message will appear. Configure if the message should appear in the style of info, warning, error or default. You can make it stick or let it fade away.
Check it out here!
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 | Apr 4, 2019 | Blog, Salesforce Tips
Quality business partnerships between yourself and another company aren’t always easy to come by. However, when you get one that is thriving, you certainly want to keep that ball rolling.
Communication, sharing and transparency are some of the essential ingredients. So how do you enable all of these when you and your partner are looking to roll out a new product, or even a set of products? What do you do when you are diving into a new market or a new vertical, and need to lean on each other to make the venture fly? How do you manage your leads, sales, onboarding, and customer service, when these roles and responsibilities are shared?
Well if you are using Salesforce, the answer to all of this is simple…
Salesforce Partner Communities!
The Salesforce Partner Communities are the best way to handle all of the above concerns and do so in a fully branded and streamlined online environment.
For those of you who have been with Salesforce for a while now, you may have been familiar with Partner portals. These portals (discontinued in new orgs as of 2013) were essentially a stripped down version of the Partner Community, where one partner would essentially be the “host” and the other business would get login credentials to the portal.
Once there, they would have access to a curated version of the host’s Salesforce org. Including, leads, contacts, accounts, etc. The host would be able to choose exactly what the other partner would have access to – to ensure compliance and security. However, all of this is still a little lacking, so Salesforce went a step further and introduced the Partner Community.
The Partner Community is a fully shared environment – which is one of the things that makes it so great. Any number of partners can connect, and specify which of their data sets are connected. Thus, all partners get a total sharing and collaborative experience. This enables powerful lead gen and sales opportunities.
The increased transparency also ensures that no deals or opportunities fall through the cracks because of miscommunication on assignment and ownership.
The next level of partnership
Aside from the partner community being a great place to drive sales, it can also be your number one resource for knowledge and help, both internal and external.
When any partner logs in – the can access curated notifications on the home page, keeping them up to date on and new developments. If you have the time and patience to build a knowledge base, you can upload everything, so that all of your team, from marketing to sales to customer enablement can have the information they need, right at their fingertips.
The same goes for customers and customer support. If you want to have a customer facing knowledge base – boom – there you go. This can also take a real burden off of your support staff. Finally, the portal can be used as a direct way for customers to connect with your support team, ensuring a smooth and centralized process for all aspects of the partnership.
-Ryan and the CloudMyBiz Team
Want to get started with Salesforce?
Need some custom consulting or development 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.
