September 22, 2021
Financial institutions always work on improving customer service, so they strive for improvements in work efficiency. The most important feature they need here is process automation, and that’s where Salesforce offers them great help. Not just the basic documentation, but core operations like loan processing and KYC automation can all be handled through Salesforce.
It has been a long time that the manual and disconnected lending processes are weeded out and replaced by automated solutions that increased efficiency and reduced chances of errors.
For lenders, Salesforce can work amazingly to speed up their work of loan origination. Here’s how Salesforce helps them:
Other than these features, Salesforce allows numerous features that simplify loan processing, and some of these are mentioned below:
Salesforce helps to aggregate the data from multiple in-house systems required for deciding on loan processing and approval. It uses real-time risk analytics to automatically decide on an application, returning the results within Salesforce. It also allows operationalizing industry-standard risk models in minutes without working on any code.
Salesforce provides agents with a 360-degree view of your customers. It even helps you unify your complete lending process, giving access to data from multiple systems within Salesforce. The centralized view gives lenders, borrowers, underwriters, and brokers a transparent view of information. This ease helps them to make a decision collectively.
Using Salesforce, agents in financial institutions can automatically aggregate data from internal systems, making it all available within a compliance interface built on Salesforce. The processes simplify and orchestrate end-to-end compliance, speeding up the process of KYC approvals.
Salesforce allows users with automated workflow to identify, verify, and validate customer details to streamline the process and approval/disapproval of the KYC application.
Agents can use both structured and unstructured data within Salesforce, accessing on-demand analytics that speeds up the reporting process. Users can consider Salesforce integration to connect their internal systems with Salesforce to aggregate information and create reports with centralized data access using in-built templates.
Customers always expect financial companies to know what they need. Using Salesforce, financial agents can evaluate customer behavior and collate the data they need. This allows them to take a consumer-centric, not product-centric approach.
Salesforce has got everything that financial institutions need to improve efficiency and speed up the loan approval process. Teams in such organizations can automate their complex procession and decision-making system for credit and loan applications, handling it all within the Salesforce environment.
Connect with us to know more about Salesforce capabilities that could improve operations in your financial institution.