The Financial Services Cloud was started by Salesforce in the year 2016. The target market for this cloud service were fintech companies, insurers and banks. The main idea was to simplify and modernize the complex processes.
CRM giant Salesforce has upgraded its Financial Services Cloud to incorporate intuitive features related to home mortgage. Even is the US, the process for residential loan application is daunting and spread over many steps.
Most of the processes are intertwined and any lapse in one process can stagnate the whole process. It is otherwise a process that cannot be streamlined beyond a certain extent because the financial state of each individual varies.
Whether it’s a home loan or any other financial service, the processes are relatively complex and involve a lot of numbers and stats. Secondly, the applicant’s overall credit worthiness has to be taken into account.
It is a guided step by step process along with recommendations for the borrower at each step. The model also streamlines the loan application process for the lender.
Salesforce now offers 13 pre-designed mortgage objects for lenders. They are designed to capture a loan applicant’s key financial info such as income, address and current employment.
The mortgage data model enables potential lenders to paint an overall picture of an applicant’s current financial health, keeping in view other financial obligations.
Salesforce is also offering a new document tracking and approvals process that keeps the residential loan applicant duly posted on the progress of each individual step.
Despite this streamlining of the process, it still takes 46 days on average to close a mortgage. After the induction of these new features, pressure is mounting on traditional mortgage brokers to reduce this timeline.