Loan officers navigate a dynamic lending landscape, constantly adapting to changing regulations, evolving client expectations, and the need to streamline complex processes. Technology becomes your greatest ally when it keeps pace with these demands. That’s why understanding the features of the latest updates, like those in the Summer ’24 release of Salesforce Financial Services Cloud (FSC), is crucial.
Whether you’re new to FSC or a seasoned user, this upgrade simplifies your life with a slew of enhancements. Salesforce is revolutionizing digital lending, streamlining key parts of the process within its robust platform. Let’s explore the key areas that are receiving a boost and look at how they’ll transform day-to-day success.
Digital Lending revolution
The way loan applications are handled is getting a major overhaul. Digital Lending introduces both self-serve and agent-assisted options, delivering a win-win for both clients and the lending team. The benefits include:
- Client empowerment: Intuitive interfaces and clear explanations propel borrowers through the application process at their convenience. This increases lending reach and eases some of the team’s workload.
- Strategic time management: With the straightforward aspects of applications handled digitally, lenders gain time back. This allows you to focus on advising clients with complex needs, handling challenging cases, and ultimately, closing more deals.
- Streamlined collaboration: When clients need tailored support, digital lending seamlessly integrates with the agent-assisted process. Loan officers can easily access a pre-filled application with eligibility rules to ensure clients see only relevant products, making their guidance even more valuable and efficient.
Source: Salesforce
Underwriter Workbench: Speed & insight
Imagine a centralized dashboard consolidating every piece of information an underwriter needs to assess a loan application. That’s the power of the new Workbench feature, and its benefits are undeniable:
- Eliminate the information chase: No more switching between multiple systems to piece together the big picture. Credit reports, income verification, collateral appraisals, KYC (Know Your Customer) checks are all easily accessible within Workbench.
- Speed without sacrificing quality: Less time on data-gathering means underwriters can focus on in-depth analysis and more confidently evaluate applications.
- Unified client experience: Faster turnaround on loan decisions isn’t just satisfying for clients, it improves their entire loan experience. Workbench also allows underwriters to assign action items and confirm pricing directly, making the process smoother for everyone.
Data: personalized service
In the world of lending, organized and accessible data is a loan officer’s secret weapon. FSC’s Summer ’24 updates take this to the next level, empowering loan officers to offer the kind of personalized advice that truly resonates with clients:
- Rollup summary: Skip manual calculations to get a clear picture of a client’s full financial situation. This feature streamlines information across accounts and relationships, presenting tailored summaries.
- Group memberships: Understanding complex client relationships (e.g., households, business structures, etc.) is crucial for strategic advising. Easily visualize who is connected to whom, reducing confusion and saving time.
- Calculated insights upgrades: Enhanced data analysis within Data Cloud provides even deeper customer profiles. Knowing a client’s income fluctuations, spending trends, or investment goals allows you to create truly personalized financial solutions that build lasting trust.
The bottom line for loan officers
The Summer ’24 FSC release delivers a triple win: efficiency, insights, and client satisfaction. Embrace automation to streamline tedious tasks and free up your time for strategic and high-value advising that boosts your deal closures.
The ability to harness centralized data for deeper client understanding creates an avenue for you to offer personalized solutions that forge lasting loyalty. By focusing on an exceptional client experience — from intuitive applications to timely approvals and relevant advice — you’ll transform happy clients into enthusiastic advocates, reducing churn and fueling a steady stream of referrals.
This blog just scratches the surface. For a full breakdown of every change, head straight to the official Salesforce Summer ‘24 Release Notes. Want an even deeper dive? Reach out for a free consultation.
