For the Banking and Finance industry, the loan management process plays a significant role in the success of any business. Loan operations are multi-step processes that need the undivided attention of any business; a single mistake can lead to grave danger. Here comes Salesforce implementation services into the picture, and to get that first, you need to understand why you need Salesforce CRM for the loan management process.
The Need for Loan Management Software – Challenges Faced by the Banking Industry
According to a survey by McKinsey and Company, it takes almost 30 days for a business to complete the end-to-end loan origination process, which costs them $10 billion annually. To optimize time and money, there is a need for loan management software that could help banks handle the complexities of financial products, streamline loan management processes, ensure compliance, and enhance customer experience.
According to a report by verified market research, the Loan servicing market in the United States is expected to reach 545 USD million by 2031 and it is currently growing at a CAGR of 12.18%.
Here are some major loan servicing challenges that keep banking businesses uptight –
Compliance Issues
The banking industry operates under strict lending regulations, and non-compliance with these rules can cost lenders three times more than adhering to them. Banks need a solution with features like automated monitoring that helps lenders maintain compliance and promptly address regulatory gaps.
Poor Consumer Experience
Long loan processing time, unnecessary lengthy documentation processes, and frequent bank visits can hamper your customer experience. To have an optimized and efficient loan lifecycle is the need of the hour that automates communication, and personalized interaction, and gives self-service capabilities.
Lack of Communication
Effective communication between lenders, borrowers, and vendors is a key to success. Lack of communication happens because of the unavailability of on-time information. It obstructs chances of improved collaboration among stakeholders and affects customer relationships.
Unavailability of Data Insights
Data is a fuel in the present era, and if banking lacks in this domain, it’s a serious matter to ponder upon. Many banks and finance businesses face challenges because of scattered data across channels. Lack of data insights leads to a rickety loan process, unrefined loan criteria, and unproductive decision-making.
Difficulty in Checking Credit Worthiness
Banks and financial institutions often face challenges like loan fraud which make it imperative for lenders to assess the creditworthiness of a borrower. Traditional methods cause delay and inaccuracy because of human intervention.
Here comes Salesforce CRM in the picture. It helps banks overcome the challenges and make the loan lifecycle highly productive.
Salesforce Implementation Services for Productive Loan Management Process
Among the available software for loan management processes, Salesforce CRM is a top-notch choice for a business. It comes with robust features & advanced functionalities that automate loan processes, improve customer engagement, and ensure regulatory compliance.
Let’s explore how Salesforce implementation services bring productive loan management process –
Data Centralization
- Salesforce unifies data and offers quick accessibility.
- It eliminates data silos and facilitates transparency in the loan lifecycle.
Workflow Automation
- Salesforce CRM brings the power of automation.
- It automates all workflows like loan application review, credit check, etc.
- There’s a faster turnaround time with minimal human errors.
Better Customer Engagement
- The power of automation facilitates personalized communications.
- From automated reminders to follow-ups, everything is a breeze.
- It helps lenders and borrowers track repayment schedules and application status.
Insightful Decisions
- Unified data helps lenders to learn about borrowers.
- Salesforce Einstein intelligence helps in predicting the creditworthiness of borrowers.
- It is easy to identify risks and make informed loan decisions.
- It mitigates inaccuracy and reduces defaults.
Intuitive Reporting and Analytics
- It helps loan organizations get real-time insights into loan performance.
- Strong reporting helps in identifying new trends.
- It facilitates proactive decision-making.
- Well-optimized resource allocation.
Accelerated Loan Process
- Salesforce CRM implementations optimize the loan approval process.
- It helps banks cut down on unnecessary steps.
- Salesforce also helps in automating the verification and validation process.
Streamlined Collection Process
- It solves collection-related challenges and streamlines the process.
- Businesses can set quick reminders for due payment.
- Ensure the authenticity of the loan lifecycle.
FEXLE Services, Trusted Salesforce Implementation Services Partner for Loan Management Process
Implementation of Salesforce CRM is a complex procedure that needs expert guidance. An expert Salesforce implementation partner like FEXLE will help develop a clear implementation plan. The certified Salesforce consultants bring all stakeholders from different departments on a single platform.
If you are a company dealing in loan lending business, and if you are looking for a robust solution that drives productivity, you can contact us and get certified Salesforce experts for successful Salesforce implementation services.
