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Improving Operational Efficiency in Banks with Financial Services Cloud

By Gina Rotenberg 08.31.21
Reading time: 3 minutes

In today’s digital world, retail and commercial customers equally demand a frictionless lending experience. They need to be able to apply for loans and interact with lenders at any time from anywhere. Borrowers are increasingly comfortable choosing alternative financing providers that can approve loans at a speed their brick-and-mortar banks cannot match. To compete in this ever-changing market, financial institutions cannot continue to do business as usual. They must take advantage of the robust, cloud-based technology that their fintech competitors have already embraced. Salesforce is the perfect platform to facilitate this digital transformation.

How can financial institutions improve efficiency through technology?

Salesforce’s Financial Services Cloud provides lenders with the tools they need to rapidly respond to customer requests:

  • Salesforce Digital Engagement allows lenders to reach their customers across multiple channels, including mobile messaging, social networks, and chatbots. 
  • Begin building the digital record from the moment of first contact, whether through an online form that automatically creates a lead in Salesforce, or by a lender’s input of a referral from another customer. 
  • With intelligent lead routing rules, a request for contact can be sent instantly to the right group with the ability to prioritize, analyze, and meet the needs of the customer.

Financial Services Cloud’s Actionable Relationship Center brings together financial information for your customers and other members of their household. Gone are the days of lenders and underwriters assembling relationship diagrams and complicated spreadsheets to calculate relationship exposure. In an instant, team members can view financial information and take immediate action on those records.

Lending institutions can ensure that from the beginning, every touch with a customer follows a predictable process by using Action Plans. Action Plans are a templated series of tasks and document checklist items that can be preconfigured to guide users through a business process. Other team members can easily see the progress through the list, giving anyone in the organization the chance to assist on task completion or let a customer know what is outstanding.

The Salesforce Lightning Platform allows for dynamic, customized page layouts and views for each role in the organization, providing the right information to the right people at the right time. Team members no longer need to swivel between screens. Validation rules can guide lenders to ensure that data is accurate and complete before moving to the next stage.

Harnessing automation to guide work

Salesforce can also leverage data through multiple industry standard integrations. Regular data feeds from core banking systems provide lenders and credit analysts with insight into the entire banking relationship with a customer without the need to open another system. Credit administrators can rapidly pull credit and perform important due diligence to confirm a customer’s identity and mitigate risk of fraud.

Salesforce platform automation tools can supplement the process, enabling dynamic collection of data in components embedded on the screen. In addition, business processes that require internal approval can be routed through Salesforce for one or more sign offs. Automated emails can be configured to communicate with customers, reducing the burden on lenders to keep them informed.

These powerful automation tools mean your teams can hire and onboard employees faster. With high rates of job turnover, today’s financial institutions need the ability to rapidly train staff. Salesforce tools like In-App Guidance can help by providing tips and tricks to new users and allowing financial institutions to instantly communicate changes in policies and procedures. Dynamic Lightning components can appear in context on records to help guide staff to complete their work as quickly and accurately as possible.

Process your loan transactions faster with Financial Services Cloud and Silverline

As the financial services industry continues to evolve, Financial Services Cloud on the Salesforce platform is a powerful tool that ensures you will be prepared to efficiently support your business. 

As a Salesforce Partner since 2009, we leverage best practices acquired through more than a thousand implementations for financial services, with a core financial services team that possesses industry knowledge across all lines of business.

With Partner-Accredited Professionals on staff, we know Financial Services Cloud and how to answer your needs with the power of the platform. Find out how Silverline can help you increase efficiency in your lending experience.

Ready to see real results? We can help.

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