The client is a hi-tech financial services firm headquartered in Maryland. With a loan book of over $1 billion, the firm provides small business loans to a variety of industries, including traditional retail establishments, brand name chain restaurants, automotive repair, manufacturing, trucking, and professional service providers.
The client required a system to streamline their loan application and credit approval processes for the large number of applications they received. They required the CRM to be intuitive, provide detailed customer profiling and allow activity management. The workflow required automation for the various steps in the loan approval process and the touch points with processors, underwriters, funders, closers and customers.
All stakeholders required fast, secure and remote access to databases, compliance documents, and other collaterals to ensure that all critical documents and information are carefully examined and recorded for the loan. Robust and real time reporting was also must.
In the current state process, the client’s credit team required to access documents from multiple sources to understand customer profile and credit rating. Validating a customer’s information required significant effort and the cycle time to offer a loan was high. The client required a platform that would allow them to efficiently evaluate the loan applications being submitted and track the applications thru funding and closing.
Based on a detailed analysis of requirements Salesforce CRM was implemented as the central data and document repository integrating data from multiple systems. The workflow was automated and streamlined, and the loan packages were tracked thru every stage with advanced features like CTI and campaign hierarchy.
The team gained visibility of the various application stages leading to improved response time. Funding turn time reduced by 30%. Lead conversion and revenue increased by 20%. Efficient handling allowed the client to increase the number of leads they were able to generate and process.