Our client faced multiple challenges with an outdated mortgage platform. These included a complex system resistant to digitalisation, limited personalised customer experiences, inefficient loan holiday processing during the pandemic, and inadequate mobile capabilities. Communicating with non-digital customers was also a significant issue.
We revamped the mortgage lending platform using Salesforce Financial Services Cloud. This solution automated data entry and document management tasks, reducing the loan origination processing time significantly. It provided real-time visibility to borrowers, loan officers, and underwriters on each loan application's progress. It also facilitated collaboration among loan officers, allowing them to share borrower information, strategize, and resolve issues for a smoother process. Robust analytics and a 360-degree view of borrowers helped identify at-risk customers early in the process to propose tailored repayment plans. The solution featured pre-built reports for regulatory requirements and a customer interaction tracking mechanism for compliance activities.
The transformation enabled by Salesforce Financial Services Cloud integration led to improved efficiency and customer experience. It increased digital engagement, reduced call center volumes, and enhanced loan management.
The solution's robust analytics and early identification of at-risk customers were critical in reducing non-performing loans.