6 Benefits of An Advanced Loan Management Software

 Banks and NBFCs face various hassles in their day-to-day operations and loan management is one of them. Right from loan approval and EMI scheduling to EMI delay and NPA recovery, there are numerous challenges that financial institutions face. To deal with all such challenges, banks need an advanced Loan Management Solution. 

A Loan Servicing Software provides financial institutions with insights in loan portfolios from customer prospecting to payment monitoring. With a Salesforce Loan Management Software, banks simplify and automate their procedures improving employee and customer experience. 

An advanced Loan Management Application allows financial stakeholders to remove all inefficiencies in the loan lifecycle.

Following are some of the benefits of an ideal Loan Management Software:

1. Faster Loan Approval

Loan Servicing Software provides customers an easy onboarding and offers the best  interest rates as per their income and credit score. Based on a customer’s credit score and bank report, the loan requests are sent for approval. And since the processes are automated, the loan acceptance usually happens much faster than manual loan process.

2. NPA Management

A Loan Management Application sends push-notifications and automated emails to customers. Based on a customer's payment history, these apps classify customers adding to the convenience of a loan sanctioning officer. With this, banks and financial institutions segregate the non-performing asset accounts and direct collection officers for direct interaction or repayment.

3. Detailed Customer Journeys

It is easier to get a complete 360-degree view of the customer journey right from customer onboarding, EMI tracking to final stages of the loan lifecycle. With an AI-powered Loan Management Solution, the customer information is presented in the form of visual charts and graphs that helps in segregating customers based on forecasts and payment insights available. 

4. Easy Lead Management

Loans are the single most valuable revenue generation option for Banks and NBFCs. Hence financial institutions must keep getting continuous loan requests. With a Salesforce-built Loan Management Application, financial institutions align their sales and marketing teams. This allows them to reach more customers on online channels. With such an omnichannel approach, banks keep track of prospective customers and engage with them throughout.

5. Loan Decision Making

Salesforce powered Loan Management Software simplifies workflows and automates processes. Since the processes are simplified, it takes minimal human effort for report generation and customer interaction related tasks. Moreover, with a single click generated data insights users can decide whether a loan request can be accepted or not. With the help of accurate forecasts and detailed reports, loan agents/managers can make quick decisions.

6. Access and Collaboration

A Loan Servicing Software provides 24/7 access without any downtime adding to the convenience of users. Since these apps are built-on Salesforce, it results in easy data centralization and process alignment which leads to enhanced collaboration. Moreover, one can integrate applications to access external data and business applications with loan management portal. Thus with an easy to manage software, employees work efficiently and communicate better.

Bottomline

A Loan Management Solution simplifies customer onboarding, loan approval and collection processes and works as a centralized tool aligning teams and processes. With an automated Salesforce powered loan application, users work efficiently, collaborate with team members anytime, and reach out to customers through various online channels. 

Why Do Businesses Need Salesforce Professional Services?

Salesforce enables organizations and SMBs to effectively manage their business processes and set profitable interactions with customers. The unique features and tools available in Salesforce allow businesses to align their processes under a central umbrella resulting in easy collaboration with teams, improved interactions with customers, and better returns on campaigns.

However, these gains are only possible if you have the right Salesforce implementation strategy. With Salesforce Professional Services businesses have access to Salesforce experts who have deep knowledge of Salesforce tools, features in respective clouds and understands the customization needs of a business with ease.

A Salesforce professional assists firms in their implementation, development, consultation and process management needs. By availing Salesforce Professional Services, businesses get access to multiple Salesforce experts at cost-effective engagement models keeping them free from hiring hassles.

1. Effective Migration

Whether you are migrating to Salesforce or are implementing Salesforce for the very first time, you would need to hire Salesforce Developer or a migration expert for  effective performance. A Salesforce expert follows the standard migration process and carries out seamless data transfer. With effective data transfer, organizations enhance their capabilities as they get unified access to customer data which helps in better user engagement and returns on campaigns.

2. Right Implementation

To get the maximum ROI out of your implementation process, it is important to hire an expert Salesforce developer. A Salesforce programmer analyzes the default cloud versions and lays out an implementation plan. This includes setting workflows, customizing dashboards, and integrating applications resulting in better data access and efficient Salesforce performance. To carry out better implementation results, hire Salesforce programmer who is well-versed in Visualforce, Force.com and Salesforce Lighting platforms.

3. Stakeholder Management

Salesforce activities including data validation, migration, authentication, customization, and more determine the performance of a Salesforce setup. For this, businesses need experts who manage Salesforce extensively and keep the CRM updated and optimized. With efficient stakeholder management, users can work seamlessly between applications thus resolving queries in a fast and effective manner.

4. App Development and Integration

Organizations require app development to add capabilities to the Salesforce CRM. For this, Salesforce Professionals leverage Salesforce.com, Force.com, and Heroku platforms and build powerful cloud-based and mobile-friendly enterprise applications. Salesforce developers also integrate apps from the AppExchange platform as well as develop custom apps based on your enterprise needs and business goals resulting in better performance of your Salesforce CRM.

5. Consultation Services

If you are managing Salesforce on our own then consider hiring a Salesforce consultant to deal with the more complex problems that can directly affect the productivity of your enterprise. With Salesforce Professional Services businesses are able to carry out crucial customizations/adjustments from time to time. This includes workflow enhancement, app integration, update fixing, and system configuration. Additionally, a Salesforce professional runs skill enhancement sessions for businesses resulting in better performance and increased adoption rate.

Bottomline

Salesforce professionals help businesses in their implementation, app development, process management and consultation needs. To get desired results after implementation, it is important to collaborate with certified Salesforce Professionals who are up to date with the knowledge of latest Salesforce features. With Salesforce Professional Services,  businesses can focus on their crucial in-house operations while your Salesforce expert keeps the CRM updated and optimized for enhanced performance.

Top Reasons to Migrate to Salesforce Lightning Experience

Often we are asked by businesses whether they should switch from Classic to Lightning or not. While Salesforce Classic offers a simple UI, easy navigation and various useful features, Salesforce Lightning boasts of new features, advanced tools, and easy customization options.

The Lightning Experience is a modern interface that makes it easy to redesign pages, change workflow and build processes in less time and with much ease. Moreover, the Lightning App Builder enables easy creation of mobile applications using drag and drop options. 

As Salesforce is not adding any new updates to the Classic version, it may be the right time to switch to Lightning.

Following are some reasons to consider Salesforce Lightning Migration: 

1. New Selling Features

Salesforce Lightning Migration enables organizations to access new tools and features that help in simplifying workflows and improving lead management. Thus users are able to make quick decisions and be more productive than before. For instance, the Sales Path feature allows users to follow a structured protocol and since the process is automated, it's much easier to follow the protocol.

Another feature, Kanban View makes it easy to visualize and monitor records through graphical representation and drag and drop tools. Moreover, the AI Einstein tool enables companies to get smarter and become more predictive about customers. It automatically identifies the next best sales opportunity from the data and creates personalized journeys for customers keeping them engaged throughout acquisition.

2. Lightning Voice

The Lightning Voice feature is another feature that makes the migration decision worthwhile.  It enables users to reach out to customers by calling their phone numbers within Salesforce. With Salesforce Lightning Support, reps are able to take notes, view call records, find answers to customer queries, and all that without having to switch to any other application. 

Additionally, the Lightning Voice feature comes with automatic call logging features and helps in reducing the otherwise necessary data entry activities. Users can now send voicemails, auto-generated answers and more thus enhancing the productivity of employees.

3. New User Interface 

When compared to Salesforce Classic, the Lightning user interface is much more flexible and contains easy navigation, interactive elements and much more customization options. Also, the dynamic UI of Lighting makes it easier to transition from one screen to another with minimum logged time. 

Some features that enhance the user experience of Lightning include easy report creation, public/private folder settings, live tracking of employee’s work activity, and multiple dashboard creation options.

4. Lightning App Builder

The Lightning App Builder is a point and clicks tool that enables the creation of custom pages for applications. This allows businesses to create apps for particular tasks such as expenditure applications to enter expenses and monitor expenses on a weekly/monthly basis.

Additionally, the Lightning App Builder allows easy integration of custom components and third-party components from AppExchange applications thus enhancing the capabilities of the Salesforce. Thus the simplified app development with Lighting App Builder makes it another reason to migrate to Lightning Experience.

Bottomline

The Lightning platform contains built-in tools that simplify app development and enable businesses to improve their customer interactions and lead monitoring. If you are a business that has not yet adopted Salesforce, then Salesforce Lightning is the choice to go with considering its new features, interactive UI, and easy app development capabilities. However, if you are still on Classic, then Lightning may be an option you should consider in the near future.

Surge Ahead with Salesforce Implementation Partners

Salesforce implementation is a great step for organizations that are looking to improve their customer interactions and manage their processes under a centralized cloud. The rich functionalities and high scalability of Salesforce give businesses the opportunity to customize it as per their needs.

However, to get the most out of the implementation, it’s important to hire a certified implementation partner. Salesforce Implementation Partners setup processes, carry out data migration, add suitable integrations and customize the Salesforce Cloud for efficient usage. From implementation to deployment, Salesforce Implementation Companies help organizations in their full-fledged development needs.

Here are a few benefits that the Salesforce Implementation Partners bring along:

1. Development as Per Requirement

Based on your requirements, a Salesforce Implementation Partner suggests Salesforce products, sets up processes, develops applications, and adds suitable customizations. Thus with the right development, teams can collaborate easily, leverage data insights in marketing campaigns,  and work more efficiently than before.

2. Efficient Data Migration

Salesforce Implementation Partners assist firms in carrying out a seamless data migration transferring the data from legacy systems to Salesforce Cloud or from one Salesforce Cloud to the other. With fast and accurate migration, users are able to access third-party data in Salesforce without switching between apps decreasing the toggle time.

3. Process Management and Innovation

The high flexibility and customization capability of Salesforce makes it possible to add suitable adjustments in the CRM. With the help of an admin or a consultant, Salesforce Implementation Partners manage processes effectively and add suitable integrations from time to time keeping you ahead at all times.

4. Training and Support

The Salesforce Implementation Partners carry out upskilling sessions, training users for optimal use of CRM features. Moreover, they manage processes and resolve user queries in a fast and effective manner. Thus with proper training and support, organizations are able to work more efficiently, complete tasks on time and make profitable interactions with customers.

Bottomline

With the right implementation partner alongside, businesses are able to keep Salesforce optimized and updated. Salesforce Implementation Partners analyze business needs and implement products accordingly – ensuring firms of high user adoption, enhanced collaboration and streamlined access to user data resulting in high efficiency and better outcomes.