Lenders are always on the lookout to create smooth and user-friendly loan origination experiences. But the main blocker is navigating the complexities of diverse workflows to make it happen.
And as you know, a one-size-fits-all method is a recipe for disaster.
Traditional loan origination systems (LOS) often fail to meet the demands for efficiency, compliance, and seamless borrower experiences. That’s where Salesforce comes to the rescue.
Using Salesforce as a loan management system offers a powerful foundation for financial institutions, thanks to its robust CRM capabilities, data management, and workflow automation.
Salesforce enables lenders to efficiently track customer interactions, manage loan applications, and ensure regulatory compliance.
While Salesforce excels in managing customer relationships and streamlining operational processes, it may not fully meet the specialized needs of loan origination without additional customization.
This is where integrating Feathery with Salesforce can become highly beneficial. Feathery enhances Salesforce by adding a tailored layer specifically designed to handle the complexities of loan origination.
It provides lenders with the flexibility to customize workflows, automate complex decision-making processes, and integrate seamlessly with third-party services such as Plaid, Flinks, TransUnion, and Equifax for real-time financial data and credit checks. But more on Feathery later.
Key Processes and Modules in a Typical Lending Process
1. Lead Intake and Initial Assessment
- Lead Generation and Capture: Leads are gathered from multiple sources, including digital marketing campaigns, referrals, and partner networks. Salesforce can centralize these leads, ensuring that no opportunity is missed.
- Initial Screening: Using Salesforce’s automation tools, leads can be quickly screened and scored based on predefined criteria, ensuring that only qualified leads move forward in the process.
2. Application Submission and Data Gathering
- Comprehensive Data Collection: Custom forms collect borrower information, such as personal details, financial history, and loan requirements. Salesforce’s flexible data model allows this information to be stored, accessed, and managed effectively.
- Automated Data Input: Feathery’s integration with Salesforce streamlines the data entry process, reducing errors and ensuring all necessary information is captured accurately.
"Feathery’s integration with Salesforce is designed to eliminate the friction in data entry, ensuring that every piece of information is captured accurately and with minimal effort. This not only reduces errors but also frees up valuable time for teams to focus on higher-level tasks." Peter Dun, Founder and CEO, Feathery
3. Document Management and Verification
- Streamlined Document Submission: Borrowers can easily upload required documents (like pay stubs and ID proofs) directly through a secure portal. Salesforce, enhanced by Feathery, can automate reminders and ensure that all necessary documents are received promptly.
- Automated Verification: Feathery’s OCR capabilities automatically scan and verify documents, reducing the need for manual checks and speeding up the verification process.
4. Underwriting and Risk Evaluation
- Risk and Credit Analysis: Salesforce can be integrated with third-party services, like credit bureaus, to pull credit scores and reports automatically. Feathery adds value by applying sophisticated logic to automate risk assessments based on custom rules.
- Underwriting Review: Custom dashboards in Salesforce provide underwriters with a comprehensive view of borrower profiles, enabling informed decision-making and facilitating quick approvals.
5. Loan Processing, Approval, and Disbursement
- Approval Workflows: Once the application and underwriting are complete, automated workflows in Salesforce generate approval documents. These documents can be customized and sent out for electronic signatures through integrated tools.
- Fund Disbursement: The approved loan is then processed for disbursement, with Salesforce managing the fund transfer through integrations with banking systems or through payment gateways.
6. Post-Approval Monitoring and Support
- Loan Performance Monitoring: Salesforce’s analytics capabilities allow lenders to track the performance of disbursed loans, monitoring repayments, defaults, and overall portfolio health.
- Customer Relationship Management: Ongoing support is managed through Salesforce, where customer interactions are logged and satisfaction is tracked. This ensures borrowers remain engaged and informed throughout the life of the loan.
7. Compliance, Reporting, and Auditing
- Automated Compliance Checks: Salesforce, when integrated with Feathery, can automate compliance-related tasks, such as verifying adherence to regulatory requirements at each step of the loan process.
- Comprehensive Reporting: Detailed reports are generated for internal review and regulatory submissions, with Salesforce providing a clear audit trail of all activities throughout the loan’s lifecycle.
The Synergy Between Salesforce and Feathery
Regarding specific loan origination needs, particularly in managing complex workflows like underwriting, document management, and compliance, Salesforce’s out-of-the-box solutions require significant customization.
Feathery complements Salesforce by filling these gaps, offering a platform built with the specific needs of loan origination in mind, from the initial application to the final disbursement.
What You Get
- Streamlined Workflows: Feathery enhances Salesforce by providing custom workflows tailored specifically for loan origination, reducing manual tasks and improving accuracy.
- Advanced Automation: With Feathery, lenders can automate complex workflows, such as document management and compliance checks, directly within Salesforce, ensuring a smoother and faster loan process.
- Seamless Data Integration: Feathery ensures that data flows effortlessly between Salesforce and other systems, maintaining a single source of truth and enhancing decision-making capabilities.
Here, you can find the full list of benefits.
Why Feathery is the Optimal Solution
Feathery adds flexibility and automation to the process, making handling everything from applications to approvals easier while keeping everything seamlessly connected within Salesforce. This combination gives lenders a more efficient, user-friendly way to manage loans from start to finish.
Feathery offers adaptability, automation, and seamless integration capabilities.
Unmatched Flexibility
Feathery allows you to tailor every aspect of the loan origination process to fit your unique needs, offering a level of customization that other systems just can’t match.
Logic-driven Automation
With Feathery, complex decision-making processes like risk assessment and loan eligibility are automated, ensuring consistent, data-driven outcomes every time.
Comprehensive Document Workflow Suite
Managing loan documents is a breeze with Feathery’s suite, which automates everything from collection to verification, keeping the process smooth and error-free.
OCR for Streamlined Scanning and Verification
Feathery’s OCR technology takes the hassle out of document handling by automatically scanning and verifying key documents, making the process faster and more accurate.
Seamless Integration with Third-Party Services
Feathery easily connects with other essential services, like credit bureaus and banking platforms, ensuring that all your tools work together seamlessly for a more efficient loan origination process.
- Bank Data Integration: Feathery seamlessly integrates with platforms like Plaid and Flinks, allowing lenders to securely access real-time bank transaction data directly from borrowers' accounts. This instant access to financial information enhances the precision of income verification and other financial assessments, ensuring more accurate loan evaluations.
- Credit Bureau Connectivity: The platform easily links with major credit bureaus such as TransUnion and Equifax, enabling the rapid retrieval of credit reports. This integration streamlines the credit evaluation process, allowing lenders to make quicker, more informed lending decisions.
- Core Banking Integration: Feathery supports smooth integration with key banking systems like Fiserv and Temenos, ensuring that data flows effortlessly between the loan origination system (LOS) and the lender’s primary banking platforms. This helps to boost operational efficiency and minimize errors during the fund disbursement process.
- Compatibility with Other LOS Systems: Feathery is designed to work seamlessly with other Loan Origination Systems like MeridianLink. This interoperability allows lenders to take full advantage of Feathery’s features while continuing to use their existing systems, making it easier to upgrade or expand their current processes without causing disruption.
How CashCo Financial Boosted Their Loan Approvals by 26% with Feathery’s LOS
CashCo Financial, a Canadian financial services firm specializing in alternative lending and banking solutions, faced challenges in streamlining their loan application and origination workflows across both in-branch and online channels. To address this, they partnered with Feathery to launch a new digital lending product that integrated and unified their loan origination workflows.
Unified Loan Application & Origination Workflows
By leveraging Feathery’s platform, CashCo Financial successfully unified their in-branch and online loan application workflows. This seamless integration cut down on the time staff spent managing and approving applications and provided a consistent, efficient customer experience across all channels.
Integrated Technology Stack
Feathery’s robust platform enabled CashCo Financial to integrate key tools into their loan origination workflows, including:
- LoanPro for efficient loan management post-approval.
- Flinks for secure access to borrowers' bank data.
- Oscilar for AI-driven loan decision-making, significantly improving the speed and accuracy of approvals.
- TransUnion for comprehensive credit checks, ensuring informed lending decisions.
- Feathery for processing IDs and bank statements, streamlining the KYC process.
Significant Increase in Customer Conversions
The integration of Feathery’s capabilities into CashCo Financial’s loan origination process led to a remarkable 26% increase in approved loans. This improvement was not just a result of a more efficient application process but also due to enhanced remarketing capabilities, which allowed CashCo Financial to better engage with potential borrowers.
“We've been able to increase customer conversion significantly and also added new remarketing capabilities. We also leverage the full Feathery platform, using the form builder to build the loan application, document generation for generating loan agreements and collecting e-signatures, and Document Intelligence for scanning IDs and bank statements. Feathery has also been immensely helpful in setting up and implementing our application experience." - Chief Digital Officer, CashCo Financial
As a result, CashCo Financial was able to convert more applications into approved loans, all while saving hundreds of hours in operational time.
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