Mortgage Innovation for Financial Services Cloud brings Lenders and Borrowers together. It is intended to speed up the loan application and loan closure. In this blog, we will discuss How Financial services cloud benefit mortgage industry.
360 view of client
- Salesforce Financial services cloud is completely integrated with the Customer 360 Platform. Customer 360 is an integrated CRM platform that connects your various departments and consolidates customer data. Imagine it as a circle of information centered around the customer.
- Every team gets a single, shared view of customers. Sales, marketing, and service teams can collaborate effectively to deliver personalized experiences and build trusted relationships.
- Managing potential mortgage loan buyers effectively is crucial for success.
Lead Object
- When you start counseling a potential buyer, use the default Lead object in Salesforce.
- Leads allow you to track initial interactions and gather information about potential customers.
Transition to Person Account
- As the potential customer develops into a more solid sales opportunity, consider converting their Lead record into a Person Account.
- Person Accounts represent individual consumers rather than companies or organizations.
- This transition allows for a more personalized approach.
Associated Opportunities
- When the lead becomes a Person Account, associate any relevant Opportunities with it.
- Opportunities represent potential sales deals.
- Linking them ensures a holistic view of the customer’s journey.
Loan Application Stage
- Create a Residential Loan Application and link it to the Opportunity and the Loan Applicant (Person Account).
- This streamlines the process and ensures accurate data tracking.
How to link mortgage-related data into a FSC data model?
Households and Financial Accounts
- FSC provides data points like Households and Financial Accounts.
- Households allow you to group related individuals together.
- Separate financial accounts can be created for individuals in the household.
- Financial Accounts represent accounts such as checking, savings, or mortgages.
- FSC Data Model helps to store the data of all individuals within a single Household.
- Users like loan officers, marketers or mortgage loan originators, can access a unified view of this information.
Screen Flows
- Within the FSC package there are pre-built Screen Flows.
- These guided flows lead users or customers through various steps, automating processes.
- You can modify these flows to tailor them to your specific needs.
Leveraging Experience cloud
- Consumers seeking a mortgage want transparency and control throughout the process.
- Experience Cloud provides borrowers with on-demand access to the most recent information.
- Borrowers can input essential details like address, income and employment directly into the Salesforce instance.
We have covered an overview of How Financial services cloud benefit mortgage industry. To know more, click Financial Services Cloud: Best Financial Services CRM – Salesforce.com US
Take Five Consulting is a technology company, based in Virginia U.S., that specializes in the Mortgage Banking vertical especially LOS implementation and application development. Take Five Consulting creates and implement mortgage technology and software specifically for Mortgage Industry.
