Salesforce adds new features to Financial Services Cloud

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Applying for a mortgage can take an endless amount of time, partly because this process has not been streamlined. Salesforce wants to solve this problem with an update for its Financial Services Cloud, which is used by banks and other financial organisations.

Anyone who has bought a house or applied for a mortgage knows that this requires a lot of data. This data must all be brought together, in order to arrive at the right insights for the mortgage lender.

This process can take quite a long time, and can sometimes feel chaotic. Salesforce even states that it takes an average of 46 days to complete a mortgage, according to ZDNet . That process needs to be shortened and streamlined, which is what Salesforce is trying to do with a new update for its Financial Services Cloud.

Guided Mortgage Process

Financial Services Cloud now includes a pre-built process with step-by-step actions and recommendations. This provides mortgage lenders with a supervised process for applying for a mortgage, thereby streamlining the entire process.

This process ensures that mortgage lenders no longer have to upload relevant data and documentation about the applicant by hand. Financial Services Cloud also contains thirteen pre-built mortgage objects, making it easier to record information about the applicant. Think, for example, of the applicant’s address, income and work.

These data points can also be shown in the context of the other financial accounts and broader information about the applicant. In this way, the mortgage lender quickly has all the information he needs.

Simplifying processes

Salesforce has been trying to simplify processes for various industries lately, by providing more overview. For example, the Financial Services Cloud provided an update in September to give insurers better insight into customers and policyholders. As a result, policyholders are involved in the process at the right time and place.

Financial Services Cloud also addresses some other optimisation tasks for insurers, by making use of the analytics capabilities of the Einstein AI engine. Newly added Lightning Flow templates also ensure that business rules are consistently applied and inefficiencies are reduced.