Our client, a financial institution, was facing significant inefficiencies due to outdated legacy systems and manual data handling in Excel spreadsheets. This setup hindered their ability to process credit applications quickly and accurately, limiting their responsiveness and ability to offer timely credit decisions.
Business Scenario
The core challenge was to migrate extensive data from Excel and other legacy systems to Salesforce. In addition, the financial institution sought a comprehensive solution that could enable seamless data integration and management while empowering their underwriters with a consolidated, 360-degree view of all relevant customer data for credit decisioning. The client’s existing credit decisioning process lacked automation, resulting in lengthy approval timelines, inter-departmental tracking difficulties, and lower customer satisfaction.
Areya’s Approach
Areya Technologies stepped in to deliver a tailored solution using Salesforce. We configured and customized the Cloud Lending AppExchange product to meet the client’s specific requirements and enhance their loan processing capabilities.
Our team implemented a range of integrations, utilizing Salesforce’s Composite API to integrate data sources and exposing web services through REST API for efficient callouts to third-party systems, including DP Experian, Perfios, and AWS. These integrations ensured that the client’s Salesforce system could communicate seamlessly with external data sources, providing underwriters with real-time access to credit scores, identity verification, and other critical customer information.
To empower underwriters further, we built a 360-degree view on Salesforce, consolidating all necessary customer data into one accessible interface. This centralized view enabled the underwriters to make quicker, more informed credit decisions. Additionally, we configured a scorecard model within Salesforce, which automatically generates a creditworthiness score based on various business parameters, thus streamlining and standardizing the credit decisioning process.
Impact
With Areya Technologies’ solution, the financial institution experienced a dramatic reduction in the time required for credit decisions. The 360-degree view and improved data integration allowed for better inter-departmental tracking and minimized the need for manual data handling, directly impacting customer satisfaction. By adopting this modernized, data-driven approach, the financial institution enhanced both its operational efficiency and its ability to serve customers swiftly, positioning itself as a forward-thinking leader in financial services.
Impact Summary
- Reduced Time to Decision: The time taken to make credit decisions decreased significantly.
- Improved Data Transparency: The 360-degree view allowed underwriters to access all required information in one place.
- Enhanced Customer Satisfaction: Streamlined processes and quicker decision-making led to a noticeable improvement in customer satisfaction levels.
Conclusion
Through this successful partnership, Areya Technologies showcased its expertise in financial services transformation, turning legacy systems into agile, integrated solutions aligned with today’s demands for speed, accuracy, and customer-centricity.
