Loan Management System Based on Salesforce

A web system using Salesforce sales stages (lead, opportunity) to manage loan applications and automatically accept or decline.

Salesforce has the capacity to process huge quantities of data, assign process stages based on preset triggers, and grant permissioned access based on hierarchical roles.

As the CRM of choice for enterprises, it also offers a familiar structure and excellent security features, and comes with a range of powerful automations.

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The Client

We were tasked with creating a system for automating the acceptance or rejection of loans in the medical space. The loan management system was required to gather financial and other documents and pre-approve based on these.

Business challenge

The medical loans business faces challenges that center on speed of data processing, accuracy and adequate customer experience. These include:

Slow loan approvals or refusals

With manual data processing and poor access to records, loans take an unnecessarily long time to process, with poor results for companies and their customers.

Lack of trust in data processing

Institutions lack ways to share data in a trusted, secure manner, while customers are cautious about sharing personal data with loan providers.

High operational expenses

Disorganized data flows and complex workflows absorb costly manual work hours, while obtaining data and storing it requires IT implementation and staff.

Fragmented patient and credit histories

Clinical and financial histories are fragmented and unclear, with crucial documents distributed across multiple organizations’ databases.

This project faced specific challenges concerning data flows and traffic management.

Complex integrations

Selected as the basis for loan application management, the Salesforce LeadFlow engine is powerful and customizable but requires extensive integrations with data sources to function adequately for our purposes.

Data batching and transferring

Asynchronous data batching and transferring from one application to another required careful setup and process design to ensure the system functioned smoothly and effectively.

Key features of the loan management system

The loan management solution delivers key benefits for the medical loan industry, including:

Rapid decision-making

Loans can be approved or rejected based on automated creditworthiness checks, streamlining and accelerating the process.

Trusted data source

Secure, accurate and fast, with updates in real time, the system finally delivers a trusted source of clinical and financial data.

Customer experience

Give customers the intuitive experience they expect from applications, with a clear, easy application process.

Reduced operational expenses

The loan management system reduces the need for time-consuming and costly manual checking and data-sourcing, reducing costs as well as saving time.

How it works

The requirement was to create a loan management system that could automate complex multistage processes reliably and efficiently. The system also needed to be quick to learn and easy to use, to ensure uptake among the target group. Salesforce was selected as the basis for the system for its clean, intuitive user interface, familiarity, and predefined workflows. Mapping the new structure onto that provided by Salesforce accelerated development and gave us access to Salesforce’s array of third-party integrations, AI augmentation, analytics tools and desktop and mobile applications.

1: Mapped onto Salesforce

The system maps company structure and loan processing stages onto preexisting Salesforce steps like lead and prospects, with Salesforce’s permissioned access supporting company hierarchy like Director and Account Manager roles.

2: Data transfer from third-party system

Data is transferred between Salesforce and third-party systems using internal SQL database triggers, then added to the sfName object table.

3: Scheduled tasks processing

After the SQL database trigger event, a scheduled SSIS task is processed and synchronized with Salesforce’s database. The loan management solution offers rules-based automated rejection or preliminary approval, saving operator time and accelerating productivity. Depending on the object type, the result could be:

4-1: New Lead

A new lead, opportunity, contact, or account is added to Salesforce and linked through the value of the Legacy Field ID.

4-2: Update existing

An existing record is updated, first in a temporary SQL table and then in the Salesforce database.

Lightpoint built the system with:

3 developers, 1 QA engineer, 1 Project Manager

Tech stack:

Database:

MSSQL Server, MongoDB

Other:

Salesforce Classic, Salesforce Lightning, SSIS, SOQL

Results

The loan management system is effective in leveraging Salesforce to create a medical loans processing tool that’s rapid, secure, accurate and streamlined. Hours of manual work are saved, with staff redirected to more value-adding activities, and customers express a preference for the simple, easy-to-use experience.