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Store all the loan documents at one place

Document Recovery is a Salesforce Lightning component that allows us to store all the customer’s mandatory and optional loan documents in Salesforce CRM. It displays the list of the borrower, co-borrower, and co-signers all essential ids, bank statements, and other documents in one place. Document recovery makes it feasible for financial service providers to manage the documents of the applicants in a hassle-free manner. It also helps to quickly identify the status (number of documents pending, etc.) of an applicant.

Technology: Salesforce

Product:

Document Recovery

Date:

July 29, 2020

Category:

Salesforce

The Objective

Loan lenders need to manage the documents which are important for making a loan approval decision. Documents are required to check the identity, creditworthiness, past loan repayment records, etc. of the borrower, co-borrower, and co-signer. For this, they need to manage the documents of all the applicants in different places which is difficult to manage. This process is very time consuming and there are a lot of chances of losing the data. To resolve this, financial service providers need a component or technical feature that helps in storing and managing complete documentation from one place.

The Challenge

Manually managing the documents in different folders as per application type and status is a challenge. Some of the other issues faced by Salesforce Lightning users are:

Some of the other issues faced by Salesforce users are:

  • Delay in identifying pending documents (a time-consuming process)
  • Synchronizing documents received through multiple systems e.g. customer interface, backend, emails, etc.
  • Receiving new document types based on specific needs of an application
  • Automating communication shared with the applications for pending documents
  • Customizing the list and content of a message for each application
  • Categorizing, accessing and searching the uploaded documents
  • Configuring document type(s) by-product and application
  • Tracking of the pending documents that have been requested
  • Tracking of the document requests that have been completed (completed documents
    cannot be requested again)
  • Renaming a file during upload
  • Finding the mail id of the applicant from the database

The Solution

Technology Mindz reviewed the requirements and pain areas of the Salesforce Lightning users and by considering all the specifications, the following solution(s) were integrated:

  • Created the Lightning component which shows required documents of the Borrower, Co-Borrower, and Co-signer at one place
  • Provided a functionality by which borrower can upload his/her documents on customer portal and it will automatically sync in Salesforce CRM
  • Functionality to rename the section or files
  • Functionality to upload various file types
  • Provided email functionality to directly email the borrower, co-borrower, and co-signer from the same tab
  • Provided search functionality to make it more user friendly
  • Functionality to upload multiple files at a time
  • Created functionality to review the report in the following formats
  • –   Personal Document
  • –   Secondary Document
  • –   Other Documents

Technical Approach

The following approach was applied to fulfill the particular requirements of Salesforce users;

  • Developed a lightning tab-set for the document section for the borrower, co-borrower, and co-signer at one page
  • Created a lightning grid for classifying all the document details into ‘primary’, ‘secondary’, and ‘other’ section.
  • Created JavaScript functionality to fade the font of document header if the required number of the document is completed
  • Created lighting button-group for uploading and submitting a request
  • Using lightning File Upload feature created functionality for uploading multiple files at a time stored in content version object
  • Created functionality to request all the checkbox selected documents and mandatory document list to the user using Salesforce single email message functionality
  • Created search functionality using apex and JavaScript
  • Using lightning data table and lightning accordion showed all the uploaded documents and their details in tabular form
  • Created lightning show toast functionality for showing the file upload status message

The Benefits

Document Recovery provided the following benefits to the end-user:

  • All the loan required documents at one place
  • Easy to identify the pending documents
  • Easy to upload the documents in the CRM
  • Save time by providing all the details of borrower, co-borrower, and co-signer
  • Sort the relevant file as per the required search
  • User-friendly dashboard
  • Easy to sync the information from the customer portal

The Results

The Salesforce Lightning user achieved the following results after using the cohesive and integrated, ‘Document Recovery’ component powered by Technology Mindz:

  • Resolved the problem of manually managing the required documents
  • Fast process of loan application clearance and documentation
  • Improved the working efficiency
  • Achieved user satisfaction by providing hassle-free documentation work
  • Minimized operation expenses – less use of manpower