Salesforce
Servicenow
Snowflake
Workato
Tableau
Hire Developers
Utilities
Connectors
Industry Solutions / Accelerators
Handling the finances of a business organization is one of the most difficult yet important activities. The finance department of a business enterprise is pivotal to all the business activities taking place in the organization as it keeps an extensive record of all the expenses made and revenues generated by the organization.
Over a period of time, businesses pertaining to all operational scales and all sectors of the industry have leveraged their functionalities. As the market is getting increasingly digitized, more and more businesses are adapting to new technological advances to get more work done
at a faster rate. Especially when it comes to handling finances, it is necessary to computerize certain activities as it is impossible to keep a record of all the transactions taking place in a business organization on a daily basis using traditional methods.
When it comes to automating business processes, Salesforce is one of the most prominent business CRM software products in the market. It has helped numerous business houses to record, store, process and analyzes important business data, particularly regarding the customers catered by the company. The platform of Salesforce has brought in a considerable degree of automation and efficiency in business processes undertaken by the employees.
One of the biggest advantages of implementing Salesforce is the fact that you can integrate it with numerous third-party applications. The platform of Salesforce is highly customizable that allows developers to build robust applications using the environment of Salesforce. In the majority of the cases, independent software vendors (ISVs) use the platform of Salesforce for developing an application that can work on an independent basis. This is generally a platform that allows Salesforce users to utilize their Salesforce data for performing specific activities on the interface of the integrated software platform. Such Salesforce integrations result in improving the functionality and consistency of Salesforce as the users can avail of an ideal blend of services from two software entities on a centralized platform.
One of the key business areas that can be functionally improved by Salesforce integration is that of finance. Matters related to money are always sensitive and no business organization would want to take a risk when it comes to its finances. Integrating Salesforce with a suitable finance software platform can be extremely helpful in managing the finances of your business in a secure and more efficient manner.
One of the biggest problems faced by business enterprises across the world is that of frauds and scams. Especially when it comes to business lending organizations, borrowers tend to take money from the lenders by providing fake credentials. This not only hampers the lending organization in specific, but also the business lending market in general.
In order to prevent financial lending organizations from encountering such fraud business borrowers, software platforms such as DecisionLogic were introduced in the market. DecisionLogic is essentially a bank verification system that helps a lending organization to ascertain the bank details of their borrowers. This platform helps the users in verifying bank details of the borrowers in real-time, relieving them of issues pertaining to inaccuracy, delay or fraud.
Integrating the platform of DecisionLogic with Salesforce would help business lending organizations in verifying the details of their borrowers in a faster and more automated manner. A user can sync bank account with Salesforce, leading to a more efficient verification of details. However, it is important to understand how the platform of DecisionLogic works before understanding the DecisionLogic Salesforce integration.
The functioning of DecisionLogic is fairly simple and easy to understand. If you are a business finance lender, you will send a unique link to your borrower through DecisionLogic a day before you close your loan or advance. On the other hand, your borrower will be required to open the link and enter their bank username and password within a specified period of time. If they are not able to fill in the details on time or if the details are incorrect, the link would immediately become invalid.
It is important to understand that no one has any access to the bank details your borrower enters after opening the link you send them. Once the correct details are entered by your borrower, you will be able to view their bank account for a brief period of time through the internet. Within the stipulated time, you can go through all the relevant
details to confirm the creditworthiness of your borrower and to verify their identity through their bank account.
Though you will be able to view the bank account of your borrower, neither you nor the platform of DecisionLogic itself would obtain access to the bank username and password provided by the borrower.
Salesforce DecisionLogic integration is extremely beneficial for business lending organizations. If you are running a lending enterprise, you will have all the details regarding your borrower’s store within the CRM database of Salesforce. If you integrate these details with DecisionLogic, you will be able to automate the process of verifying the credentials of the borrowers already registered in the Salesforce database.
Also, the integration between Salesforce and DecisionLogic would allow you to obtain your borrower’s bank statement with Salesforce. This information would help you maintain extensive records of all the transactions taking place between you and your borrowers. The tools and components of Salesforce would help you in keeping complete
track of all the activities undertaken on the platform of DecisionLogic and help you organize your financing activities.
There are situations where borrowers tend to apply for more than one loan or advance from the lending organization without their knowledge. If you undertake your lending transaction using DecisionLogic, you can view the bank account of your borrowers in real-time and check whether they have applied for more than one loan or advance with your organization. This would prevent your business to be more leveraged than required and reduce the scope for fraudulent activities.
If you view your borrower’s bank account statement with Salesforce, you can enter this record to a relevant Salesforce object and manage the concerned lead using this information. If the account information is valid, the lead can be qualified and if not, it will be removed from the sales pipeline. You can also use the financial statements Salesforce saves in undertaking future transactions with the same borrower by adding it to the bank of the transaction history.
Summing up, the Salesforce DecisionLogic integration would help you in recording, storing, processing and analyzing the details of the borrowers you dealt with through the platform of DecisionLogic. This would provide your clients/users with an ideal mix of services provided by both the platforms in an efficiently synchronized manner.
Another benefit of integrating Salesforce with a platform like DecisionMaking is that the users can make use of the latest OCR (Optical Character Recognition) development in the platform to encode the details pertaining to the financial borrowers.
One of the recent developments in the artificial intelligence component of Salesforce (Einstein) is pertaining to OCR. This technology helps the software in enhancing the computer vision that facilitates the extraction of important information from certain specific documents by encoding the same. DecisionLogic users can avail of this Salesforce OCR solution through the integrated platform, allowing the users to generate OCR bank statements.
Making use of Einstein OCR API would also facilitate the process of repetitive data entries pertaining to a borrower over a period of time. This saves considerable time and effort put by the employees in keeping organized financial records.
Another software platform you can integrate Salesforce with as a lending organization is Ocrolus. Just like DecisionLogic, Ocrolus is essentially a platform that helps business lending organizations in keeping themselves safe from fraudulent activities.
If you undertake an efficient Salesforce Ocrolus (Perfect Audit) integration, you can extract necessary data from the financial documents belonging to the borrowers and save it in your CRM database. Apart from performing extensive cash-flow analytics, the integrated platform can also be used for detecting fraudulent activities that can be performed by the borrowers by providing faulty information.
With the platform of Ocrolus as well, the users can employ services of Einstein OCR API to extract necessary information from the documents provided by the borrowers. While Ocrolus would allow you in capturing accurate information from the statements provided by your borrowers, Salesforce would encode them and store them in the CRM database under the relevant Salesforce object that can be used by the employees for future reference.
Summing up, the platform of Salesforce always provided the right amount of automation, efficiency, and speed required by a leading organization in handling their finances. With both DecisionLogic and Ocrolus, Salesforce fits perfectly as an integration partner, allowing the users to keep a track and a set record of specific information obtained from the financial statements of the borrowers. This would certainly keep scammers and fraudsters from providing faulty information while securing loans and advances.
Read more about Salesforce Consulting Services and Salesforce Integrations services at Techila.