Bank Connect: Streamline Loan Processing with Automated Workflow and Accurate Data

Bank Connect, powered by Plaid, is an application that automates the business workflow by bringing lenders and borrowers together to perform loan-related tasks. As a Salesforce Partner Innovation Award winner and a Salesforce-certified ISV Partner, Cloud Maven, Inc. has developed this app. Some lenders may be unable to verify borrowers’ identities using traditional methods. Traditional methods of verifying a borrower’s bank data can be error-prone, time-consuming, and inconvenient for borrowers, which can lead to delays and discrepancies in loan processing. However, with this app, lenders can benefit from the following features:

1. Accurate and Thorough Review of Financial Information: The app assists lenders in confirming and thoroughly reviewing a potential borrower’s financial information to ensure the data provided is accurate and reliable. The app eliminates errors that can occur when collecting data manually by automating the process. This feature saves lenders time and money while also improving financial data accuracy.
2. Customizable Dashboard: The data from the bank is displayed on a customizable dashboard that can be tailored to meet the lender’s specific requirements. The dashboard displays historical balances, assets, transaction histories, and other information that can assist lenders in making informed decisions about a borrower’s creditworthiness.
3. Automated System: The app provides a fully automated system that runs smoothly and without errors, saving both lenders and borrowers time and resources. By automating the process of collecting financial information, the app ensures that the application runs efficiently and that the data collected is accurate.
4. Real-time Data Visualization and Analysis: The app visualizes and analyzes a user’s money and assets, providing real-time bank data from any standard or custom Salesforce object. This feature assists lenders in identifying trends, patterns, and potential risks, allowing them to make informed decisions about a borrower’s creditworthiness.
5. Reduced NSF and Overdraft Fees: The app allows customers to double-check their available funds before transferring funds, reducing the risk of NSF and overdraft fees. This feature assists borrowers in avoiding unnecessary expenses and makes the loan application process more cost-effective.

In summary, the app helps lenders by providing accurate and reliable financial information, automating the data collection process, and reducing the risk of errors and delays. The customizable dashboard, real-time data visualization, and analysis, and reduced NSF and overdraft fees also provide added benefits to lenders and borrowers alike. This income verification solution is available on Salesforce AppExchange, for a free 30-day trial period. Please get in touch with info@cloudmaveninc.com and follow us on LinkedIn, Twitter, and YouTube to learn more about new products.