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Get a FREE Equipment Finance Portal For Salesforce!

Accurate documentation including records and applications is the lifeblood of any effective financial services institution. And when customers approach financial services organizations, they are hoping for swift and speedy service as well as to be taken care of. Handling financial applications in a transparent, trustworthy, and efficient way is crucial to showing customers that you care about their well-being and want to help make their financial goals a reality. The flip side is that when this is handled badly, your enterprise can lose trust quickly, and when it is managed slowly, you lose customers fast!

Many companies assume that digitization is king and that getting off paper will solve their silos for good. Unfortunately, handling a finance application can be a tedious manual process, even if completed digitally. The details involved can drain the time and energy of your financial advisors. This is energy and effort they could have spent interacting with customers and providing personalized consultations. The good news is that it is possible to automate all this via Salesforce Financial Services Cloud. And while many people might think Salesforce is complicated to use and requires development, this doesn’t have to be true! 

In this use case, find out how a Titan Partner gave a Client a FREE Equipment Finance portal, helping them to eliminate manual work for good! Read more for more details!

Understanding Equipment Finance Application Challenges!

Having the right equipment can enable businesses to transform their service delivery. Applying for this equipment on loan can make short-term financial sense as well as be a long-term asset. Administering an Equipment Finance Application is one of the core services any financial institution provides but it is not always easy. For one it requires multiple guarantors, references, and signatures along the way.

Titan Partner, Amit Midha, was approached by a client who was finding the handling of a lengthy Equipment Finance Application almost impossible. This two-page “monster PDF” meant the client had to sink time and resources into allocating a team to manually input data into Salesforce. This was not feasible or practical in business terms and so they approached Titan hoping to find a solution via its suite of no-code enterprise applications for Salesforce. If this solution were to work, it would need to integrate directly with the client’s Salesforce and remove the need to allocate a team to manually handle the data entry into their CRM, as well as the associated file upload. 

The Challenges With The Traditional PDF Application

When handling the Equipment Finance Application PDF, there were several key challenges the client was facing. This included a high administrative burden as well as an increased risk of human error. These were some of the biggest stumbling blocks:

Cons
This lengthy PDF document necessitated extensive administrative work and data validation. This sapped hours of manual work for an entire team that could have otherwise been deployed more productively.
Cons
Multiple guarantors and reference accounts need to be added for the Equipment Finance Application. All these relationships needed to be created manually in Salesforce.
Cons
Multiple files were required for applications to be approved. These files were being chased via email and manually uploaded. This left room for human error and forgetting to upload specific files.
Cons
If the PDF needed to be updated, this was a mission of its own! The applicant would need to call and request an amendment, which could sometimes require restarting the entire process.
Cons
Hand-signing the PDF and then manually uploading it to Salesforce meant the team could not otherwise track if it had been signed at all.

After trying to implement this painful manual process, the client was looking for a solution. 

Can you imagine their surprise when Titan promised them an Equipment Finance Application Portal for FREE? 

Titan’s Free Equipment Finance Application Portal

Titan was able to solve this tough use case and streamline business equipment loans via a tailor-made equipment Finance Application Portal: Enhancing Equipment Financing: How To Create Equipment Finance Application For Salesforce (No-Code)

Check out some of the biggest highlights of how this was signed, sealed, and delivered:

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Titan introduced a Self-Service portal to eliminate paperwork and manual data entry for Equipment Finance Applications.
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Applicants can now log in to this portal and fill in the Equipment Finance Application in Salesforce.
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When guarantors, additional contacts, or application references are now created, they are automatically linked to the finance application in Salesforce. This happens dynamically and in real time!
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Files are automatically uploaded next to the finance application record in Salesforce.
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All data entered into the Equipment Finance Application can be updated securely by logging in. This verifies the identity of the applicant and also saves time – applicants can log in and pick up where they left off. 
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Logging in to a secure portal means you are not risking sensitive financial information in a public form.
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Logging into a portal means the customer can track multiple applications with ease.
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Applicants can now electronically sign the application, and this action can be tracked by the customer. Additionally, it enables the sales team to follow up or send reminders as needed.

Titan’s innovative approach revolutionized the client’s workflow, delivering efficiency and accuracy at every step. If they choose, they can also easily embed this portal in Salesforce Experience Cloud, depending on the evolving needs of their business.

All this could be achieved using no code and absolutely free of charge because they were now a Titan client! 

More Details on How this Portal Works

In order to log in, all you need is a record in Salesforce with an email added:

Logging into a Portal
Logging into a Portal

Once the customer tries to log in, Titan will check if the email exists in Salesforce. If it does, Titan will send a 2FA authorization code to their email or via text. This code enables you to enter the portal. Here you can see all relevant applications, as well as their status. Customers can simply click “Continue Application” to resume: 

List of Applications with their Status
List of Applications with their Status

After clicking continue, Titan will have pre-filled all the data you have already submitted saving you time and hassle. You can dynamically add guarantors to your form which are sent to Salesforce in real-time:

Dynamically Add Guarantors
Dynamically Add Guarantors

See below the new record added to Salesforce:

Newly Added Salesforce Records
Newly Added Salesforce Records

Updating any of these records is easy to do in your form and this is written to Salesforce in real-time. 

You can also collect multiple records and link to Salesforce. In the PDF it is easy but in Salesforce you can create a junction object linked to the application which allows the applicant to create multiple references. Once this junction object is created, in this case called Finance Application references, you can simply click the add references button in your application and fill in the details. Clicking submit will write back to Salesforce, where a record is now created.

Write Data Back to Salesforce
Write Data Back to Salesforce

You can easily delete records on your form and this will reflect on Salesforce in real time!

When it comes to collecting equipment information, this has a layer of conditional logic with expandable sections. All information filled in here is sent to Salesforce.

Layer of Conditional Logic with Expandable Sections
Layer of Conditional Logic with Expandable Sections

Filling in information related to transaction structure follows the same flow by following form logic but when it comes to collecting Financial Information, you need to make sure the relevant files are uploaded to Salesforce.

You can upload any file type to your form. You can both preview and delete any files you don’t want before clicking upload. These documents are sent to Salesforce, checking off the relevant boxes in Salesforce. 

In the final section, you can get the document signed by the applicant and authorizer. This can be achieved easily with Titan Sign. Once signed by the applicant, it will go off to the authorized owner of the application in Salesforce who will also sign it. Once signed, this document is sent to Salesforce and you will receive a complete tracking log of the signing process. It will tell you when the document was sent, viewed, and who it was signed by, along with IP addresses.

Get Started with Titan

From the above, you can see that digitizing your processes and working with Salesforce does not always equal limitless freedom and complete automation. Before discovering Titan’s no-code apps for Salesforce Financial Services Cloud, the client was struggling with manually entering data into their CRM via working off a lengthy PDF. 

With the power and speed of Titan’s real-time Salesforce integration, the customer was able to revolutionize their approach to handling business equipment financing. Manual work has been eliminated and a talented team who previously had to complete thankless work is now freed up to perform high-value tasks that transform the business for the better.

If you liked this use case and want to explore others like it then we suggest you keep following Titan. It is our mission to help you solve even the most challenging use cases in any industry using zero code and minimal time and money. Watch this space!

Let’s get started!

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Disclaimer: The comparisons listed in this article are based on information provided by the companies online and online reviews from users. If you found a mistake, please contact us.

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