Revamping calprivate bank’s loan process with microsoft technologies

About CalPrivate Bank

Founded in 2006 as a subsidiary of Private Bancorp of America, Inc., CalPrivate Bank committed itself to offering financial solutions to its customers with a mantra of trust. Since then, CalPrivate has come a long way and expanded its financial frontiers to multiple branch locations in the coastal Southern California region. The bank aims to give its customers a customized financial experience with its creative funding solutions and quality banking experience. CalPrivate Bank’s mission is to nurture a premier banking offering for their clients by focusing on solution-based customer services and financial solutions such as loans, savings and checking accounts, treasury management, time deposit accounts, and related features.

Since the bank identifies itself as a relationship-oriented solution provider in financial consultation, customer service enhancement is top-priority for the CalPrivate team. 

Challenges Faced by CalPrivate Bank

Convoluted Loan Cycle

Additionally, the CPB team could not track data for a borrower with more than one loan request, which meant that essential information was lost. This convoluted loan cycle resulted in each employee spending almost 50% of their time merely tracking the emails and the necessary documents submitted by the applicant/borrower. Unfortunately, CPB also did not have any means to track time spent on their sales process stages to quantify the time consumed by each opportunity. Without easy access to lead information, the CPB team could not categorize their different pipeline stages.

As a result, they could not utilize their time to close deals and provide the distinct financial experience they wanted to give. They wanted a solution that could help them properly scale and track their loan files across different stages worked by different teams.   

Additionally, the CPB team could not track data for a borrower with more than one loan request, which meant that essential information was lost. This convoluted loan cycle resulted in each employee spending almost 50% of their time merely tracking the emails and the necessary documents submitted by the applicant/borrower. Unfortunately, CPB also did not have any means to track time spent on their sales process stages to quantify the time consumed by each opportunity. 

Without easy access to lead information, the CPB team could not categorize their different pipeline stages. As a result, they could not utilize their time to close deals and provide the distinct financial experience they wanted to give. They wanted a solution that could help them properly scale and track their loan files across different stages worked by different teams. 

Manual Approval Cycles Via Emails 

There were no defined automated business processes or assignment rules for document collaboration, management, and flow. Since CPB offered financial services to its clients, the entire procedure involved multiple documentation requirements that had to be sent back and forth for approvals. Therefore, a disintegrated and manual document processing pipeline was highly time-consuming and cost inefficient for CPB. 

Furthermore, the external and internal collaboration with clients, departments, external parties, etc. were all done primarily through email. This meant that CPB employees spent a chunk of their daily hours responding to emails, collaborating back and forth, and trying to track communication. Many emails were also lost or missed due to cluttered inboxes, and as a result, many essential updates, documents, and data were lost. There was no way to track loan file flow from the business development officer to the relationship manager. The transition of documents to the underwriters for loan processing and tracking credit checks was completely missing in their existing system.

Due to this complicated business data access, clients often suffered as their services were often delayed or overcomplicated. CPB employees could not keep track of up-to-date documents, failed to use relevant information, and wanted a simplified process to handle incoming and outgoing data.

 

Poor Field Security Level 

Another problem that CPB faced was with its security permissions. CPB works with a lot of data, and therefore, it wants to ensure that the data is handled securely and only shared with the relevant parties. Consequently, it was essential to the CPB team to create a more guarded and safe data management view. CPB hoped to enhance its field security levels to ensure that only specific employees had editing/viewing permissions.

Streamlining Sales, Document Management, and Security – Enter AlphaBOLD! 

Being a top Microsoft Dynamics 365 partner and Dynamics solution consultant, AlphaBOLD was able to work with the CPB team to overcome these challenges and help them take a step further in their goal of providing distinct customer-focused financial solutions. By incorporating various Microsoft technologies, AlphaBOLD helped CPB overcome their internal process inefficiencies and provide exceptional customer service. 

AlphaBOLD’s team had multiple meetings with the CPB team and gathered a ‘wish list’ to ensure that it offered an optimized solution to cater to their challenges. After the requirements gathering phase, the team started working towards building a solution that aimed to enhance the sales process by providing more visibility and streamlining document flow through automation. It offered advanced security and permissions on data fields. 

Loan Process Flow – Enhanced Visibility 

AlphaBOLD’s CRM team utilized Microsoft Dynamics 365 to build an automated assignment and approval process flow that leveraged multiple CRM features to achieve a simple yet 360′ view of the loan cycle from lead to account closing. Furthermore, AlphaBOLD created customized dashboards and workflows for the CPB team that gave them visibility into lead/opportunity updates and automatically assign the lead/opportunity to relevant teams. AlphaBOLD introduced functionality for CPB that allowed their sales team to collaborate on a record simultaneously. Through these new functionalities, the sales team could track data easily and thus save time and effort. This allowed them to focus on more pressing tasks, such as converting opportunities into leads.

This simplification of the process also gave sales managers more visibility into employee input and helped them identify problem areas since the process was much more streamlined and modulated. They were also able to track the time invested in each sales process stage.

AlphaBOLD implemented an advanced approach for CPB sales processes that made Dynamics 365 a one-stop information portal for all customer-related data while analyzing all data to generate reports quickly and improve the overall customer journey. 

Automated Document Flow 
AlphaBOLD tackled CPB’s documentation clutter by leveraging Microsoft Dynamics 365, Outlook Integration, and SharePoint. Since CPB did a lot of “approval” communication via email, it was vital for them to track, record, and manage email data. AlphaBOLD utilized Dynamics 365 to help them to do so. AlphaBOLD automated the approval cycle in CRM, allowing all the involved users in the record to track the progress and easily collaborate. CPB was also able to use the CRM Mobile application for their approval cycles. This massive improvement for CPB cut the approval time in half and saved the CPB team from wasting their time and resources on manually recording updates. Furthermore, since the emails were now being tracked inside the CRM, the chances of lost data and human error were minimized. 

Additionally, AlphaBOLD linked the CPB’s needs list (a set of documents needed from the loan applicant) to SharePoint. This meant that CPB professionals were no longer required to chase after emails or files to find relevant documents. They now had entity fields in SharePoint based on their document requirements to check against. This made the document generation and management workflow quick, simple, and smooth. It also speeds up business process flow dramatically and allows for a much more integrated and streamlined customer journey. 

Improving Field Security Level

AlphaBOLD catered to CPB’s field security concerns by setting access restrictions based on employee roles. This meant that only the users with access to a specific field could edit, approve, or even view it if it is needed. Therefore, until an employee was assigned a role, he/she could not consider or edit it. This allowed the CPB team to take on a more secure approach to in-field security and cater to their privacy concerns. 

ConclusionIt All Comes Together! 

Conclusively, with SharePoint, Dynamics 365, and Outlook Integration, AlphaBOLD empowered CPB to easily track communication across the sales cycle, saving them time, energy, and resources. AlphaBOLD was able to meet all the needs put forward by the CPB team and thus has cultivated a long-lasting working relationship. Now CPB enjoys a much more streamlined customer journey from the opportunity to close and serve its clients as “relationship-oriented people” who provide “distinct financial services.” 

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