This post is the first in the four-part series: Address Origination Challenges with Salesforce. The series discusses strategies to optimize the intake, application, underwriting and closing stages of loan origination using Salesforce. In this post, we will highlight how our clients leverage Salesforce for CDFIs specifically to manage intake processes while addressing common origination challenges.

Intake Challenge #1: Reaching the Target Audience. 

How can a CDFI widen the funnel and simultaneously attract the right candidates?

• Partner Management. To generate leads, Community Development organizations often rely on a network of partners. The Hebrew Free Loan Society, an organization that offers interest free loans to residents and businesses in the New York City area, uses Salesforce to effectively track partner data as well as the loans generated from these partners. Salesforce can measure the conversion rate from partner leads into approved clients, and aggregate this data in easy-to-use reports and dashboards. This helps Community Development organizations like HFLS identify their most effective partners, and also enables them to report back to partners regarding lead conversion outcomes. 
• Client Referrals and Stories. One of the most effective ways for a CDFI to grow is through word of mouth referrals. Salesforce can be used to track client referrals, and even manage a rewards program to encourage them. Another way to track clients is to flag those that are compelling enough to highlight on a CDFI’s website, e-newsletter, and/or fundraising application. Craftsman has set up Salesforce for our partner PIDC, an economic development organization in Philadelphia, to alert the marketing department of key clients to highlight. 
• Outreach + Event Effectiveness. Salesforce enables CDFIs to track outreach event attendees for follow up. Through integrations with event management systems like Eventbrite, CDFIs can easily transfer registrant information into Salesforce as leads. Similarly, the Zoom to Salesforce integration allows CDFIs to pass attendee details automatically into Salesforce. These leads can then be cultivated into potential clients. 
• Marketing Effectiveness. Integration between email marketing tools and Salesforce enables effective segmentation and targeting. The best integrations allow Salesforce to draw up potential leads based on outreach data, and target email campaigns accordingly. Craftsman client OFN is the national association of CDFIs, providing capital, advocacy, and capacity building. Using Pardot, OFN can segment its constituents based on key criteria and focus their messaging for the intended audience.

Intake Challenge #2: Meeting the Market’s Needs

How can CDFIs compete against sites that offer instant financing?

• Automated Prequalification. CDFIs need to easily identify qualified candidates and move them through the process quickly. For Working Solutions, a CDFI focused on San Francisco Bay Area entrepreneurs, Craftsman built a two-step application process, allowing potential clients that pass eligibility criteria to move on to the next step. Craftsman has also implemented automated credit pulls in Salesforce (with applicant permission) using a third party application called Laser Credit. For some CDFIs, applicants that exceed minimum credit score requirements will continue to the next stage of the application process, potentially with a pre-approved loan amount. 

• Online Form Integration. Building prequalification criteria into online application forms that feed into Salesforce saves time for the loan officer as well as the applicant. Users avoid manual data entry, and the information is immediately transferred into Salesforce, allowing for rapid response and improved data quality. Craftsman has helped On the Road Lending (a CDFI that provides affordable car loans) implement powerful Salesforce functionality such as automated email responses, assignment rules, and workflow triggers based on form responses. A commonly used tool for online forms is FormAssembly, which can filter out spam responses using their Recaptcha feature as well as enable online signature verification.

Intake Challenge #3: Doing More with Less

How can CDFIs maximize efficiency?

• Workflow Optimization. By building streamlined workflow processes in Salesforce, Craftsman has enhanced the speed and efficiency by which applications are managed. Salesforce routing rules assign leads to the right staff member based on language, geography, deal/loan type, etc. 
• Dashboards and Reports. With highly visual dashboards and reports, the intake team can easily see where leads are coming from, which channels and partners are most effective, and which ones have the greatest conversion rates. The Creative Business Accelerator from Bridgeway Capital, which supports the entrepreneurial artists, designers, makers, and craftspeople building businesses that impact the regional economy, has effectively leveraged Salesforce Dashboards to track leads and opportunities, as well as mission, performance, and impact.

Summary + Conclusion

Salesforce has proven to be an effective tool to manage the intake process, enabling Craftsman clients to reach their target audience, enhance their response time, and maximize efficiency. The next blog in this series will explore how Salesforce can be used to optimize the data and document collection processes inherent in the application stage. Contact us for more information on Salesforce for CDFIs.