We want to highlight an applicable banking blog post from last year: Scott Hodgins’ warning about Salesforce.com vanity projects. This topic is sure to become evergreen in the banking industry, as financial services is a heavily-targeted industry vertical for Salesforce CRM (customer relationship management).
Complexity bias, a cognitive bias in favor of complex solutions, is a possible cause for vanity projects. Design guru Don Norman explains one motivation behind our complexity bias: “We seek rich, satisfying lives, and richness goes along with complexity.”
Making things worse, increased knowledge increases the preference for complexity. When knowledgeable bankers attempt a vanity project or ‘big bang’ software implementation with hundreds or thousands of affected users, complexity bias may be at work.
Choosing a Salesforce platform for banking can be rational, but the following cost must be factored into a rational decision: The friction and effort for users across the bank or credit union to think in the Salesforce platform’s visual language and workflow. Users have long experience with the Microsoft platform’s visual language. Dynamics and Power BI deserve a look for that reason alone. Salesforce’s analytics and artificial intelligence efforts are exciting, but Microsoft has recently launched competing products and services.
Here at Global Wave Group, we strive to use a design language already familiar to Microsoft users. This familiar design language is infused into our new user interface release of version four of our flagship product Credit Track. Credit Track integrates easily with Salesforce or Dynamics. Salesforce has an open API that is painless for us to work with. Further, Credit Track includes a CRM designed specifically for commercial lenders, an alternative to general CRMs such as Salesforce and Dynamics.
What’s the alternative to a vanity project or a big bang? As Hodgins says, in smaller or phased projects, vendors and executive sponsors are held accountable. We would add that in addition to holding vendors and executive sponsors accountable, users should be held accountable, but only if they are given a fair deal. Hold users accountable for adopting new software, in exchange for (a) disrupting their lives as little as possible and (b) procuring software that uses a familiar visual language.
While attending business school at Pepperdine University in Malibu, CA, President and CEO of Global Wave Group (GWG), Zubin Mehta was bitten by the entrepreneurial bug. After 18 years as a banker, he had seen firsthand the issues within the banking industry that needed attention. He had worked with redundant data entry, poor process flows, data integrity issues, and disparate systems. Mehta discovered he wanted to build a solution that would positively impact the banking industry by improving its processes and technology; however, he also deeply understood the regulations that would govern the project. Mehta built his business plan at Pepperdine and pitched it to his classmates resulting in three partners who helped him fund the venture. Together, they formed Global Wave Group— paying homage to Pepperdine’s mascot, the Wave.
GWG serves banks and financial institutions in two ways: through the Chief Information Officer (CIO) and the Chief Credit Officer (CCO). For the CIO, GWG’s fully compliant and secure platform helps in solving the challenge of ensuring continuous compliance with ongoing regulations while maintaining the security and stability of systems and infrastructure. For the CCO who is faced with increasing regulatory pressure and the need to ensure their banks are highly efficient with squeezed margins, “Our Credit Track is an end-to-end solution for commercial lending and commercial real estate lending that streamlines the process,” says Mehta. Credit Track platform allows bankers to start with their sales and marketing effort by leveraging the CRM component which can lead an opportunity through its origination within the platform. This in turn leverages analysis using the analytics module and allows the banker to underwrite the complexities of the loan. The system then allows the package to be presented for committee or credit approval using the bank’s unique credit policy which drives the business rules in the software. The application obtains documentation via a connection with most loan documentation systems and has a connection with the bank’s core loan accounting platform. Finally, the system tracks and monitors all portfolio metrics and generates dashboards and reports to support management decisions.
An example of GWG’s success with clients can be found in their work with an expanding Regional Bank with assets of approximately $7Billion. The Bank had undertaken a project to determine if they could use process automation to solve a series of efficiency issues that had begun to surface due to their rapid growth. GWG worked with a team of business representatives, IT, and other stakeholders to initiate requirements and functional design sessions. The success of GWG’s team and deployment enabled the Bank to achieve its overall objectives. The Bank expects reduction to their processing time by 70 percent leading to a ROI of less than a year.
Though GWG offers solutions built by bankers for bankers and deep industry knowledge, they believe their key differentiator is their focus on customer service. Each client is provided with a dedicated client relationship manager throughout the life of the relationship. Their implementation methodology is designed to execute on time and on budget every time. According to Mehta, “We build long-lasting relationships with our clients and enjoy an almost 100 percent retention or renewal rate. All our clients are referenceable. It’s always a great feeling when your clients refer to us as a “true partner” rather than just a “vendor”.
April 17, 2017 – (Aliso Viejo, CA) – Global Wave Group, the leading provider of workflow and loan origination solutions for the Banking Industry, is pleased to announce the release of its new Portal Solution that streamlines the document submission process for its Banking Customers. The Portal allows a Bank’s customers to submit loan documentation and related information in an automated, secure manner allowing Banks to gain further operational efficiencies. The Portal works seamlessly with Global Wave’s Credit Track solution; a web-based loan origination, workflow, approval, monitoring and reporting software platform that helps Bankers manage their loan portfolio and mitigate commercial lending risks. The origination process captures data points that are used throughout the loan life cycle, thus eliminating redundant effort and improving data quality. Credit Track helps in the monitoring and tickler process via tracking covenant conditions and required financial submissions. The application has a dashboard feature to track metrics as well as various levels of operational and management reporting. The platform is highly configurable and requires no programming knowledge to make workflow and operational changes.
Zubin Mehta, CEO of Global Wave Group added: “We are excited to be celebrating our 10 year anniversary and are thankful for all our great clients, partners and employees. Our clients continue to rely on our solutions, deep expertise and outstanding customer service to streamline their operations and workflow, and we believe that the Portal Solution continues to demonstrate our commitment to helping Financial Institutions serve their customers more efficiently.”
About Global Wave Group
Global Wave Group provides software and consulting services that enable banks to streamline their commercial credit process. Our management team brings together seasoned professionals in the financial services and technology industries. Our solutions are developed by Bankers, for Bankers. Learn more at www.globalwavegroup.com.
Global Wave Group
Zubin P Mehta