MuleSoft Accelerator for Financial Services
Use case 2 - Customer onboarding
Customer onboarding with loan origination creates an easy and straightforward onboarding experience. By empowering consumers to apply for a loan via a digital channel, review and accept the loan agreement, and then be added as a customer of the bank in seamless, regulatory-compliant steps.
Overview
- Description
- Solution overview
- Objectives
- Use case considerations
- Technical consideratons and constraints
- Business requirements
- Solution design summary
- High-level architecture
- Sequence diagram
- Systems involved
Client onboarding with loan origination
See also
Description
This use case leverages Salesforce Financial Services Cloud as the system of engagement, DocuSign as the document management system, and Equifax as the credit analysis system. The APIs and templates enable you to accelerate time to value. Use the assets as they are, or extend them to suit the needs of your own organization.
Glossary
| Term | Definition |
|---|---|
| CIM | The Cloud Information Model (CIM) defines a set of standard data structures that can be used as canonical representations of common entities for integrating systems. |
| FINS | Abbreviated term referring to the Financial and Insurance industries, consisting of the Banking, Insurance, and Wealth Management domains. |
| MDM | A Master Data Management (MDM) solution provides an accurate, consistent and complete copy of master data for use by enterprise applications and business partners. Most solutions include data quality tools and workflow processes for managing conflicting updates. |
Solution overview
The primary use case for this solution is to onboard a new client through a loan application process. The creation of the initial marketing campaign described by the functional use case document is outside the scope of this solution.
Before you begin
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The Accelerators setup guide provides general information on getting started with the accelerator components. This includes instructions on setting up your local workstation for configuring and deploying the applications. |
Objectives
- Support the receipt and processing of a new loan application
- Support the submission of loan documents and receipt of electronic signatures
- Create a new customer and loan account in the target financial system
- Provide a means for customers to view their customer and loan account details
Use case considerations
- Must support loan application submission and processing workflow
- Must support customer and account synchronization to a system of record
- Must support the generation of loan agreement documents and capture receipt of signatures from individuals
Technical considerations and constraints
The following lists the technical considerations for this solution design:
- Use CIM as the canonical model, where applicable (e.g., for Customers)
- The canonical model for banking accounts will be enhanced to include loan applications
- The following applications will be leveraged for this solution: Salesforce Financial Services Cloud (FSC), Loan Origination System (generic), DocuSign, Equifax, and MDM (generic)
The following lists the technical constraints for this solution design:
- Equifax integration for retrieving credit scores is pending and will be added in the next release
- A Loan Origination System (LOS) sandbox environment is simulated using a generic database
- Only read access is currently available to the FIS Global system
- FIS must be polled to pick up changes to customer and account information
- FIS does not support querying customers and accounts by date ranges
Business requirements
The following summarizes the business requirements as it pertains to the solution design:
- The loan application submission will be captured via the Mobile interface and recorded in a generic Loan Origination System (LOS)
- The personal information given on the application will be used to create/update an Individual entry in both FSC and MDM
- A loan agreement document will be generated based on the content of the loan application and associated with the application in the LOS
- The agreement document must be submitted to DocuSign in order to obtain the individual's signature, indicating that they agree to the terms and conditions
- Upon receiving confirmation that the document has been signed, a Customer must be created or updated in FSC and a new Loan Account created for them
Solution design summary
The implementation of this use case builds upon the Customer accounts sync use case and adds the following capabilities:
- Full customer sync between FSC and the FINS DB (customer profile data store)
- A generic Loan Origination System, using the FINS DB for data storage
- Integration with DocuSign, both for submitting documents and receiving events
- Integration with Equifax to retrieve credit score reports
- Additional endpoints for the Mobile Experience API to support the retrieval and submission of loan applications
For the customer sync process, existing assets from the Retail accelerator are leveraged. These are customized and deployed separately. To support testing and demo activities, the Mobile Experience API provides a method to obtain a loan application form, which can be filled out and submitted to begin the process. For this release, a random credit score is calculated and the approve/deny decision is made based upon a configurable score threshold.
High-level architecture
The following diagram represents the entire solution, including the Customer Accounts Sync and Customer Onboarding use cases.
Sequence diagram
The following diagram illustrates the processing sequence for this use case:
Systems involved
- Salesforce Financial Services Cloud (FSC)
- Loan Origination System (generic)
- DocuSign
- Equifax
- MDM (generic)
Client onboarding with loan origination
Goal
- Receive a new loan application
- Process the loan application through to final acceptance (signed document)
- Create a new customer and loan account for servicing
Main success scenario
- Customer submits a new loan application via their mobile device
- The Individual information is captured in FSC, MDM
- Loan application is processed according to a predefined workflow
- An agreement document is generated and sent to the client for signature
- Upon acceptance (document signed), a new customer is created in FSC, MDM
- A new loan account is created in FSC, MDM
Use case extension
- Terms are rejected by the customer
- Loan application is marked as rejected, no customer or account created
Downloadable assets
System APIs
- FINS Salesforce Financial System API | API Specification | Implementation Template
- FINS Salesforce Customers System API | API Specification | Implementation Template
- FINS Credit Bureau System API | API Specification | Implementation Template
- FINS DocuSign System API | API Specification | Implementation Template
- FINS Loan Origination System API | API Specification | Implementation Template
- FINS MDM System API | API Specification | Implementation Template
Process APIs
- FINS Bank Accounts Process API | API Specification | Implementation Template
- FINS Bank Loans Process API | API Specification | Implementation Template
- FINS Customers Process API | API Specification | Implementation Template
Experience APIs
- FINS DocuSign Experience API | API Specification | Implementation Template
- FINS Mobile Experience API | API Specification | Implementation Template
- FINS Salesforce Financial Experience API | API Specification | Implementation Template
Custom components
- ID Graph Lightning Web Component | Source
- FINS Financial Account Sync Lightning Web Component | Source
- FINS Banking Library | Source