Key Equipment Finance successfully integrated equipment lease and loan modeling and pricing capabilities into Salesforce with the SuperTRUMP product.
Introduction
To remain competitive in the data-driven environment of 2023 and beyond, it is critical for lessors to attain a single, unified view of their customer data. This unified view of company-wide information provides useful, cross-functional insights and ensures consistent customer pricing and performance metrics. It also requires automating the flow of data, which is necessary to streamline the entire quote-to-fund process for equipment finance companies.
As lessors continually seek new technologies that enable them to make smarter, data-driven decisions with increased accuracy and end-to-end processing efficiency, they also strive to eliminate internal silos and foster cross-team collaboration. SuperTRUMP for Salesforce addresses all these goals by delivering unique value with exceptional flexibility, as this case study will demonstrate.
Background
For over two decades, Key Equipment Finance (KEF) has successfully used a customized version of SuperTRUMP for Desktop to model, structure, and price equipment leases and loans. The company chose this solution over competitive alternatives due to its ease of use and adaptability.
Recently, KEF made a significant investment in its technology infrastructure to create a “one-stop-shop” solution, reducing the number of supporting applications required for modeling and pricing lease and loan structures. As a result, KEF elected to adopt an entirely new end-to-end software system to leverage the features of its SuperTRUMP for Desktop product and utilize the most up-to-date SaaS applications available to the equipment finance industry.
Challenge
The KEF project team needed to access legacy customer data in Salesforce while integrating certain features of its current SuperTRUMP for Desktop product. However, merging the modeling and pricing functionality into a combined solution was more challenging than expected.
To access economic data critical for preparing lease and loan quotes, pricing operations needed to be centralized on the Salesforce platform. But to fully leverage the company’s customer data and streamline the quote-to-fund process, users had to navigate several software programs and re-enter data using a multi-step process. The process was complicated, time-consuming, and error-prone for both sales and customer service users.
Solution
Working together with the Ivory Consulting team, KEF created a custom version of SuperTRUMP for Salesforce. The new end-to-end processing system not only offers flexible modeling and pricing options but also allows users to access customer data housed elsewhere in Salesforce—all with a single keystroke. KEF further optimized resources and efficiencies by integrating nCino into its new end-to-end processing system. As a result, the system automatically feeds customer and economic data from Salesforce, enabling downstream processing.
“Key Equipment Finance and Ivory Consulting have benefitted from years of great partnership and this latest incorporation of upgraded SuperTRUMP technology is the latest example of great collaboration and teamwork.” said Jennifer Martin, Vice President, Leasing and Vendor Program Support.
Results
The enhancements and efficiencies gained from embedding pricing operations in Salesforce has given KEF many advantages. Using SuperTRUMP for Salesforce enables users to streamline data-processing tasks, minimize costly data-entry errors, and spend more time on productive tasks.
For instance, KEF sales representatives can now create multiple pricing scenarios without having to re-enter all the deal parameters each time. Because each scenario is saved in Salesforce, it’s easy to access a previous pricing scenario upon the customer’s request. Once approved, the selected option is converted into a quote associated with a specific Salesforce opportunity, and the data is then driven through nCino as a transaction.
KEF can now maintain a library of matrices for pricing and ensure compliance with internal pricing policies based on approval levels. This allows users (lenders and lessors) to provide deal quotes more quickly and easily, with confidence, which in turn leads to increased and expedited sales. Also, because KEF used SuperTRUMP for Desktop for over a decade, minimal training was required to teach everyone how to use SuperTRUMP for Salesforce.
“We can now utilize in-depth customer relationship data to gain insights into our customers’ needs and provide them with more detailed services,” said McDermott. “The streamlined process has saved our internal users countless hours, enabling them to focus on tasks related to closing transactions and increasing business volume and profitable originations.”
