Disclosure and Consent for Digital Lending
To set up consent and disclosure, create a Business Rules Engine decision matrix to automate the decision-making process that defines the reason for collecting customer consent and disclosure.
Required Editions
| Available in: Lightning Experience |
| Available in: Professional, Enterprise, and Unlimited Editions |
Learn more about the key features of Disclosures and Consent.
To show applicants disclosure and consent from your external system, review Omnistudio Omniscripts to learn how to configure the components to meet your business needs.
Disclosure is information that a financial institution is required to share with a customer. It describes key product details, terms, or conditions. Consent is the permission a customer grants to a financial institution to perform specific actions on their behalf.
The Authorization Form object represents the form used to disclose information to a customer and ask for their consent and the Data Use Purpose object defines the reason for collecting consent and disclosure information.
To define the reason for collecting applicant consent and disclosure, first create a business rules engine decision matrix with the column headings product ID, applicant type, level, and data use purpose ID. Create a personal loan product and a data use purpose. Then, create an authorization form to customize the text an applicant sees when applying for a loan. Select English as the locale for the authorization form so that the English authorization form text appears when an applicant completes the application from an English locale.
Next, update the authorization form data use section of the data use purpose. Add the authorization form and data use purpose that you created and activate the data use purpose. Finally, add a row to the decision matrix that links the personal loan product, primary applicant, application form product, and data use purpose to the decision matrix. Activate the decision matrix to automate the consent and disclosure process for the personal loan product.
- Use Case Example Disclosure and Consent for Digital Lending
To understand how disclosure and consent is set up and managed for Digital Lending, review the scenario of a customer applying for a personal loan, and then learn how to set it up. - Create a Decision Matrix for Digital Lending
Customize the Authorization Form Text to show to clients on the Disclosure and Consent section of their loan application. A decision matrix matches input values to a table row and returns the row's output values. Create a decision matrix with the input columns for Product Id, ApplicantType, and Level, and an output column for DataUsePurpose. - Create a Document Upload Decision Matrix for Digital Lending
Customize a document form that includes the ProductId, ApplicantType, Level, and DocTypeLabel. - Considerations and Limitations for Document Upload for Digital Lending
There are certain points to consider when you set up document upload.
