Example: Stage Management Plan for Application Form
Define the stages for the Application Form object. Use Stage Management to configure when and how you want an application form record to move from one stage to another. Define the steps to be performed when an application form record moves to a particular stage.
Required Editions
| Available in: Lightning Experience |
| Available in: Professional, Enterprise, and Unlimited Editions |
Object Stage Definitions
In this example, to create a stage definition, we use Application Form as the reference object and the Stage field as the reference object field.
| Stage | Description |
|---|---|
| Initiated | The application form record is created. |
| Intake | The application intake process begins. |
| In Progress | The application intake or review is in progress. |
| Submitted | The application intake process is completed and the application form is submitted for further review.. |
| In Review | The application-related information is in review. |
| Detailed Data Entry | The collection and verification of details such as, loan asset, collateral, and other details associated with the applicant begins. |
| Underwriting | The application form is in review by an underwriter. |
| Approved | The application form record is approved. |
| Rejected | The application form record is rejected. |
| On Hold | The approval of the application form record is on hold. |
| Operations | The loan-related documents are verified and the details of loan repayment are collected. |
| Book to Core | The loan repayment details are verified and the loan application details are sent to the core banking system where the loan account is maintained. |
Object Stage Transitions
Set the criteria for the application form record to move from one stage to another. This table shows the steps that you can run at each application form stage. The application form record moves from one stage to another only if the transition criteria are met and all steps in the stage are completed.
| From Stage | To Stage | Transition Criteria | Step Definition | Step Type With Reference Artifact |
|---|---|---|---|---|
| Initiated | Intake | No transition criteria | No transition plan | No step needed for this transition No reference artifact |
| Submitted | The application intake process is completed. | No transition plan | No step needed for this transition No reference artifact |
|
| Intake | In Progress | No transition criteria | No transition plan | No step needed for this transition No reference artifact |
| Submitted | The application intake process is completed. | No transition plan | No step needed for this transition No reference artifact |
|
| In Progress | Submitted | The application intake process is completed. | No transition plan | No step needed for this transition No reference artifact |
| Submitted | In Review | No transition criteria | No transition plan | No step needed for this transition No reference artifact |
| Submitted | Detailed Data Entry | No transition criteria | Integration Defintion - Auto DigitalLendingIndiaRCAdvancedIntegDef |
|
| Submitted | Detailed Data Entry | No transition criteria | Integration Defintion - Auto DigitalLendingIndiaPropertyTaxIntegDef |
|
| In Review | Detailed Data Entry | No transition criteria | Collect and verify any additional information required before passing the application form for underwriting. | Manual Task No reference artifact |
| Detailed Data Entry | In Review | No transition criteria | Review additional information if required. | Manual Task No reference artifact |
| In Review | Underwriting | No transition criteria | Review and evaluate the application form. | Manual Task No reference artifact |
| Detailed Data Entry | Underwriting | No transition criteria | Review and evaluate the application form. | Manual Task No reference artifact |
| Underwriting | Approved | Underwriter reviews the eligibility and approves the final offer with terms. | No transition plan | No step needed for this transition No reference artifact |
| Rejected | No transition criteria | No transition plan | No step needed for this transition No reference artifact |
|
| On Hold | No transition criteria | Negotiate the terms of the offer | No step needed for this transition No reference artifact |
|
| On Hold | Approved | Underwriter reviews the eligibility and approves the final offer with terms. | No transition plan | No step needed for this transition No reference artifact |
| Rejected | No transition criteria | No transition plan | No step needed for this transition No reference artifact |
|
| Approved | Operations | No transition criteria | Review the loan-related documents and loan repayment details. | Manual Task No reference artifact |
| Operations | Book to Core | The repayment details are collected. | Verify Indian Financial System Code (IFSC). | Integration Defintion - Auto DigitalLendingIndiaIFSCCodeCheckIntegDef integration definition |
| Verify bank account details. | Integration Defintion - Auto DigitalLendingIndiaBankAcctVerificationIntegDef integration definition |
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| Update the related Opportunity to Closed Won, update the Account Type to Customer, and create a Party Financial Asset for the loan asset. Make a callout to the core banking system. | Auto-launched Flow Flow with the label Digital Lending—India: Perform Application Form Post-Evaluation Actions |
- Create a Stage Management Configuration for Application Form Record Stages
Use integration definitions, prebuilt flows, Omniscripts, and Stage Management to set up an efficient process to manage the stages of an application form record in a loan origination workflow.
