Synchronize financial data
A customer gives you their income, expense, and liability figures once, but those figures matter in every application they submit. Re-entering and re-verifying them for each new application leaves you with different numbers in different places. Creatio keeps financial data aligned between a customer's contact record and every application form linked to it, so each new application starts from data you have already collected and verified.
This gives you:
- the same verified figures in every application, so underwriters and auditors see one consistent picture of the customer
- a complete history of every change, because Creatio archives previous values instead of overwriting them
- less manual work, because Creatio reuses verified and self-reported data in new applications
Financial data alignment
Creatio stores each of a customer's income, expense, and liability figures as a record on the contact page. It does not copy those figures into an application form. Instead, it creates a connector record that links the contact-level record to the application form. Each connector record is a snapshot of the financial data at the moment the application was created, so the contact record always holds the current verified picture of the customer, while each application keeps the version on which it was assessed. Creatio maintains these links automatically in the following situations:
- an application form is created
- a financial record is verified
- verified data is changed
- the monthly housing expense is changed
Reuse data in a new application form
Business process: "Link financial records to application form."
When you create a new application form, Creatio finds the customer's active financial records, which are the records with the "Verified," "Self-reported," or "Reverification required" status, and creates connector records for them in the following objects:
- "Contact income in application form"
- "Contact expense in application form"
- "Contact liability in application form"
The application form keeps these snapshots even if the customer's financial data changes later.
Verify financial data
Business processes:
- "Sync verified income data to contact"
- "Sync verified expense data to contact"
- "Sync verified liability data to contact"
Creatio copies data from a connector record to the contact-level record only after the financial record is verified. A record counts as verified in one of the following cases:
- The record is verified during manual underwriting. The Verification performed checkbox is selected and the Verification status field has any value other than "Not started."
- The record is self-reported during automatic underwriting. The Verification performed checkbox remains cleared and the Verification status field is set to "Self-reported."
This way, the contact record always holds the customer's most recent verified financial data.
Version history
Business processes:
- "Contact income versioning"
- "Contact expense versioning"
- "Contact liability versioning"
When someone edits verified financial data, Creatio never overwrites the previous values. Creatio either updates the existing connector record or creates a new version of it, depending on the record status:
- If the connector record has the "Not started" status, Creatio updates the record directly and keeps it linked to the contact-level record.
- If the connector record has any other status, for example, "Verified," "Self-reported," or "Reverification required," Creatio sets the existing record to "Archived," creates a new connector record, and links it to the same contact-level record. Creatio updates the contact-level record only after the new connector record is verified.
As such, every application has its own version of financial data, and the verification history remains available for the entire customer lifecycle.
Monthly housing expense
Business processes:
- "Link financial records to application form"
- "Populate contact expense amount from monthly housing expense"
The Monthly housing expense field on the application form and the customer's housing expense record stay aligned in both directions. When Creatio creates the connector records for a new application form, it looks for a linked connector record with the Type field set to "Housing" and the Frequency field set to "Monthly." If such a record exists, Creatio populates the Monthly housing expense field with its value.
When you change the Monthly housing expense field, Creatio looks for a connector record in the "Contact expense in application form" (ContactExpenseInAppForm code) object with the same Type and Frequency values. If a matching record exists, Creatio updates it according to the version history rules. If no matching record exists, Creatio creates a new contact expense record and links it to the application form.