Get Started With Discovery Framework
Learning Objectives
After completing this unit, you’ll be able to:
- Explain the issues with manual data collection.
- Describe the importance of Discovery Framework.
Data Management in Banks
Banks deal with securing and storing enormous amounts of valuable customer information every day. If the data is difficult to access, banks run the risk of making poor decisions based on incomplete data. Banks are involved in decision-making tasks every day to meet regulatory requirements. Hence, data is critical.
Not just that! Banks must adhere to stringent statutory requirements and mitigate financial crime risk. This involves auditing the results of data-analysis processes, all the way back to when the information is first added to the data repository. Traceability requires transparency right from data ingestion through to the production of actionable data. The long and short? Data management is essential.
An Identified Problem
As Cumulus Bank matures digitally, the amount of data and opportunities to use it grow exponentially. This growth means Cumulus Bank can pursue new business models and customer-centric opportunities.
To maintain its competitive advantage, Cumulus is looking for a solution with several capabilities.
- Compliance-oriented digital forms
- Persistent data storage
- Integration with third parties to retrieve information required for audits
- Ability to capture accurate and complete customer responses to assessment questions
- Ability to respond to changing industry and statutory regulations
Right now, the road is bumpy for Cumulus Bank. The entire team is struggling with issues, such as compliant data collection, data management, data accessibility, and audits. They’re looking for a solution that solves all their problems.
The Cumulus Team
Matt O’Brien is the trusty Salesforce admin at Cumulus.
Ryan Dobson is a financial advisor at Cumulus. He consults Matt for help with their data-collection and compliance issues. What timing! Matt has the perfect solution in mind, so he tells Ryan about Discovery Framework for Financial Services Cloud (FSC). Ryan loves what he hears, so Matt’s now on a mission to help him.
The Discovery Framework Solution
Discovery Framework is a scalable assessment framework that financial institutions use to gather and evaluate customer information through digital and human channels. And with the power of Salesforce, you get a 360-degree view of your customers’ data.
With the Discovery Framework data model and the power of OmniStudio, you can create digital forms to expedite questionnaire-driven data collection and validation. Remove error-prone, manual tasks, and streamline the management of data collection to support regulations and policies.
Matt lists some key features that can benefit Ryan and his team.
- Capture customer information through mobile, communities, portals, and human- assisted channels.
- Create complex forms with questions from a single source of truth to maintain traceability.
- Integrate with third-party services for analysis of customer information.
- Monitor, report, and audit data on an ongoing basis.
High-Level Structure of Discovery Framework
Discovery Framework includes a question bank and versioning framework, OmniScript, and assessment handling. The diagram shows the high-level structure of the framework.
The question bank and versioning framework are based on the Assessments data model and question creation experience. This leads to question selection and script generation, supported by OmniStudio integration with FSC. Response submission creates an Assessment Entity and Assessment Responses.
With Discovery Framework, you can:
- Create a question repository that acts as a single source of truth.
- Use the out-of-the-box capabilities of OmniStudio to create complex forms with field-rendering logic. For example, drag and drop questions to easily create rich UI forms.
- Employ the multi-channel capabilities of OmniStudio to deploy forms across channels.
- Store responses along with question versions for easy accessibility.
- Ensure end-to-end traceability of questions and responses for audit purposes.
While this module focuses on customer banking, Discovery Framework works equally well with other FSC sub-verticals, including insurance, wealth management, and retail banking. Other Salesforce Clouds also use Discovery Framework.
Up Next
Ryan is pleased with all the features of Discovery Framework and believes it’s going to free Cumulus from its data-collection woes, not to mention the pitfalls of poor data compliance. To this end, Ryan asks Matt to get started putting the solution to use.
Follow along as Matt prepares the org in the next unit so he can start using Discovery Framework. Get ready!