Last week, we shared the game-changing benefits of digital automation for banks, faced with providing relief to small businesses. To date, the Payroll Protection Program (PPP), a loan and grant program that originated from the Coronavirus Aid, Relief, and Economic Security (CARES) Act, has allocated up to $669 Billion to small businesses nation-wide. As economic vulnerability persists along with the virus, future funding may be introduced; for now, financial institutions are faced with the next challenge - managing the volume of loans requesting to be forgiven.
In regards to all aspects of the PPP, financial institutions are operating in a “guinea pig state.” Not only were the rules written rapidly, but fluidly (small alterations have been made in the second round already) . Our economic journey today may have a clear destination, but a very unclear route; even worse, an unclear end date. For small businesses, a relief loan with the prospect of 100% forgiveness is the bright spot, but it’s up to banks to manage.
Just as the task of processing PPP applications calls for the speed, accuracy and human relief of automation, so does the next task of evaluating loans for forgiveness. How does automation change the game for banks navigating this uncharted territory?
While the decision on loan forgiveness lies internally for banks, the consumer experience will be memorable - positive or negative. Your chosen process to execute the high volume of loan forgiveness requests touches the customer; its ease or its clunkiness and delays will be noticed and considered for future business relationships. What can automation do to help provide a smooth loan forgiveness application and supporting documentation submission?
Lets face it - data extraction and underwriting is a laborious, time-consuming process. Robotic Process Automation (RPA) performs the varying PPP forgiveness functions not only faster, but more accurately and also manages required ETRAN functions seamlessly (an often slow, frustrating process due to its novelty). RPA can perform these functions, specifically:
Regardless of your current workflow set-up (manual environment, existing workflow or fully automated/integrated workflow), the right digital automation solution can meet you where you are and provide a clear, simplified and more efficient workflow to manage a loan forgiveness process that remains relatively uncertain, fluid and often tied to high frustrations and emotions for small business owners. Here’s how it can be made easier:
There’s no doubt that the need for digital automation exists for inundated financial institutions today, amidst the most disruptive economic circumstance in a century. However, investment in automation is not only a safeguard against the volatility of today, it gives banks the flexibility and intelligence to adapt to a rapidly changing business and consumer environment. Opting to subscribe to the technologies that suit
your unique business needs gives you the freedom to adapt to unexpected shifts - business needs, consumer behaviors, compliance and more. For more information about how digital automation can serve your financial institution during the loan forgiveness process, visit here.