Banks anticipate a staggering 50x increase in loan application requests
On March 27, the United States (U.S.) government announced the Paycheck Protection Program (PPP) to help small businesses impacted by COVID-19.
As part of the Coronavirus Aid, Relief, and Economic Security Act (CARES), the PPP provides $349 billion of loan funds to all businesses with less than 500 employees during the COVID crisis. Lenders started accepting applications on April 3 and are facing operational challenges in processing these applications resulting in huge backlog.
Over the last few weeks, UiPath has helped two of the top three U.S. banks automate their issuance of loans. The automation extracts borrower information from loan forms—PPP forms, IRS forms, etc—performs detailed loan verification checks, and then submits data into Small Business Administration's (SBA) portal. Moves it into instant underwriting approval.
This has provided much needed relief in terms of increasing the throughput of the process, e.g. one of the banks saw 90% reduction in time taken to upload loan data into SBA.
Read the whole loan application automation story on our blog, or check out The Lab Consulting Group’s post for an alternative breakdown.