The Banking Industry Is Straining Under the Weight of Millions of PPP Loan Applications

The Banking Industry Is Straining Under the Weight of Millions of PPP Loan Applications

By Tori Cameron on April 8, 2020

As the COVID-19 pandemic unfolds, it has become increasingly clear that organizations must be able to respond rapidly to meet the urgent needs of the communities they serve—particularly those in essential industries like banking. In the face of an unprecedented situation that is evolving more rapidly each day, it’s more critical than ever that organizations can adapt quickly, pivoting their operations at a moment’s notice if necessary.

Banks and credit unions that were already dealing with their own operational issues caused by the pandemic are now facing an unprecedented challenge: a veritable flood of Paycheck Protection Program (PPP) loan applications under the Coronavirus, Aid, Relief and Economic Security (CARES) Act. Many banks weren’t ready or have already been inundated with applications mere days after the U.S. government tried to launch the program. Delays in obtaining access to these emergency loans put small businesses, which were already in desperate need of help, at even greater risk.

But there is a tool that can help banks expedite the processing of loan applications: Robotic Process Automation (RPA). RPA is a collection of technologies that bring speed to repetitive, structured tasks (like loan processing) that employees would normally do through automation. RPA automates these manual tasks by reducing your manual processing and enabling you to manage errors in the automated flow. It mimics any process a human performs – regardless of the underlying application. It can be quickly and easily deployed to automate the processing of large quantities of applications that banks are struggling to wade through. And KnowledgeLake RPA is ready and waiting to help banks rapidly process CARES Act PPP loan applications so they can deliver faster relief to small businesses, their employees and suppliers, and the customers and communities they serve.

Ready to get started?

About KnowledgeLake:

KnowledgeLake provides content management solutions that help busy organizations intelligently automate their most important document processes. Since 1999, we've created award-winning, Microsoft-centric solutions that have helped thousands of companies around the world focus on their mission rather than their mission-critical documents.

 

Latest from the KnowledgeLake Blog

Awards Based on Customer Feedback Tell the Real Story

Awards Based on Customer Feedback Tell the Real Story

Awards Based on Customer Feedback Tell the Real Story By Ron Cameron on November 30, 2020 It feels like tech...
Blog Header_5 Common Document Processing Patterns RPA_2

Most RPA Implementations Revolve Around Document Processing. Here Are the Five Most Common Ways Companies Are Doing It.

Most RPA Implementations Revolve Around Document Processing. Here Are the Five Most Common Ways Companies Are Doing It. By Joe...
Information Governance versus Information Management

Information Governance versus Information Management

If you’re unfamiliar with the terms like information governance or information management, you might assume they are one of the same. Actually,...

Stay in Touch

Receive the latest blogs from KnowledgeLake in your inbox!

Please enter your name.
Please enter a valid email address.
Something went wrong. Please check your entries and try again.