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.
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