Loan processing has always been a tedious and lengthy process for banks. Besides, the sudden surge in work volumes further affects the turnaround time of processes due to the low bandwidth of resources. Today, in the COVID-19 and post COVID-19 era, governments over the world have bestowed varied SOPs, such as the Paycheck Protection Program (PPP) loans for small business concerns. Primarily, an effort to restructure the economy, such that a ripple becomes an avalanche, the PPP loan processing falls short of the momentum due to the lack of available bandwidth in validating and processing the incoming loan applications. Technology solutions such as Robotic Process Automation (RPA) enables the banks and the loan processing officers to expedite the loan processing and meet impending deadlines using the existing number of resources even in face of increased work pressures.
RPA reads data from different software applications, user interfaces, files, documents, spreadsheets, etc., validates it, and then inputs it into core systems of operation. Similarly, in the case of PPP loan processing, which is deadline-driven and intended to revive the national economy, RPA solutions enable banks to quickly scan and reject exclusions, validate the eligibility, and then auto-transfer the huge volumes of validated data to the banking systems across multiple touchpoints. The accelerated process thus enables banks to quickly process and disburse the loans after ensuring that the statutory compliances and necessary documentation is fulfilled. The RPA solution helps both the banks and the Small Business Administration (SBA) authorities to speed up the process and enable their resources to focus on audit work.
Datamatics COVID-19 enterprise support program offers three free RPA licenses till 30th September 2020. Read more>
The RPA solutions can be deployed very quickly and have a highly accurate output. Their ability to execute the work in nearly 1/10th of the time as compared to manual validation and data entry enables the bots to deliver high throughput. RPA is cost-efficient and offers ideal solutions for data-intensive processes in the Banking, Financial Services, and Insurance industry in a safe and secure environment. RPA thus is the natural remedy for processing high volumes of loan applications in a fast, safe, and secure manner.
For processes such as PPP loan processing in the banking sector, RPA presents an ideal solution. The speedy aggregation of data, cross-validations, and subsequent data transfer after fulfilling mandated criteria enables the banks to meet their deadlines in a timely manner even with finite resources.