COVID-19 has challenged us all, but small business owners shoulder an even heavier burden, adding worries about employee livelihood to health concerns. Recognizing this, many governments released money to banks to help businesses stay afloat. Banco Santander in Argentina was awarded USD $250 million in credit for its customers. Loan processing speed was critical. Luckily, Blue Prism digital workers were standing by.

Challenge

With business owners and employees struggling to pay their bills, Banco Santander aimed to help as many customers as possible, as quickly as possible. A new line of credit was extended to a customer base of 50,000 pre-approved businesses, so the bank would be ready to go as soon as the Central Bank of the Argentine Republic released funding. For loan approvers at Banco Santander, the tight timeline and sheer volume of loans was daunting. After being trained and tested, 30 people—most of whom were previously assigned to other tasks—would have to spend all day, every day processing loans.

Solution 

Instead of pulling 30 people away from other work, in just 48 hours Banco Santander put Blue Prism digital workers to work processing loans. Ctrl365, a multinational company focused on offering innovative solutions and digital work tools to their clients, helped ensure that the implementation was simple and trouble-free.

Even more amazing than implementing a digital workforce in just two days is what the loan automation digital workers can accomplish in just three minutes. Here’s how they helped Banco Santander approve up to 50,000 clients for loans based on their online applications and credit profiles: 

1. Once a completed application was submitted, a digital worker captured the information and loaded it into the bank’s database. Time check: 1 minute, 40 seconds. 
2. Next, the digital worker authorized the loan funding and transferred the money to the client’s account. Time check: 40 seconds. 
3. The digital worker completed the process by immediately emailing business owners with good news: “You’ve got money.”

The time from application submission to cash in a customer’s account is less than three minutes—not bad.