Banks were inundated with thousands of loan requests daily under the $359 billion Paycheck Protection Program (PPP) in support of the Small Business Administration (SBA) COVID-19 relief efforts. The SBA estimated that there were more than 14 years of loans processed in less than 14 days. Now, a new round of funding is coming.
To keep up, loan officers worked around the clock to manually review, verify, approve, and enter data into the SBA E-Tran application portal for approval -- a laborious, time-consuming, and error prone process.
Leading the way, Blue Prism together with partners Lateetud and ABBYY provided an end-to-end solution to automate SBA PPP loans. This solution has already helped many banks handle the massive surge in PPP applications from their customers.
In this webinar, learn how a national bank utilized Blue Prism and ABBYY technologies in a Lateetud solution to:
Becoming an agile enterprise means operating as a seamless mix of digital workers, human workers, and systems dynamically automating processes everywhere from the back office to the customer experience. You can do this with Blue Prism's intelligent digital workers that are versatile, autonomous, self-organizing, and secure. As a result, you gain better insight and control over the work, create new and transformative ways to operate, and empower people to focus on work that truly matters.
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