Coronavirus Business Interruption Loan Scheme (CBILS) is a £330 billion government-backed loan scheme designed to support UK businesses with cash to pay their employees, suppliers and to purchase stock. The success of CBILS will underpin the recovery of the economy from the Coronavirus pandemic and can build renewed trust and reputation in the financial services sector.
The UK Treasury is ramping up the list of accredited lenders and updating the rules of the scheme to maximise the number of loans issued. The growing list of participating institutions must scale quickly to manage an unprecedented surge of applications from businesses looking for a lifeline. With employee availability uncertain and further lockdowns possible, companies cannot sustain time-consuming, highly manual and expensive application processes.
With our clients handling the US equivalent scheme, we see daily demand for loans outstripping typical yearly volumes. Administering these loans is a laborious, manual and lengthy process requiring complex data gathering – now with an increased risk of error due to the high volume of applications.
Organisations are turning to Blue Prism to deploy a digital workforce that accelerates the end-to-end process - from application submission, to bank review and approval, underwriting, reporting and payment.
Blue Prism’s established network of leading technology partners provides an Intelligent Automation platform to manage the loan application process, including:
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