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COVID-19: Helping Banks Manage New PPP Loan Requests

In response to the Paycheck Protection Program loans, Publicis Sapient has developed an application that provides lenders with a customer loan onboarding platform.

Suresh Kandula
Suresh Kandula
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What this solution does:

  • Streamlines submission process for borrower and lender
  • Performs due diligence on applications
  • Calculates loan eligibility
  • Simplifies back office administration

To read more about this solution and connect with our team, click here.

Above all else, the spread of COVID-19 is a global public health crisis affecting hundreds of thousands of people. It is also having a significant impact on the world economy.

On March 27, 2020, the U.S. Congress responded to the economic fallout with the Coronavirus Aid, Relief and Economic Security Act (CARES) – a $2 trillion economic relief package. CARES introduced the Paycheck Protection Program (PPP) to help small businesses, independent contractors and self-employed individuals pay for qualified expenses like payroll for employees, mortgage interest, rent and utilities.

As expected, banks received a deluge of stimulus loan applications under the PPP, and the $350 billion in funding was quickly exhausted. The U.S. government has recently allocated more money for PPP to help small businesses through these difficult times. But financial institutions will still face the challenge of handling an onslaught of applications while maintaining a quality customer experience for potential borrowers.

Digital transformation partners like Publicis Sapient are working on ways to alleviate the problems facing financial services and their customers. That’s why we created an application that simplifies the entire PPP application process.

For the customer

This tool serves as a loan onboarding platform that assists potential borrowers in gathering the necessary information and documentation, such as payroll documents and tax returns.

 

For the financial institutions

The application also grants financial institutions back office administrative tools that help to manage workflow and onboard new loans. This agile process lets banks adapt to rapidly changing data requirements and evolving guidelines.

 

The streamlined nature of this capability results in lower processing times, which means banks have more time to address customer needs and focus on other aspects of the experience.

Many borrowers are still unclear about the PPP eligibility requirements. This solution takes away the guess work by checking whether someone is eligible and even calculating the size of their loan.

The entire platform is turnkey and can be deployed in under 72 hours with no enterprise integration. And, it generates swaths of new data that can be used for further digital transformation – providing customers with better, differentiated services.

U.S. financial institutions have already deployed this solution successfully in full compliance with government regulations. This application will continue to make it easier for banks to manage the lifecycle of PPP loans with ingenuity and attentiveness.

Suresh Kandula
Suresh Kandula
Vice President, FinTech Practice

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