Insert the COVID-19 Pandemic. When the pandemic hit, and small businesses were basically forced to shut down or substantially alter operations, our community banks across the nation sprung into action doling out newly approved SBA PPP loans to directly support their communities. Most banks suddenly found themselves to be new overnight SBA lenders. Others with previous SBA experience saw loan applications 10 to 20 times their normal monthly volume.
Banks were left to decide if they were going to handle this influx of business manually, try software solutions that handled a portion of the process, or in many scenarios utilize the Nintex RPA (FoxTrot) tool they were already using.
• The ability to board loans, track exceptions and handle complex customer decisioning
• Automatically determine if input data has already been processed
• Flexible enough to adapt with the multitude of changes that came from the SBA as part of the approval process
• Automatically create file inputs for Fiserv’s MAP product
• Nintex’s New Botflow structure allowed unlimited number of Virtual Machines running the process at the same time when being deployed through RPA central
What’s Next? Our team is already working with clients on the next challenges for the PPP program centered around Reporting and Forgiveness.
• Forgiveness Processing – Leveraging RPA to automatically Post Forgiveness transactions, Update Customer Payments, and notify customers/internal staff
• Deferral Processing – Automatically booking deferred fees to loans to account for SBA servicing fee provided by SBA