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SMB Assistance Loans
Business Challenge
- Monumental Loan Volumes- Loan Origination volumes for such special loans are unprecedented
- Need for rapid Rollout- Lender banks/credit unions don’t have the necessary IT teams to spin up new processes quickly
- Remote Access to Loans - Given the prevailing pandemic situation, remote access to loans is mandatory
- Compliance Obligations - Regulations to minimize fraud and ensure visibility into the risk being underwritten
- Need to Build for Change With the Government policies changing almost on a daily basis, ability to adapt to change is a must
- Future Proffing - Systems limitations to cater to similar situations in the future
Solution Benefits
- Fast Track Loan Originations by 40-50% Gain immediate capacity via straight through processing
- 100% Transparency Ensure accuracy and transparency to regulators
- 25-30% Reduction of Errors Leverage automation through OCR, e-signatures, sanction checks to reduce h
- Mitigate Credit Risk by >30% using AI/ML via data-driven and predictive models
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