Over a month ago I wrote an article about how Robotic Process Automation (RPA) was helping with the ongoing COVID-19 pandemic to help keep the chaos down during uncertain times. Today, I wanted to bring to light another great example of how RPA has been helping with our ongoing situation.
In response to the current crisis, the US government started the Payroll Protection Program (PPP) to keep people employed during the economic contraction. The PPP set aside funds, a total sum of $342 billion dollars, to help companies keep employees on the payroll while people and businesses stayed largely at home. These funds ran out quickly and we are now looking at the second round of funding to this program to continue to help companies keep employees employed.
The loan origination process is arduous – a single application can take days of work to complete, and with the volume of loans being sought right now, most banks are in the trenches focusing on submitting these loans to E-Tran to ensure that the small business they work with is getting the money they need. Luckily, the loan origination process follows a standard process. And standard processes are excellent candidates for RPA!
Automation Anywhere, a leader in the RPA space, sought to streamline and automate the process. The Automation Anywhere team created a bot that would help with this exact process, from digesting the key information in a business loan paperwork to submitting the loan in the E-Tran system. Customer’s loans can now be processed 10x faster, allowing employees to leave the trenches and go back to their normal routines. Additionally, as the loans are being processed faster, the business who were seeking the loans are receiving confirmation and funding faster. Thus, improving their experience during these hard times.
I found this fascinating and wanted to share the blog post they wrote (no longer available) – and it has a short 3 minute video showing how it works. The bot not only shows how powerful the RPA toolbox is but shows the speed to value that it provides. New problems that would have taken months to solve with traditional application development are now being done in weeks. What is even more impressive is the Automation Anywhere platform was not built just for financial services. Although it works wonders on processes throughout finance, it can still do much more.
If you would like to learn more about RPA or schedule a demo to possibilities with your own eyes, please reach out to us, we are here to help.