Crisis Loan Forgiveness

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Inspiration:

In order for small businesses to survive during the COVID-19 pandemic banks are mandated with Loan Forgiveness to the PPP Program beneficiaries.

Small business Owners availing PPP loans express their agony about the process and Communication Challenges
With limited processing timelines on the forgiveness applications, there are complications in the operations and manual documentation
Beneficiaries are concerned about the transparency of the forgiveness process.

Current Challenges:

Customers Agony about the process and Communication Challenges
Complications in the operations, short processing timelines and documentation clutter
Customers concern on lack of transparency of the Loan Forgiveness process.
Compliance/ Auditing needs for the Banks

Challenges we ran into:

Keeping up with the short processing timelines and frequently updated Forgiveness guidelines by SBA
Developing a customer friendly applications
Providing Transparency of the progress of their application
Compliance/ Auditing needs
Managing Documentation Clutter

How we built?

We built an industry’s leading solution integrated with a best of features which eases the lives of users accessing the platform. This application is well built with an end-to-end case management for processing the loan forgiveness applications with an intuitive, Omni channel experience.

This is a simple, highly secured, self-guided UI and ready to deploy solution which adheres to all the SBA (Small Business Administration) guidelines. Finally, this application provides the power to process, notify and well-coordinated transparent experiences to the customers & bankers on their forgiveness applications using the best of Integration tools. In other words, this is exactly a solution that customers and Bankers demand today.

Accomplishments that we’re proud of:

Developed on industry leading Pega platform for workflow and case Management. Omni-channel customer journey centric case lifecycle design
Transparent customer communications for every stage of the application process
The solution is ready to deploy and easily customizable, so PPP lenders can choose the components that fit their needs based on existing capabilities. Customizations can be done for the auto approval, denial and withdraw process, SLA's for the applications review and processing.
Digital signatures on the loan forgiveness application when underwriters approve a loan
Pega’s RPA based automation uses OCR Feature to read and evaluate the entered data in application to submitted documents providing an instant review.
Integration with Core Banking System, SBA Integrations

Proof points and Impact:

SBA/ Regulatory Compliance

The solution is built as per SBA Guidelines and it is in compliance with the regulations of the organization. Reduced Processing Times
A simple, highly secured, self-guided UI and ready to deploy solution which adheres to all the SBA guidelines
This solution has reduced time for processing the applications via Auto Approval process.
The document capture and categorization feature significantly reduces the paper usage.
Easy customization on the processing timelines helped the lenders and borrowers.
Eliminated the manual process improved data integrity, increased efficiency and reduced overall cost of process
Enabled reporting on the PPP Loans. ### What we learnt? We have learnt how applications can be built using Pega in a short span of time. During this period, we have mastered to convert the forms like excel sheets, word documents into intelligent business process case management application. We have dominated the craft of working uniquely with the Pega capabilities by identifying the key elements of the application and were able to clearly capture the micro journeys, personas and data.

What next?

This application has a lot of potential for new features implementation.
This application can be integrated with the external Payroll systems to access the paystubs and other documents like W2’s to directly attach to the case in Pega which minimizes a lot of effort and manual error for customers uploading the documents.
On the other hand, to improve the security the application can be configured with Multi-Factor authentication as this plays a major role for financial institutions.
Enhance Omni channel experience across various devices.