How technology is helping to automate loan forgiveness applications
With the passing of the CARES Act, financial services organizations quickly worked through the obstacles of the Paycheck Protection Program (PPP) to provide funding to its small business customers. It wasn’t easy, and many organizations lacked the technology to manage the process efficiently.
Now financial services organizations are faced with the challenge of processing large volumes of loan forgiveness applications efficiently. How can technology help?
Supporting in a Crisis
Presented By: ServiceNow
Since the first release of the INRY-ServiceNow Paycheck Protection Program (PPP) application, ServiceNow rapidly extended the workflow to incorporate and integrate loan application and forgiveness so the end-to-end loan process could be managed within the platform. These enhancements include:
- Upgrading the service portal to include forgiveness calculators and the ability to apply for forgiveness through self-service.
- Incorporating the ability to upload documentation and evidence so that clients could have confidence that key information was received and processed.
- Extending the workflow into the next stage of loan maintenance and servicing.
Learn how ServiceNow can help you better understand the risk in your portfolio and the importance of having a structured workflow in place to identify and resolve issues.
Keith Pearson, Head of Financial Services, ServiceNow
Keith’s career spans 25 years and has taken him from Royal Air Force Officer to Software Business Founder and then Financial Services Leader. From late 2017 to early 2020 he led the ServiceNow Transformation Programme, which has gone on to be highly regarded in Financial Services, deploying ITSM Pro, ITOM, ITBM, IRM and CSM rapidly across a broad range of use cases to over 100,000 people.
Dan Barrett, Global Financial Services Architect, ServiceNow
Dan combines a deep technical knowledge of ServiceNow’s platform and FS expertise to guide decisions and designs for ServiceNow’s FS industry solutions. In his role, he also ensures that ServiceNow’s cloud, platform capabilities, and solutions meet the unique standards of the FS industry.
THE FINANCIAL SERVICES WORLD OF THE FUTURE
Over the next 10 years, financial services industry leaders expect even bigger changes in the banking world, which is currently in the midst of a major disruption. The industry is being shaped by the rise of artificial intelligence, big data, and advanced analytics; competition from tech-savvy players; and by consumers who increasingly expect a seamless and personalized digital customer experience. Read more to see how these leaders are thinking about the future and what steps many are recommending today in order to thrive amidst change.
How SBA-approved lenders can use e-signatures to streamline loan processing
Presented By: OneSpan
As governments issue economic stimulus and relief packages for businesses affected by the pandemic, financial institutions can support their business clients with expedited digital loan processes and eSignatures.
Learn how OneSpan Sign’s e-signature solution complies with the specific e-signature requirements outlined by the Small Business Administration (SBA) Paycheck Protection Program (PPP) for loan processing and then see a small bank’s loan application processed using OneSpan Sign software quickly and efficiently.
Patrick Albert, Senior Business Architect , OneSpan
Patrick Albert has more than 15 years of experience in business process automation and plays a strategic role for OneSpan, helping customers identify and prioritize target applications, document technical requirements and map out a strategic enterprise e-signature plan.
SIGN SBA E-SIGNATURE CHECKLIST
Download the OneSpan Sign SBA E-Signature Checklist for a concise summary of the requirements, including: types of signature, authentication, capturing intent, and records retention and distribution.