Automation Anywhere Launches AI-Powered Banking Bot to Expedite SBA Loan Processing From 3 Weeks to 3 Days
SAN JOSE, Calif., April 16, 2020 /PRNewswire/ -- Automation Anywhere, a global leader in Robotic Process Automation (RPA), today announced new AI-powered bots to help lending institutions automate thousands of loan applications for small businesses under the $2.2 trillion U.S. coronavirus stimulus package.
The new Payroll Protection Program (PPP) Bots streamline loan processing by automatically extracting application data and entering the information into the Small Business Administration's (SBA) loan origination portal - quickly, efficiently and accurately.
In the wake of the Coronavirus (COVID-19) crisis, the U.S. Government initiated the emergency PPP loan program managed by the SBA under the Coronavirus Aid, Relief and Economic Security (CARES) Act. The program was created to allocate funding to help businesses keep their workforce employed, as the pandemic disrupts the global economy. However, limited guidance to banks racing to handle a deluge of applications has created a backlog and many of the largest banks as well as smaller regional lenders have become overwhelmed with thousands of applications for the federal stimulus money.
Lending institutions and community banking networks are helping small businesses apply for funding within a mandated filing timeline of only 10 days. With so many businesses rushing to get loans, banks are looking for a scalable solution that could meet audit requirements and process thousands of applications for customers. Under the law, the loans will be forgiven if employers maintain or quickly rehire their employees.
New AI-powered banking bot helps put employees back to work
Community banks are turning to Automation Anywhere to streamline the loan application intake process from the usual three weeks to just three days. Here's how the Payroll Protection Program (PPP) Bots work:
-- Streamlines the loan application intake process by automatically
extracting data from the borrowers' application.
-- Accelerates the payroll validation and calculation process by
automatically mining data from IRS forms.
-- Automates the loan submission process by using lender data to populate
fields into E-Tran, the SBA loan origination portal, a process bank
employees typically perform manually, taking up to 30 minutes per
application.
"In working with community banks throughout the U.S., we have begun automating multiple banking and loan application processes for operating efficiencies," said Leslie Andersen, the current advisory board member of BancAlliance, a network of 250+ community banks, and the CEO of Bank of Bennington in Nebraska. "This solution can relieve the backlog of loan applications for community banks and delivers value to banking customers hoping for a quick recovery so they can open their businesses and can get their employees back to work quickly."
"In an industry where an estimated 35 percent of processes are still manual, the case for process automation in banking is compelling," said Ken Mertzel, Global Industry Leader for Financial Services at Automation Anywhere. "With RPA, banks can achieve productivity gains compounded across thousands of transactions to increase efficiencies, eliminate errors, free up bankers for more valuable and rewarding work, improve customer services - and in the age of COVID-19 - kickstart the economy."
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About Automation Anywhere
Automation Anywhere is a global leader in Robotic Process Automation (RPA), empowering customers to automate end-to-end business processes with software bots - digital workers that perform repetitive and manual tasks, resulting in dramatic productivity gains, optimized customer experience and more engaged employees. The company offers the world's only web-based and cloud-native intelligent automation platform combining RPA, artificial intelligence, machine learning and analytics right out of the box, to help organizations rapidly start and scale their process automation journey. Its Bot Store is the world's first and largest marketplace with more than 850 pre-built, intelligent automation solutions. With offices in more than 40 countries and a global network of 1,500 partners, Automation Anywhere has deployed over 1.8 million bots to support some of the world's largest enterprises across all industries. For additional information, visit www.automationanywhere.com.
COVID-19 Media Fact Sheet:
Intelligent automation enables a more effective response to mitigate risk, while igniting a race for innovation in this time of need. The following Automation Anywhere solutions leverage the power of RPA to help manage the economic and human impact of COVID-19.
Enabling healthcare, government agencies to keep citizens informed, safe and connected:
-- Automated processing of clinical case forms to advance public health:
The World Health Organization (WHO) launched a global COVID-19
Anonymized Clinical Data Platform that requires the manual processing of
critical clinical data and lengthy case record forms for patients
diagnosed with COVID-19. Automation Anywhere, in collaboration with
Microsoft, designed an RPA solution with its AI-powered IQ Bot, enabling
the National Health Service (NHS) in the United Kingdom to automatically
extract critical patient information and process these anonymized forms
with speed and accuracy saving stretched healthcare organizations
precious time to focus on improved patient outcomes.
-- Directing citizens to vital information with a public service dashboard:
In collaboration with NetCraft, a technology partner in Macao, China,
The Macao Anti-Epidemic Real-Time Interactive Map was built as a
GPS-enabled dashboard that uses bots to collect relevant digital data
and provide real-time information to Macao's citizens, including
infection sites, hospital wait times, local availability of masks, bank
status, and other useful information -- updated every few minutes. In
its first few days, the site received 50,000 visits as Macao's
population logged on to receive trusted, live information. More
information is available here.
-- Employee risk assessment tool for managing COVID-19: In Mainland China,
Automation Anywhere partnered with IT consulting firm Shenzhen Pactera
Information Limited to develop the Pactera Employee Risk Assessment Tool
to determine employees' risk of infection as they return home after
traveling outside of the region. Utilizing Automation Anywhere's
AI-powered IQ Bot and RPA to collect and analyze data - including travel
history and confirmed cases from the public health department - the tool
can manage the risk of COVID-19 infections, trace contacts, and suggest
a course of action to mitigate its spread. More information is available
here.
-- Free bots to help combat COVID-19: Public and private agencies around
the world are looking to intelligent automation to rapidly respond to
the global challenge and create real-time outbreak maps, mask
inventories, quarantined sites, testing locations, school closures and
emergency funding. In a recent survey, Automation Anywhere was
identified as the leading RPA provider to the U.S. Government with more
automations currently in operation than any other company.(1) New bots
are created daily on the company's platform to help frontline
organizations manage COVID-19 response, and are available for free in
the company's Bot Store. Solutions include: Create Healthcare Claims
Processing Dashboard, Fraudulent Claim Detection, Automate the Audit Of
Healthcare ICD-10 and Analyze Customer Feedback in the Insurance
Industry.
Staying operational: Helping all industries maintain business continuity and productivity:
-- Enabling collaboration, communication from anywhere: Automation Anywhere
has devoted significant automation resources to enable employees in all
industries to collaborate, communicate and work regardless of where it
takes place. Not all companies are downsizing - in fact, some companies:
Walmart, CVS and Dollar General are hiring to fill the demands of the
new normal. The Employee Onboarding bot helps companies automate the
employee onboarding process by letting bots take care of repetitive
tasks in a fast, efficient and error-free manner. The Slack Login bot
helps users in home offices automatically log in to Slack to collaborate
on projects while working remotely. Also, the Remote Disk Cleanup bot
helps IT teams focus on critical needs instead of manual on-site disk
optimization.
-- Keeping companies afloat through intelligent automation: Through the
company's new Business Continuity Automation program, customers are
invited to a free one-hour session with Automation Anywhere's Quick
Reaction Team to identify a business continuity automation use case.
Customized bots or Digital Workers will be customized and built for
selected use cases and delivered to customers - typically within a week.
All bots created through this program will have the highest level of
certification through Bot Security, and the resulting work will be
published in the company's Bot Store to allow other organizations to
benefit.
-- Ensuring business continuity with contact tracing: Automation Anywhere
is deploying customizable software bots to ensure organizations can
continue operations. The new Health Status Manager bot helps employers
plan for adequate staff levels at store locations when employees are out
sick, with anonymized aggregated results displayed on a dashboard,
distributed by email to designated supervisors and analyzed using
Automation Anywhere's Bot Insight analytics technology. The company is
also supporting containment efforts using bots to trace contacts between
infected individuals to reduce further transmission. The Contact Tracing
Bot has been developed to automate the contact tracing process in
Singapore - from data extraction using IQ Bot, to assessing risk to aid
containment efforts.
-- Helping banks implement grace periods for loan processing and
repayments: Financial institutions across the globe are being challenged
to meet new loan processing requirements and repayment. If loan payments
are not rescheduled promptly, systems will send late payment reports to
credit monitoring agencies. To mitigate negative impact on consumers'
credit in this uncertain time, Banco de Guayaquil in Ecuador built and
deployed Automation Anywhere RPA bots to automatically halt late fees
and refinance loans within a very aggressive timeline, all at a fraction
of the cost of any manual option. Automation Anywhere is working with
other financial services customers to implement similar solutions
globally.
Community response: Sparking a race for COVID-19 RPA solutions:
-- Mobilizing the RPA community to innovate: Automation Anywhere is
investing $500,000 toward a global scholarship program for individuals
looking to learn RPA skills to add value to communities in need.
Automation Anywhere University the company's training and certification
division, will award 200 global scholarships to individuals to achieve
the coveted Master RPA Professional Certification through virtual live
training and certification. More information and the scholarship
application are available here.
-- Free online training and collaboration to spark new solutions: The
company has increased its offering of free online training from
Automation Anywhere University (AAU) with a comprehensive library of
over 100 self-paced RPA courses and learning options for users to gain
expertise in building bots. AAU has also extended its free promotion for
its Advanced Certification program through June 30, 2020, to encourage
users to develop bots - and spark a race for new solutions that automate
and streamline healthcare and other business processes.
-- Calling all developers to collaborate: The global pandemic has upended
work, travel and home life, shifting the rules around what businesses
and citizens are able to do in their daily lives to remain safe and
connected. Developers are encouraged to tap into Community Edition to
build and test bots for COVID-19 response as well as create
work-from-home related bots. Business users are also invited to join the
discussion in A-People to collaborate on new ways to use RPA.
(1) Federal Robotics and Cognitive Consortium (FRCC) Bot Index - Q2 2019, Automations by Sector, Breakdown of Reported Automations by Civilian, DS&J, Health, and SLHE Sectors
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SOURCE Automation Anywhere
