Current Scenario

The rapid outbreak of the COVID-19 pandemic has impacted businesses across the world. Due to this, millions of people across the globe are filing for unemployment relief over the past few weeks. To cushion the impact, respective governments are rolling out relief packages.

Challenges

  • There is an unprecedented demand to avail these low interest loans and this has resulted in a very high volume of loan applications.

  • Such a volume of loans cannot be processed in a short time as they have to be underwritten, verified after doing a due diligence check and approved – the way banks have been doing them traditionally.

  • It is necessary to understand the dimension of what information is necessary to underwrite as prescribed by Legal and Risk departments.

  • Due to the urgency of the situation, all the traditional manual work has to be done in a very short span.

  • This is a huge customer satisfaction issue for banks as well, as they count on these small business customers for business growth.

Nia Can

The need of the hour is a solution that can deliver this by leveraging AI, and automating the manual processes involved in loan processing. This is where Nia DocAI comes to the rescue by checking eligibility to performing loan verification checks. Nia DocAI leverages Computer Vision capabilities to:

  • Automate the process, verify supporting documents, and extract the required information accurately and elegantly. Nia DocAI extracts payroll data from customer loan applications and provides traceability to the various sources from which payroll information comes.
  • Reduce manual effort, improve accuracy, and accelerate the loan eligibility verification process.
  • Provide clear insights to loan and risk officers, enabling them to make quicker decisions.

If you’d like to know how Nia DocAI can help automate loan processing under the Paycheck Protection Program, please click below to request a callback.

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Nia DocAI in action

Business Challenge

Our client, one of the oldest and largest US-based financial institutions, had to review and approve 25K+ loan applications in a week, in the midst of COVID-19 and an unprecedented surge in Paycheck Protection Program (PPP) Small Business Administration (SBA) related loan applications. They also had to authenticate the small business enterprises applying for the loan, by extracting critical employee payroll data needed for approving the loan application.

Solution

The bank leveraged Nia DocAI and its computer vision capability to accelerate loan processing for PPP SBA loans with high accuracy. Nia DocAI:

Crawled through loan application database (25K + loan application folders, with over 100K documents) to find and extract only the documents that are necessary for loan processing

Processed a variety of documents, submitted by Borrowers in a variety of formats, to extract Payroll information

Assembled wage data with related information for traceability and audit

Delivered both a simple system for validation, and an automated Loan approval process and system

Solution designed without any need for data or system integration

Crawled through loan application database (25K + loan application folders, with over 100K documents) to find and extract only the documents that are necessary for loan processing

Processed a variety of documents, submitted by Borrowers in a variety of formats, to extract Payroll information

Assembled wage data with related information for traceability and audit

Delivered both a simple system for validation, and an automated Loan approval process and system

Solution designed without any need for data or system integration

Benefits of choosing Nia DocAI

Help the bank serve a large number of impacted customers by getting them access to PPP SBA loans

Accelerated loan processing, while adhering to stringent Risk and Audit requirements

Data accuracy and scale that allowed for automated disposition of loans

Provide traceability for risk and audit now and in the future

Help the bank serve a large number of impacted customers by getting them access to PPP SBA loans

Accelerated loan processing, while adhering to stringent Risk and Audit requirements

Data accuracy and scale that allowed for automated disposition of loans

Provide traceability for risk and audit now and in the future

If you’d like to know how Nia DocAI can help automate loan processing under the Paycheck Protection Program, please click below to request a callback.

Request A Callback

In case of any question, please refer these Frequently Asked Questions.

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