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
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 XtractEdge Platform comes to the rescue by checking eligibility to performing loan verification checks. XtractEdge Platform leverages Computer Vision capabilities to:
- Automate the process, verify supporting documents, and extract the required information accurately and elegantly. XtractEdge Platform 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 XtractEdge Platform can help automate loan processing under the Paycheck Protection Program, please click below to request a callback.
XtractEdge Platform 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 XtractEdge Platform and its computer vision capability to accelerate loan processing for PPP SBA loans with high accuracy. XtractEdge Platform:
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 XtractEdge Platform
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 XtractEdge Platform can help automate loan processing under the Paycheck Protection Program, please click below to request a callback.
In case of any question, please refer these Frequently Asked Questions.
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