Many banks are finding it challenging to capture and process loan applications that have been submitted in response to the SBA’s Paycheck Protection Program (PPP). We even learned that some banks missed out on the first round of PPP because they didn’t have a portal up and running to accept borrower applications. That’s a significant loss, considering that banks receive commission from the government for every loan that is processed.
These PPP fees are important to banks. They are using PPP fees and interest to fund incremental loan loss reserves and to avoid meaningful tangible book value impairments. That helps them protect their stock prices and dividends. It’s also a way to create favorable brand impressions with your existing and prospective customers.
In this environment, a rocky deployment of the PPP could hurt a bank’s reputation even if the problems are not entirely their fault. During this “moment of truth” for many banks, we know that rapidly deployed, high-quality solutions can enhance the experiences small business owners have with their banks.
Are you ready for the next wave of funding?
We developed multiple solutions to help you right now. Below are three of them.
Your challenge: You don’t have the technology in place to capture applicant information.
Read our perspective to learn the importance of digital account opening in the touch-free Covid-19 era and the top 10 questions you should ask yourself when evaluating your capabilities.
Our solution: We can implement a public-facing solution that enables applicants to complete the required loan application information or automate data extraction from the PPP form through various ingestion points.
Your challenge: You need a way to automatically process and service loans to get through the high volume.
Our solution: We can stand up and integrate an automated solution to help process loans quickly.
Your challenge: You don’t have enough people to process the high volume of loan applications manually.
Our solution: We can provide skilled banking resources to help process loans.
We can provide end-to-end solutions or augment your existing solutions. Our resources – 100% of them – have been enabled to work from home since day one of the crisis. If your organization requires financial services resources and technology solutions that can support your Paycheck Protection Program loan processing efforts quickly, we are prepared and can meet your needs.
If you are interested in learning more about how we can help support you during these challenging times, please reach out to Scott.Albahary@perficient.com, Perficient’s Financial Services Chief Strategist.