The solution, currently being used by several U.S. banks, uses Digital Workers to automate process loan applications in a matter of seconds, for same-day approvals.
The daily demand for loans is more than the SBA processes in an entire year. Loan applicants are frustrated with the amount of time it takes to process the loan applications end-to-end, including filing and receiving timely status updates. To keep up, First Home Bank partnered with Blue Prism, Lateetud and ABBYY to automate the entire end-to-end loan application and submission process.
“The ability to respond and automate at this hyper-level is a game changer and made a real difference in people’s lives,” says Thomas Zernick, President, SBA Lending Division of at First Home Bank. “We are closing in on saving around 85,000 jobs and $770 mil in loans secured. With Lateetud delivering Blue Prism’s Digital Workforce, 99 percent of loans are processed on the day of application. We are also using the technology to automate upstream and downstream activities like application validation and loan closures, respectively. As a next step, we are working with Lateetud and Blue Prism on automating the loan forgiveness process.”