Intelligent Automation for COVID Relief Loans
Small and medium-sized businesses need a fast cash infusion. But how will the world’s banks dole out massive government relief funds? Intelligent automation can speed up every step of the process.
This spring, governments around the globe are making trillions of dollars available to businesses through loans. In the U.S., Congress dedicated $350 billion to companies with less than 500 employees. The U.K. set aside￡330 billion for any company making less than £45 million. Germany is rolling out loans up to €800,000 each. But making those funds available quickly is another matter. Even the world’s largest banks are scrambling to build online loan application portals compatible with government systems. At smaller banks, applying for a loan is still a largely manual process that takes employees hours to wade through with each business.
Automation Hero uses a combination of AI-powered document classification, data extraction, and advanced OCR (optical character recognition) for handwriting to reduce manual tasks and process loans faster. In the early phases of loan origination, we can help banks build a document classification model that makes quick work of the intake and application processes. Then, depending on the document type, we establish rules for extracting pieces of data from it. Finally, Automation Hero uses advanced OCR to analyze data that’s structured, semi-structured, or unstructured, and it does so with unparalleled accuracy. Then a bank can decide whether these tasks are attended or unattended automations. If attended, updates and problem cases will be served up on a regular basis for human review by Automation Hero’s personal automation assistant, Robin.
In the end, this speeds up screening and sorting of application documents, reduces input errors, and helps banks approve loans in seconds. It also streamlines auditing and reporting, simplifies compliance, and creates seamless back-end integrations with government software.