On April 3, 2020 the United States federal government introduced the Paycheck Protection Program (PPP), resulting from the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Specifically, the Small Business Administration (SBA) PPP aims to swiftly deploy $350 billion in funds through banks and other lending institutions to relieve the economic stress currently overwhelming small business owners because of the impacts of COVID-19. Financial Automation for institutions can serve customers and speed -up the process for those seeking to participate in the PPP.
It also means increased pressure on some financial institutions, who may be challenged to interpret the evolving SBA-PPP guidelines, while simultaneously designing internal processes that streamline the application and funding processes to small business clients.
Additionally, not all banks or credit unions have experience handling SBA loans. And even those that do may have processes that include “manual” intervention that are not ideal or scalable for managing the flood of incoming applications. These broken or less than ideal processes can slow an organization down and create a mass-gridlock at a time when banking customers need immediate help and access to resources.
It is also worth noting that PPP funding applications are being accepted through June 30, 2020. This short time frame means banks and credit unions must act fast, remove barriers, and accelerate their ability to deploy and manage digital and automated processes.
How to save time and money with financial automation processes with Nintex
Nintex is an expert in process management and workflow automation. We work with financial institutions, banks, and credit unions around the world.
Watch how we’re improving the customer experience at Auswide Bank.
We’ve established a task force to help you – whether you are a current customer or not – quickly automate the SBA-PPP process and loan onboarding.
Automation benefits are clear
Whether you seek to streamline the application process, manage approvals through the credit and loan departments, or generate the reports needed for E-Tran, the Nintex team is here to help you better serve your customers.
By implementing financial automation regarding SBA-PPP process and loan with Nintex, you’ll generate:
- Faster loan processing with less manual effort. Automating allows you to process larger loan volumes faster and at a lower operational cost.
- Increased customer satisfaction. Put your customer needs first by making the SBA-PPP application process easier and faster through automation.
- A strong competitive advantage. You’ll stay ahead of the competition by accelerating your own organization’s digital transformation.
Our team is ready to help you automate the SBA-PPP process, loan onboarding, and more. I encourage you to take advantage of a complimentary virtual session with a Nintex expert and you’ll be quickly on your way to automating. Sign up today.
Downloadable (and free) workflow and RPA templates for SBA-PPP
Start the loan application process by downloading a customizable form template along with relevant document automation templates. Leverage Nintex Workflow templates to automate the entire process, including Nintex Sign™ powered by Adobe Sign to collect the electronic signatures; store completed, signed documents in your file storage of choice.
Free Nintex training through June 30, 2020
Another free resource we’re offering to Nintex customers and partners is free virtual instructor-led training through the end of May via Nintex University. Our scheduled training series covers Nintex Workflow and Forms for Office 365 and Nintex Workflow and Forms for SharePoint at the Practitioner and Expert levels.
To sign up, please use promo code: remote-learning-april-2020.
Interested in learning more about how Nintex can help your organization? Request a free trial today.