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How Our Client Efficiently Automated their PPP Loan Reporting Process using RPA Bots
Introduction
Our client is a bank headquartered in Texas with over $969.7MM in total assets. Operating since 2008, the client provides deposits, loans, insurance, lockers, mortgage solutions, online banking, and merchant services.
Our client is listed in “2020 Best Workplaces”, and their organization is certified for positive workplace culture. They are also an SBA preferred lender and have been helping small businesses overcome the crisis.
Challenge Faced
The client manages ~33 loan pools, and for each loan pool, payment reports have to be submitted to the Federal Reserve periodically. Processing the report for each loan pool would take approximately 10-15 min, adding up to almost 6 – 8 hours for processing all loan pools. Most of the activities were repetitive and manual, impacting productivity and operating costs. Human data entry and validation error in the system lead to data quality/reporting metrics inconsistency.
Solution
The client engaged Eleviant to assess the need to implement a Robotic Process Automation solution (RPA), which would help streamline the operations and automate payment report submission to the Federal Reserve. Eleviant worked with the client to complete the assessment, showcase RPA capabilities and implement an RPA bot to automate the process. This bot reduced the manual effort by 95% and minimized the data quality compliance errors, and all mainly decreased the 8 hours required to complete the overall process to just 5 minutes.
This is not All!
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