U.S. Banks Using RPA To Fulfill Surge of SBA Loan Requests | UiPath
Chris Klayko is senior vice president (SVP) of Americas at UiPath.
UiPath software robots are now used to help fulfill over 10% of the United States (U.S.) federal government stimulus.
Banks are racing to handle the massive influx of loan applications from small- and medium-sized businesses (SMB) across the United States. In the very first few days administering its small business relief program, banks had hundreds of thousands of customers apply for over $30 billion in loans.
This is great news. The faster banks can give businesses government-backed loans, the faster these businesses can bring back employees that have been impacted by the global crisis.
The challenge for banks is one of massive scalability fast, while also delivering on the audit requirements that are necessary to ensure longer-term loan relief and government forgiveness to support their customers. The answer for banks is not another application platform or lengthy software development effort. Banks need additional workers to provide throughput.