What are the challenges?
A bank reached out to us to help them develop a way to meet the needs of their clientele when it came to processing loans within the confines of a government loan program with an impending timeframe.
The government was requiring documentation that needed to be completed for loans and additional information was needed for processing through the SBA (Small Business Administration). The information came in many formats but needed to be pulled in one way, input in another format to send to the SBA.
Captures needed to be transferred; information was duplicating. There were also standardization rules that had to be followed for applications to be accepted. Manually, the work was getting kicked back for more manual validation, and the employees were concerned that they would miss deadlines for clients that had submitted their requests in a timely fashion.
How did Lanshore deliver the solution?
Automating the process required attention to detail on Lanshore’s part. We knew if we got this right, the process that was taking them weeks too long could be finished in days. To access funds, they needed to get approval and move the paperwork within the deadlines they were given.
The RPA we delivered surpassed their expectations and they processed $503,000,000 in SBA loans, helping over 3,000 people in just days. They might have seen less go through had the RPA not done such a wonderful job of getting them through the large amounts of checks and balances that slow down the system used to gather and disseminate information.