ServiceNow partner INRY has released a Small Business Loan Management app based on ServiceNow® Customer Service Management (CSM) technology. This digital workflow solution delivers transparent, compliant and efficient lending experiences. The goal is to reduce bank overhead and small business distress during the COVID-19 pandemic.
The app will enable lending institutions of all sizes and their small business customers to more efficiently process applications for the SBA Paycheck Protection Program. It provides clear program guidance, application and loan forgiveness management and a common case record for audit purposes.
As part of the US Government’s $2 trillion-dollar COVID-19 relief package, the Small Business Administration (SBA) has allocated over $500 billion in loans through its Paycheck Protection Program to help businesses keep their workers employed during the COVID-19 crisis.
This program creates unprecedented operational overhead for the SBA, banks and their customers. The Small Business Loan Management app is a low-cost, secure, scalable solution to this problem.
“The SBA Paycheck Protection Program is vital support for America’s small business owners and employees, but the process of accessing those funds has been challenging for many,” said Lauren Robbins, VP and General Manager of Financial Services at ServiceNow. “We are proud to partner with INRY to bring more efficiency to this process by helping banks streamline the processing and management of PPP loans, thereby giving businesses and their employees faster access to this much-needed funding.”
Key capabilities of the Small Business Loan Management app include:
The app is powered by the latest release of the Now Platform, Orlando, which includes powerful features like Agent Intelligence, Virtual Agent, Integrated Risk Management and much more.
ServiceNow continues to partner with INRY to develop additional functionality for the app. A key aspect of the solution is its low cost. During the COVID-19 crisis, it’s important that small, medium and large banks can adopt and deploy the solution in support of their small business customers.
“The Small Business Loan Management app is a cost-effective, secure, enterprise-grade solution that addresses the challenges associated with the rapid mobilization and deployment of relief aid to small businesses in need,” said Bipin Paracha, CTO and Co-Founder of INRY. “We developed this app to respond to the needs of banks of all sizes and to rapidly and securely manage the lifecycle of loan processing–from the collection and retention of loan data to loan maintenance, closure and audit.”
INRY initially identified the need for an app that would help lenders provide SBA emergency loans more efficiently. ServiceNow recognized the potential to help and jumped in to tune the app for ServiceNow CSM. The app harnesses the power, innovation and enterprise scale of the Now PlatformÒ, delivering a low-cost solution for banks of all sizes to manage the Paycheck Protection Program lifecycle. This solution can replace locally created end user solutions quickly.
ServiceNow quickly established a close technical partnership with INRY and helped develop the new solution in less than two weeks, underscoring the rapid development capability of the Now Platform.
An early customer of the solution is Bridgewater Bank in Minnesota, whose CTO, Mark Hokanson, said: “The Paycheck Protection Program has required significant collaboration between lenders and clients, and the Small Business Loan Management app will help streamline communication and reduce case processing time. The capabilities of the app, including a consistent and user-friendly dashboard with real-time data, will help our leadership focus attention where it is most needed – on providing the fastest, highest quality of service for our clients. This framework also sets us up for future work with loan forgiveness and other steps that we see will need to be addressed further down the road.”
Earlier this year, ServiceNow announced forthcoming product capabilities for the financial services industry. Today’s announcement reinforces how ServiceNow and its partner community are successfully delivering solutions to meet middle office customer workflow needs in financial services, and plugging the gap left by digital fragmentation. Find out more about ServiceNow’s financial services industry solutions.
The Small Business Loan Management App is available for download on the ServiceNow Store. Find more about availability and implementation here.
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