Google on 1st May via an official blog announced the launch of the PPP Lending AI Solution. The new product offering by Google Cloud is developed to aid financial institutions to quickly process loan applications from small businesses seeking assistance during the COVID-19 pandemic.
People’s health, finances, and daily lives have been significantly affected by COVID-19. There has been an increase in demand on governments, healthcare organizations, and companies in financial services, delivering online applications, and other industries.
The US Small Business Administration’s Paycheck Protection Program (PPP) gives loans to small businesses so that they can keep their workers employed during the COVID-19 crisis. But the lenders, servicers, and processors are struggling to handle the PPP loan applications.
To tackle this challenge and ensure business continuity planning and resilience in financial services, Christin Brown (Global Financial Services Strategy & Solutions Lead, Google Cloud) wrote in a blog post, “To help lenders accelerate and automate processing loan applications, Google Cloud developed the PPP Lending AI Solution to help integrate Google’s AI-based document ingestion tools as part of lenders’ existing underwriting components and lending systems.”
What is PPP Lending AI Solution?
The PPP Lending AI Solution is an end to end solution that allows lenders to launch a PPP loan process from portal to submission quickly and at scale. It consists of 3 key components, which can be used individually or in combination.
1. The Loan Processing Portal allows loan applicants to create, submit, and view the status of their PPP loan application. The loan officers or loan processors can also leverage the administration views via the same.
2. The Document AI PPP Parser enables lenders to use AI to extract structure information from loan documents submitted by the loan applicants.
3. Loan Analytics enables loan servicers or lenders to quickly onboard structured loan historical data, perform de-identification anonymization on sensitive information, store securely with fine-grained data access control, and perform queries on the data.
How it improves the processing of applications:
- Save Time
- Improve Customer Experience
- Remain Secure
- Implement Quickly
Over the past few years, Google Cloud has shifted its strategy and started focusing on the enterprises, specifically targeting six key verticals as mentioned by CEO Thomas Kurian earlier this year while presenting Google Cloud’s Strategy, including financial services.
In Friday’s blog post, Christine Brown highlighted the following ways in which Google Cloud is helping financial services maintain business continuity and resilience in the challenging times:
1. Providing immediate burst capacity for banks, trading organizations, and insurers
2. Helping financial services organizations modernize their infrastructure
3. Helping financial services firms make value connections in real-time
Google’s adaptive solutions to the pandemic are helping organizations thrive on their business. For a full blog, you can visit here.