Kofax, a leading supplier of Intelligent Automation software to digitally transform end-to-end business processes, and ImageTech Systems, Inc. today announces a loan processing solution providing financial institutions with cognitive capture, software robots and process orchestration capabilities to expedite loan applications submitted under the Coronavirus Aid, Relief, and Economic Security (CARES) Act Paycheck Protection Program (PPP). Available on Kofax SmartHub, this pre-built intelligent automation solution significantly reduces the stress placed on loan processing functions due to higher volumes of government-backed loan applications and depletions to workforce capacity resulting from the COVID-19 pandemic. Congress is expected to extend funding for the PPP this week.
The loan processing solution combines the capabilities of Kofax Robotic Process Automation (RPA) and Kofax TotalAgility to extract, manage and audit data between the lender and the U.S. Small Business Administration (SBA). By using Kofax RPA with its embedded artificial intelligence capabilities, including Natural Language Processing (NLP), loan application information can be accurately extracted from multiple channels and inputs. With process orchestration capabilities from Kofax TotalAgility, the entire process can be managed from initial application submission through auditing and final communication to the customer.
“Kofax and ImageTech Systems recognize time is of the essence for these businesses. This intelligent automation solution can help expedite loan processing and ensure small businesses receive the aid they need faster during this crisis,” says Chris Huff, Chief Strategy Officer at Kofax. “This collaboration demonstrates how quickly processes can be automated using the Kofax Intelligent Automation Platform.”
With loan applications automated through Kofax’s Intelligent Automation Platform, information from paper, faxes, email and other digital channels can be processed in a fraction of the time that would otherwise be required. Financial institutions can save 80 percent or more on processing times while realizing greater productivity, freeing staff to support customers in other areas and ensuring business continuity. Additionally, the loan operations team is provided with powerful analytics for visibility and insight into the status of all applications. Other use cases include documentation requests, providing disclosures and e-signing for all disclosures and government forms. Harnessing intelligent automation delivers the scalability and capabilities needed to quickly fulfill loan application requirements and support customers.
“Kofax is the only company to combine these technologies into a single platform which simplifies deployment,” says RJ Oommen, CEO at ImageTech Systems. “The combination of our expertise with the loan process and the Kofax Intelligent Automation platform helps financial institutions get funds into the hands of customers as quickly as possible.”
ImageTech Systems has been implementing and building custom automation solutions for banking and financial services organizations for over 25 years. As a long-term Kofax Partner, ImageTech Systems has developed solutions on the Kofax Intelligent Automation Platform for numerous customers worldwide.
Solution Benefits:
- Pre-built robot and process automation facilitates fast and easy deployment
- Cognitive Capture features embedded in Kofax RPA extract specific PPP application fields from SBA's standard template
- Kofax TotalAgility provides back-office loan processing automation with omni-channel customer interaction (via email, mobile, Web portal, etc.)
- Detailed analytics provide full visibility into the processing
- Kofax RPA provides seamless data export to external loan processing platforms including SBA’s E-Tran Loan Processing Web Portal
- Extensible and flexible, and can be customized for each lender
The solution is available on Kofax SmartHub – a marketplace allowing customers to discover and deploy pre-built robots, connectors, scripts and solutions accelerating time-to-value.
