Banks all over the world are providing relief programs to small businesses and deferral programs for their clients supporting mortgages and loans due to novel COVID-19. To strengthen the bank structure Google launched the PPP leading AI solution, this is the new product using Google cloud technology for processing the loan application quickly and providing assistance by creating the financial structure more secure with additional features.
The PPP(Paycheck Protection Program) leading AI solution speeds up the decision-making process by providing an end to end solutions.
Three main components can be used individually or with their combination in this new product to strengthen the financial industry.
First, The Loan Processing Portal, loan applicants, or lending agent can easily submit their PPP loan application and view the status regularly using a web-based application. Second, The Document AI PPP Parser API, in which AI uses the structured information from the submitted applications from the applicants. Third, Loan Analytics, in this process of a segment, helps lenders to quickly pull out the historical data & undiscovered sensitive information of applicants to analyze data in a secure method to improve risk management and cybersecurity.
The modernization of IT infrastructure assisting financial industries with migrating mainframe workload to the cloud system as quickly as possible through mainframe app automation. However, the online platform becomes a new version of the working pattern and supporting remote workers. AI and robotic process automation(RPA) can enhance the process in a loan modification, mortgage refinancing, rating actions, and credit extensions, although other bank members can contribute their efforts to solve more complex tasks with excellent customer support.
Google Cloud and partner NubeliU, bring the solution to validate the documents and forms in PDF format automatically to support small and medium-sized companies to meet their demands and loan requirements as quickly as possible. Besides, Contact Centre AI Rapid Response Virtual Agent program changes the platform of digital channels queries from customers, financial services firms allow to build and implement the customize contact center AI (CCAI) to address the clients inquiry automatically through the virtual agent and allow the workforce to solve the complex cases to provide immediate assistance to clients.