Central Bank is a family owned mid-size bank with branches throughout Iowa and South Dakota. Despite its small-town heritage and commitment to serving local communities, the bank has made substantial investments in modernizing its operations to better serve its customers. From that idea, a spin off company was created to develop technology products to maximise efficiency, not only for Central Bank, but also for other small-to-mid-sized banks that are struggling to keep pace with larger players in the industry.
The Covid19 pandemic brought the world to a standstill in 2020, resulting in widespread business shutdowns and a devastating impact on the economy, especially for small and medium-sized businesses. To help these struggling businesses keep their workers paid and avoid layoffs, the US federal government established the Paycheck Protection Program (PPP) through the CARES Act. The PPP provided low-interest loans for payroll, rent, interest, and utilities, giving businesses the chance to maintain their operations and potentially have their loans partially or fully forgiven.
However, the constantly changing regulations and complex application process for PPP loans presented a challenge for both banks and borrowers. The process was time-consuming and difficult to navigate, making it difficult for struggling businesses to access the financial aid they needed. This is where our team saw an opportunity to help.
Our goal was to simplify the process of applying for PPP loans and make it easier for banks and their clients to access the financial aid they needed. To achieve this, we partnered with Central Bank of Iowa to create a solution that would streamline the application process and simplify it for everyone involved.
Our approach involved a comprehensive review of the application requirements and a careful mapping of every step of the application process. We then worked with Central Bank's specialists to devise a user-friendly solution that would simplify the complicated process and ensure compliance and legality. The solution was designed to streamline the application process for both clients and the bank, eliminating the need for manual effort and making it easier for everyone to access the financial aid they needed.
With a thorough understanding of the application process, our team set out to develop a solution that would make it easy to apply for a PPP loan. The solution involved creating an automated system that would eliminate the need for manual effort, streamline the process, and make it easier for banks and their clients to apply for PPP loans.
The system was designed to automatically fill out the application for PPP loan forgiveness, flag eligible expenses, and calculate eligibility and estimated loan forgiveness automatically. This made it easier for banks and their clients to apply for PPP loans and access the financial aid they needed. The information was easily accessible on a back-end system for bank employees, allowing tellers to quickly approve or reject account requests and compliance officers to thoroughly review any discrepancies in the application process.
To further enhance the user experience, our team utilized cutting-edge technologies such as OCR, FinTech solutions such as bank account connections, and decentralized signatures. This allowed for a seamless and secure application process, making it easier for banks and their clients to access the financial aid they needed in light of the Covid19 pandemic.