Emergency funding to Small Businesses requires an automatic understanding of income and eligibility
A Tier US 1 Bank signed a multi-year partnership with Instabase at the beginning of 2020, just before the COVID pandemic hit. Our team were actively working to get Instabase up and running in their environment, when they suddenly needed our help to deal with the impact of the crisis.
As the PPP program was rapidly spun-up, they were receiving millions of documents from customers that desperately needed access to funding. These documents include things like Tax Documents (940, 941, 943) and custom Application Forms.
In order to operate, they relied on a team of 1,500 operators to manually classify and transcribe these different documents – which had a capacity of 10,000 applications per day.
The bank had an existing engagement with a legacy vendor, that extracts information from documents based on templates and rules. Unfortunately, given how ‘messy’ the real world is, and the variation that comes in from these documents at scale, these traditional approaches were ineffective.
Configuring powerful toolkits to find a solution
Our team quickly worked with theirs to configure a PPP application on Instabase, which was up and running within 6 days. The application splits up all incoming documents, classifies them by type, digitizes them into a consistent format, extracts all the required fields, validates their accuracy and feeds into their loan processing system.
Clear business impact demonstrated at pace
They’ve since been running successfully, processing 10,000 loans every single hour, with 85% fully automated. In the first two months since go-live, 8.8 million pages have been automatically processed.