How Our Client Efficiently Automated their PPP Loan Reporting Process using RPA Bots

PPP Loan Payment Reporting Automated using Bots

Abstract

Coventus selected and implemented an efficient automation solution for this renowned banking client based out of Texas, USA. This solution helped in submitting payment reports periodically to the Federal Reserve, which holds the details of Payment Transmittal Summary & Loan details for all PPP loans processed by the bank. This automation solution reduced
manual activities/ efforts and enabled them to focus on value-added activities.

Client

Our client is a bank headquartered in Texas with over $969.7MM in total assets. Operating since 2008, the client provides deposits, loans, insurance, mortgage solutions, online banking, and merchant services.

Our client is listed in “2020 Best Workplaces” and their organization is certified for positive workplace culture. They are also an SBA preferred lender and have been helping small businesses overcome crisis

Business challenge

The client manages ~33 loan pools, and for each loan pool, payment reports have to be submitted to the Federal Reserve periodically. Processing the report for each loan pool would take approximately 10-15 min, adding up to almost 6 – 8 hours for processing all loan pools.

Manual activities performed by process stakeholders include:

Classification of loan pools from consolidated BA report generated periodically
Validation with original report pledged to Federal Reserve
Calculating the current outstanding balance for each loan pool
Preparation of payment report based on template and instructions shared by the Federal Reserve
Sending e-mails with payment reports for each loan pool

Most of the activities were repetitive and manual, impacting productivity and operating costs. Human data entry and validation error in the system lead to data quality/reporting metrics inconsistency.

Key Information
Industry	Banking
Region	USA
Automation Platform	RPA
Process Scope	Compliance Reporting
Applications	RPA, Excel & Outlook
Bot Usage Frequency	Weekly
Transaction Volume	~33 Loan pools
Productivity Hours Saved	6-8 Hours
Engagement Model	RPA as Managed Service – Analysis, Bot Development, Bot Deployment, Support & Bot Management
Engagement Duration	2 Months

Automation solution

The client engaged Coventus to assess the need to implement a robotic process automation solution (RPA), which would help streamline the process and automate payment report submission to the Federal Reserve. Coventus worked with the client to complete the assessment, showcase RPA capabilities and implement an RPA bot to automate the process.

The automation solution:

Reduced the manual effort by 95%
Accelerated the time-to-completion of the entire process to less than 5 minutes.
Minimized data quality compliance errors by 95%.
Enabled Process stakeholders to submit payment reports straight to Federal Reserve without manual intervention.

Key Information
Industry	Banking
Region	USA
Automation Platform	RPA
Process Scope	Compliance Reporting
Applications	RPA, Excel & Outlook
Bot Usage Frequency	Weekly
Transaction Volume	~33 Loan pools
Productivity Hours Saved	6-8 Hours
Engagement Model	RPA as Managed Service – Analysis, Bot Development, Bot Deployment, Support & Bot Management
Engagement Duration	2 Months

If you are interested in exploring our automation capabilities, schedule a demo with our experts to evaluate your organization’s automation opportunities.