Google on Friday announced the launch of the PPP Lending AI Solution, a replacement product designed to assist financial institutions quickly process loan applications from small businesses seeking assistance during the COVID-19 pandemic. The new tool comprises three different components to assist banks to track loan applications, extract data from applications for quick processing, and analyze historical loan data.
The US Small Business Administration’s Paycheck Protection Program (PPP) gives loans to small businesses in order that they will keep workers on the payroll through the pandemic. the amount of applications coming in has overwhelmed the lending institutions approved to form PPP loans.
The PPP Lending AI solution is “an end-to-end solution that accelerates the time-to-decision on loans and helps inform lenders’ liquidity analysis,” Google Cloud’s Christin Brown wrote during a blog post, “from the initial application submission to the underwriting process and SBA validation”.
The three components of Google’s new product are often used individually or together with one another. It includes:
The Loan Processing Portal, a web-based application that lets lending agents and/or loan applicants creates, submits, and considers the status of their PPP application.
The Document AI PPP Parser API, which uses AI to extract structured information from PPP loan documents submitted by applicants. This component is out there at no cost through June 30.
Loan Analytics, which helps lenders quickly anonymize sensitive information, store information securely, and perform data analytics on historical loan data.
Over the past year, Google Cloud has stepped up its specialize in the enterprise, specifically targeting six key verticals, including financial services.
In Friday’s blog post, Brown highlighted other Google tools that customers within the financial services sector are using to modernize their operations. as an example, after acquiring Cornerstone Technologies for mainframe migration capabilities, Google helps its customer Boa Vista develop a cloud migration roadmap. Meanwhile, customers like DenizBank and KeyBank are using Google’s application platform Anthos.