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Google Cloud announced the launch of the PPP Lending AI Solution.
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The PPP Lending AI Solution is an end to end solution that allows lenders to launch a PPP loan process from portal to submission quickly and at scale.
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It consists of 3 key components, which can be used individually or in combination.
Google on 1st May via an official blog announced the launch of the PPP Lending AI Solution. The new product offering by Google Cloud is developed to aid financial institutions to quickly process loan applications from small businesses seeking assistance during the COVID-19 pandemic.
People’s health, finances, and daily lives have been significantly affected by COVID-19. There has been an increase in demand on governments, healthcare organizations, and companies in financial services, delivering online applications, and other industries.
Read More: US PROCESSES OVER $500 BILLION IN SMALL BUSINESS LOANS TO STEM CORONAVIRUS FALLOUT
The US Small Business Administration’s Paycheck Protection Program (PPP) gives loans to small businesses so that they can keep their workers employed during the COVID-19 crisis. But the lenders, servicers, and processors are struggling to handle the PPP loan applications.
To help lenders accelerate and automate processing loan applications, Google Cloud developed the PPP Lending AI Solution to help integrate Google’s AI-based document ingestion tools as part of lenders’ existing underwriting components and lending systems.
- Christin Brown (Global Financial Services Strategy & Solutions Lead, Google Cloud)
What is PPP Lending AI Solution?
The PPP Lending AI Solution is an end to end solution that allows lenders to launch a PPP loan process from portal to submission quickly and at scale. It consists of 3 key components, which can be used individually or in combination.
1. The Loan Processing Portal allows loan applicants to create, submit, and view the status of their PPP loan application. The loan officers or loan processors can also leverage the administration views via the same.
2. The Document AI PPP Parser enables lenders to use AI to extract structure information from loan documents submitted by the loan applicants.
3. Loan Analytics enables loan servicers or lenders to quickly onboard structured loan historical data, perform de-identification anonymization on sensitive information, store securely with fine-grained data access control, and perform queries on the data.
How it improves the processing of applications:
Over the past few years, Google Cloud has shifted its strategy and started focusing on the enterprises, specifically targeting six key verticals as mentioned by CEO Thomas Kurian earlier this year while presenting Google Cloud’s Strategy, including financial services.
In Friday’s blog post, Christine Brown highlighted the following ways in which Google Cloud is helping financial services maintain business continuity and resilience in the challenging times:
1. Providing immediate burst capacity for banks, trading organizations, and insurers
2. Helping financial services organizations modernize their infrastructure
3. Helping financial services firms make value connections in real-time
Google’s adaptive solutions to the pandemic are helping organizations thrive on their business.
Read More: NEW YORK ATTORNEY GENERAL ASKS MAJOR BANKS TO CLARIFY HANDLING OF SMALL BUSINESS LOANS
About Google
Google’s mission is to organize the world ‘s information and make it universally accessible and useful. Since our founding in 1998, Google has grown by leaps and bounds. From offering search in a single language we now offer dozens of products and services including various forms of advertising and web applications for all kinds of tasks in scores of languages. And starting from two computer science students in a university dorm room, we now have thousands of employees and offices around the world. A lot has changed since the first Google search engine appeared.