The Small Business Loan Management application supports banks and the small businesses they serve by simplifying loan applications and streamlining their workflow. ServiceNow® and INRY built it to provide banks with a single system for securely collecting documentation, communicating with customers, and tracking key activity across a loan application’s lifecycle. Through a central portal, customers can collaborate with their bank on documents and guidelines. Once customer information and records are collected, banks can continue to use their existing systems and processes.
Demand among borrowers for the ability to submit applications online continues to increase, but recent health crises have made it a necessity. The Small Business Loan Management app allows banks to intake loan applications and meet customer needs regardless. Banks can manage risk by using existing imaging applications, core banking systems, internal compliance requirements, and other existing processes.
Small Business Loan Management makes it easy for small business owners to access forms, upload images, and submit loan applications via the web or a mobile app, eliminating the need for a scanner. Borrowers can look up frequently asked questions, check the status of their application, and interact with bankers and back-office teams.
Loan officers can use Small Business Loan Management to capture complete information and relevant documents and keep track of all applications. Bankers responding to clients can be assured that all documentation is being captured and sent to the right people.
Make it easy for back-office staff to coordinate with loan officers to achieve speedy approval of loan documentation. Set up knowledge articles and update any information specific to borrowers and bankers.
On the reliable ServiceNow platform, banks can tailor the digital experience with branding, messaging, and communication. Signed applications forms and verification documents can be uploaded with the intuitive and mobile-friendly interface. Banks can track various stages of processing by leveraging rich dashboards, reporting, and status checks. Additional training material or guidance can be captured when required. The Now’s platform provides high availability and performance capabilities. An ISO 27001 certified secure platform ensures complete protection of confidential information.
One user-friendly portal to service customers: Customers access a single interface to learn about the PPP loan application and forgiveness process, securely submit their application, and track progress.
FAQs and Information needs: Allows banks to publish guidelines for customers and answer questions. These articles can be updated by the bank so that customers and bank officers receive consistent and regular information.
Mobile: The app provides a user-friendly interface that allows customers to register and complete the loan application process directly from their mobile devices.
Single system of record: Securely store and provide access to data, from one cloud-based application powered by ServiceNow, that can be shared across various departments of a bank.
Ease of communication: Bankers can proactively share information to reduce follow up calls and emails. Customers can add more documents when requested by the bank.
Reports: Bankers and customers can view the status of loan applications such as approved, in progress, complete, and rejected. Reports can be customized as a dashboard to display critical information for banks.
Security: The digital workflow solution complies with all data security, data privacy, government regulations, and regional standards set in place by ServiceNow. It ensures data privacy by providing role-based access controls.
Added compatibility for Utah and Vancouver releases.
- Forgiveness Calculation based on SBA guidelines
- New Portal UI
- Virtual Agent Topics
- GRC (Risk Framework) and Dashboards
- Case Types: Inquiry, Dispute and Modify Loan
- Encryption Support
- Service Management Basics
- Customer Service
Note: Need few more additional plugins v2.3 (along with the above mentioned plugins) to get the advanced capabilities like GRC Dashboards and Virtual Agent.
- Customer Service Virtual Agent Conversations
- GRC: Risk Management