Google announced on Friday the launch of the PPP Lending AI Solution, a new product designed to help financial institutions quickly process loan applications from small businesses seeking help during the COVID-19 pandemic. The new tool includes three different components that help banks track credit applications, extract data from applications for quick processing, and analyze historical credit data.
The U.S. Small Business Administration’s Paycheck Protection Program (PPP) is making loans to small businesses so they can keep their workers on payroll during the pandemic. The number of applications received has overwhelmed the credit institutions approved for granting PPP loans.
PPP Lending’s AI solution is “an end-to-end solution that accelerates loan decision-making and supports lender liquidity analysis,” wrote Christin Brown of Google Cloud in a blog post, “from the first application on the underwriting process and SBA validation. “
The three components of the new product from Google can be used individually or in combination with one another. It contains:
- The Loan Processing Portal, a web-based application that allows loan intermediaries and / or loan applicants to create, submit and view status of their PPP loan application.
- The Document AI PPP Parser API that uses AI to extract structured information from the PPP loan documents submitted by applicants. This component is available for free until June 30th.
- Credit analysis that helps lenders quickly anonymize sensitive information, securely store information, and perform data analysis on historical credit data.
Last year, Google Cloud increased its focus on businesses, targeting six major industries in particular, including financial services.
In his Friday blog post, Brown highlighted other Google tools that financial services customers are using to modernize their operations. For example, after acquiring Cornerstone Technologies for mainframe migration functions, Google is helping its customer Boa Vista develop a roadmap for cloud migration. In the meantime, customers such as DenizBank and KeyBank use the application platform Anthos from Google.