Google rolls out new AI-powered product for banks processing PPP loans
Google on Friday announced the launch of the PPP Lending AI Solution, a new product designed to help financial institutions quickly process loan applications from small businesses seeking assistance during the COVID-19 pandemic. The new tool comprises three different components to help banks 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 so that they can keep workers on payroll through the pandemic. The number of applications coming in has overwhelmed the lending institutions approved to make PPP loans.
The PPP Lending AI solution is "an end-to-end solution that speeds up the time-to-decision on loans and helps inform lenders' liquidity analysis," Gogle Cloud's Christin Brown wrote in a blog post, "from the initial application submission to the underwriting process and SBA validation."
The three components of Google's new product can be used individually or in combination with each other. It includes:
- The Loan Processing Portal, a web-based application that lets lending agents and/or loan applicants create, submit, and view the status of their PPP loan application.
- The Document AI PPP Parser API, which uses AI to extract structured information from PPP loan documents submitted by applicants. This component is available 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 focus on the enterprise, specifically targeting six key verticals, including financial services.
In Friday's blog post, Brown highlighted other Google tools that customers in the financial services sector are using to modernize their operations. For instance, after acquiring Cornerstone Technologies for mainframe migration capabilities, Google is helping its customer Boa Vista develop a cloud migration roadmap. Meanwhile, customers like DenizBank and KeyBank are using Google's application platform Anthos.