Client
T-Bank is a financial institution based in Texas. T-Bank is a partner with an entrepreneurial credit philosophy designed with business and practice needs in mind.
Ranked among the Top 200 Healthiest Banks in the US in Lending Tree’s 2021 annual analysis, T-Bank - a Tectonic Financial company - serves clients with dedicated personal attention and cutting-edge technology. It is one of the top SBA loan providers in the nation.
The Challenge
The SBA Paycheck Protection Program is a $699-billion US governmental loan program introduced to address the COVID-19 crisis.
The applications for the first round of funding were open for a limited time. Once the loan funds were depleted, the applicants had to wait for another funding pool to open. In the meantime, the application submission website remained unavailable to users.
T-Bank wanted to enable business owners to apply for as many loans as possible before the funding ran dry. The institution turned to Flobotics to build a Robotic Process Automation solution to achieve this.
The implementation had its specific challenges. First of all, to set up the RPA, the loan submission website had to be available. To that end, the Client asked Flobotics to stay on standby, waiting for the next pool of loans to launch and the website to reopen.
Another issue was related to the server side of the website. Due to the overwhelming number of visitors, the web app would often crash or freeze on loading at the end of the application submission process. The issue was forcing the users to input the same information repeatedly, leading to excessive time waste and triggering user frustration.
For the above reasons, time was a crucial factor in project implementation. We had to act at full speed, applying changes directly on a live website.
The Solution
We set to work the minute the new pool of loans became available, and the program’s website reopened.
To speed up the submission process, we developed an attended robot (working alongside a human operator) to fill out the application form in a flash, replacing the manual process.
Our RPA robot worked by extracting batch customer data from a CSV file, navigating to the website, and populating the loan application forms with the applicant information. At the very end, the human operator stepped in, clicking the ‘Submit’ button to confirm sending the application.
By streamlining the procedure, RPA cut the entire application submission process down to 6 seconds! Before completing the form by hand used to take 10-15 minutes.
The new solution also made it possible to bypass the issue of overloading the servers. In case of a crash, the bot would remain on hold until the website recovered. It would then immediately start filling out the form – saving the users the time and frustration of repeatedly submitting the same information.
Our robot can fill out the loan application in just a few seconds.
Results:
Their availability was impressive. They worked through the middle of the night during a weekend to get it done for us. This project wouldn’t have been possible without that access.
David Clifford
CSO of Tectonic Financial
The Outcome
Through automation, the Client saved over 200 hours of human labor, allowing business owners all over the USA to apply for over 1,000 loans. This represents about $100,000,000 worth of applications and $5,000,000 in the organization’s revenue.
The entire development took about 8 hours, so the Client saw the Return on Investment in the project within seconds after running the robot.
Not only did we enable our Client to generate substantial revenue, but we did it on a fraction of the development cost – without engaging employees on the Client’s side in the project.
We have a lot of ideas on how to automate your accounting or finance processes. Think of implementing RPA in your finance company.
