Financial institutions (FIs) overly dependent on legacy systems and processes have been slow to deliver funds during the COVID-19 pandemic. In some extreme cases during the early weeks, FIs were unable to distribute government stimulus funding.
In contrast, FIs with a nimble infrastructure have proven to be heroes for businesses in need. The digitally led concept of straight-through processing (STP) is enabling end-to-end automation for many lenders. Q2 helped a leading global FI, known for providing consumers and businesses across the globe access to financial products, use STP to swiftly aid their struggling small business clients during this crisis.
The Q2 customer needed a scalable solution and lacked the crucial two-way digital channel for self-service required to apply for PPP loans from the SBA remotely in the U.S. Usually, a complex implementation with a high level of information flow such as this one could take as long as six to 12 months.
It was clear that an STP approach would provide a much faster response. In just ten days, Q2 rapidly delivered and deployed a scalable, commercial-grade solution, with an entirely digital back-office workflow and loan approval process.
Implementation: Ten days
Enrollment Process: Less than five minutes to complete
Major benefit: No need to hire more staff
Read the full case study in the second chapter of the new Q2 e-book, The High Cost of Lending Uncovered. Discover how STP can help your lending or leasing operation in the new normal and beyond.