COVID19 - SBA/PPP:
Community First Contacted Botdoc two days before the April 3rd opening of PPP (Payroll Protection Program) loan submission with a challenge; they needed a technology that would transport data and documents digitally, Securely, conveniently, and ability to scale with volume.
Traditional means of collecting documents; Secure Email, FTP transfer sites, Fax, and physical delivery were not an option. These legacy technologies are too cumbersome for consumers to use, minimal consumer access to fax, and COVID19 social distancing did not allow for physical delivery. Furthermore, the SBA-PPP team needed the ability to realtime remote collect trailing documents in the underwriting/review process. To make matters worse there is only so much money in the PPP fund; creating urgency, frustration, and consumer emotion where customers can be gained or lost in moment.
- Entire SBA-PPP team onboarded in 20 minutes.
- With a simple email or text from the bank, every consumer had the ability to click on the link, upload documents, and hit send. Not even one technical support call from consumers.
- The personal URL feature was imbedded on the SBA section of the banks website and in PPP confirmation emails, allowing consumer to click and upload securely at anytime.
- 562 PPP Applications and supporting documentation collected in the first 24 hours.
- They actually took business from a (large) competitor that could not expedite the process as easily as Community First.
“Botdoc was a major part of our application and Underwriting processing, we received emails and testimonies from customers thanking us for making it so easy - 60% of our loans loans were funded in the first seven days.”
- Craig Scott - VP of IT
*Closing loan transactions over 50% faster with Botdoc