The $350 Billion Business of Digitizing Lender Workflows
Posted: Sun Dec 22, 2024 6:26 am
rganizations that have delayed or dragged their feet in digitizing how they operate are feeling the heat. On all fronts, businesses are clamoring for digital processes now that in-person meetings, approvals, and applications are no longer the norm. The increasing pace at which businesses must distribute funds to employees, customers, and borrowers has accelerated the need to digitize workflows.
The global COVID-19 pandemic is exposing gaps in malaysia business email list payment processing efficiency in nearly every organization. At lightning speed, newly hired remote workers are submitting paperwork for equipment needed to set up fully functional home offices. Universities are rushing to distribute refunds for unused housing. Financial institutions are rushing to distribute much-needed relief to small businesses.
Even the nation’s most powerful money manager is looking to implement new, modernized workflows to systematize the distribution of funds. Analysts estimate that the IRS can only process, print and distribute 5 million paper checks per week . At that rate, nearly 100 million checks could take 20 weeks to distribute .
Financial institutions accustomed to the limitations of monolithic software are among the hardest hit by the need to accelerate digital workflows. Banks and lenders are racing to upgrade their systems to help small businesses get loans through the COVID-19 Paycheck Protection Program authorized by the new CARES Act. The $350 billion program provides emergency loans to small business associations to cover payroll and other operating costs. now .
The global COVID-19 pandemic is exposing gaps in malaysia business email list payment processing efficiency in nearly every organization. At lightning speed, newly hired remote workers are submitting paperwork for equipment needed to set up fully functional home offices. Universities are rushing to distribute refunds for unused housing. Financial institutions are rushing to distribute much-needed relief to small businesses.
Even the nation’s most powerful money manager is looking to implement new, modernized workflows to systematize the distribution of funds. Analysts estimate that the IRS can only process, print and distribute 5 million paper checks per week . At that rate, nearly 100 million checks could take 20 weeks to distribute .
Financial institutions accustomed to the limitations of monolithic software are among the hardest hit by the need to accelerate digital workflows. Banks and lenders are racing to upgrade their systems to help small businesses get loans through the COVID-19 Paycheck Protection Program authorized by the new CARES Act. The $350 billion program provides emergency loans to small business associations to cover payroll and other operating costs. now .