navigating the journey to loan forgiveness for the ...€¦ · processes primarily for global...

© 2020 Copyright Genpact. All Rights Reserved.

Navigating the journey to loan forgiveness for

the Paycheck Protection Program (PPP)

© 2020 Copyright Genpact. All Rights Reserved.2

Banks are preparing for phase 2 to forgive loans

• In phase 2, the onus is on banks to verify forgiveness eligibility.

• Banks expect 70-90% of loan balances to be forgiven, and have only six weeks to set-up forgiveness operations.

• Small business customers are becoming anxious and expect their banks to help them maximize forgiveness.

• Complex forgiveness calculations, and high variations in documents are causing confusion.

• Banks that were the fastest in Phase 1 will have more work ahead in Phase 2.

Phase 1 of the PPP is over. Now, it’s time to get ready for a wave of forgiveness applications.


• Banks must focus on customer experience to help borrowers get maximum benefit from loan forgiveness program.

• They must supplement automation with trained staff to address the complexity of calculations and documentation.

• Banks must adapt existing policies and procedures to the forgiveness program to minimize legal, reputational, and regulatory risk.

• They must also deploy a pool of trained resources and identify partners who can expedite and de-risk the whole program.

It should be about diligence, empathy and scale.

What banks must do to navigate the journey to forgiveness?


We can immediately support banks to get ready for loan forgiveness

Customer experience and process design1

Financial crime compliance 2

3

Staff Augmentation4

6

5 Digital platform and accelerators

Build empathy and diligence with Scale up operations with

Advanced analyticsOperational risk management


Customer experience and process design

Generate superior customer experience for optimal loan forgiveness, simplicity and empathy.

Using a design-led approach to map the customer experience, and breaking it down into ‘micro-moments’, we can help deliver a positive experience across all touch points of the forgiveness process.

Genpact will work with you to develop clear, customer-centric processes. We can design end-to-end forgiveness processes starting from advising borrowers on forgiveness readiness, documentation, application, pre-screening, validation, approvals, and through to writing off loan amount on bank systems.


Financial crime compliance

Strengthen FCC platforms, improve risk detection and, strengthen your global compliance.

We can ramp-up your AML and KYC operations, at speed. Genpact can also enhance your bank’s ability to detect, manage and remediate fraud with a right mix of analytics, digital and domain expertise.

Our team of experts can deploy riskCanvas, our "built for purpose" tool. riskCanvasprovides end-to-end FCRM program coverage, and helps banks comply with AML, and fraud regulatory requirements.

Genpact can also assist in exception handling, and regulatory reporting, required for the forgiveness program.


Operational risk management

Establish a first line of defense to manage the current crisis, and stabilize operations.

Our well-defined Operational risk management capabilities can reduce unanticipated outcomes and reputational impacts.

We will quickly assess key internal controls: finding ways to improve them and helping resolve them in real time.

We can help banks:• Define risk and controls

within forgiveness stage.• Monitor and test control

effectiveness.• Manage governance and

reporting.• Handle issues and dispute

management.


Staff augmentation

Scale-up loan forgiveness operations, and establish process rigor.

Genpact can set-up and execute end-to-end process for incoming forgiveness applications.

Our trained and experienced team – enabled with WFH-technology – can provide surge support for the duration of the program, especially as redeployed staff return to their pre-quarantine roles.

We can also remote enable your internal teams. Our experts can advise on best practices to deploy work-from-home solutions, and build virtual collaboration capabilities.


Digital platform and accelerators

Expedite automation, and accelerate loan forgiveness application processing.

GRADE, our proprietary business lending platform, has been configured for PPP for speed to market. It can seamlessly automate PPP lending and forgiveness processes across front, middle, and back office functions.

Our pre-trained accelerators –machines with domain-specific intelligence – can expedite automation of your processes.

We also have built-for-purpose and preconfigured RPA, workflows, customer portal and chatbots that can be deployed rapidly.


Advanced analytics

Streamline end-to-end forgiveness operations and gain better insights for accuracy.

We offer advanced analytics solutions that facilitate deeper customer relationships. Using our solutions, you can pre-evaluate borrowers for forgiveness eligibility, based on your requirements, using both bank and third-party data.

Our smart vigilance algorithms can flag exceptions to defined processes, for second-touch review, while reducing operational risk and effort.


Why Genpact?

Design the program Run the program

Our experience, process and risk consultants design the

program

Experience, process &

risk controls

We can run parts of bank’s operations with digital assets

Intelligent Operations

We can support end-to-end forgiveness program including

technology

Forgiveness process

support-as-a-service

Frictionless, consistent and diligent process and experience that

optimizes borrower forgiveness

Efficient, flexible and trained team supported by targeted

digital accelerators

Commitment to delivering end-to-end outcomes supported by small business loan workflow,

digital interventions and a trained team

Our flexible engagement models provide tailored support


1

2

3

Domain Experience

Digital technology

Data & Insight

• 20+ years of experience in SME lending, supporting ~$1 trillion in commercial lending and leasing with 2,000 specialists

• Disciplined continuous process engineering to ensure leading practices

• Ability to ramp up quickly with training by experienced operators

• Flexible & industrialized loan systems deployed from leading global banks to fintech startups.

• Practical digital interventions using artificial intelligence to speed-up the process at scale.

• Create models that can leverage a variety of structured and unstructured data sources

• Ability to integrate structured and unstructured data

• Out of the box analytics and reporting capabilities

Why Genpact?

© 2020 Copyright Genpact. All Rights Reserved.© 2020 Copyright Genpact. All Rights Reserved.

For more details visit : https://www.genpact.com/core-business-services/commercial-lending-leasingLearn more about how we are helping our clients mitigate the business impact from COVID-19 : https://www.genpact.com/building-resilience/banking-capital-markets

Reach out to us at [email protected]

https://www.genpact.com/core-business-services/commercial-lending-leasing

https://www.genpact.com/building-resilience/banking-capital-markets

mailto:[email protected]

© 2020 Copyright Genpact. All Rights Reserved.14 © 2020 Copyright Genpact. All Rights Reserved.

Genpact (NYSE: G) is a global professional services firm that makes business transformation real. We drive digital-led innovation and digitally-enabled intelligent operations for our clients, guided by our experience running thousands of processes primarily for Global Fortune 500 companies. We think with design, dream in digital, and solve problems with data and analytics. Combining our expertise in end-to-end operations and our AI-based platform, Genpact Cora, we focus on the details – all 90,000+ of us. From New York to New Delhi and more than 30 countries in between, we connect every dot, reimagine every process, and reinvent companies’ ways of working. We create resilient, more sustainable, business outcomes. Whatever it is, we’ll be there with you – accelerating digital transformation to create bold, lasting results – because transformation happens here.

Genpact began in 1997 as a business unit within General Electric. In January 2005, Genpact became an independent company to bring our process expertise and unique DNA in Lean management to clients beyond GE, and then in August 2007, we became a publicly-traded company. Since December 31, 2005, we have expanded from 19,000+ employees and annual revenues of US$491.90 million to 90,000+ employees and annual revenues of US$3.52 billion as of December 31, 2019.

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navigating the journey to loan forgiveness for the ...€¦ · processes primarily for global...

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