Tuesday 19th May, 2020
Kofax has announced its customer Rabobank a Netherlands-based Intelligent Automation has just developed a number of innovative Robotic Processing Automation (RPA) robots to streamline COVID-19 related loan modifications.
These robots have not only provided much needed financing to Rabobank customers in need, but just one of these has already saved the bank 50,000 hours.
“As the Dutch government provides much-needed loan relief to support struggling businesses dealing with significant turnover losses, the job falls on lending institutions like Rabobank to institutionalise the program and modify loan documents accordingly,” says Eugenie Wouterse, Product Owner Robotics at Rabobank Lending.
“This presented a massive challenge as ordinarily we would have had to do this manually. But in only five days we were able to build a Kofax RPA robot to automate the process and in only 10 days the robot processed the first activity. We believe this will help our customers by accelerating relief to struggling businesses – while at the same time saving us approximately 50,000 hours of manual work.”
COVID-19 and measures taken to restrict its spread in the Netherlands are significantly impacting businesses and resulting in financial loss. To help address this, the Dutch government has installed measures to help small businesses. Specifically, those who have loans with microcredit providers don’t have to repay their loan for a period of six months. Additionally, during this period, the interest on those loans will be reduced to 2 percent.
Rabobank Lending has hundreds of thousands of these loans; compliance with the new government measures would require modifications to all of those outstanding loan documents – a massive project under any circumstances – and updates had to be completed as quickly as possible to deliver urgently needed loan relief.