“The Small Business Loan Management app is a cost-effective, secure, enterprise-grade solution that addresses the challenges associated with the rapid mobilization and deployment of relief aid to small businesses in need,” said Bipin Paracha, CTO and Co-Founder of INRY. “We developed this app to respond to the needs of banks of all sizes and to rapidly and securely manage the lifecycle of loan processing–from the collection and retention of loan data to loan maintenance, closure and audit.”
INRY initially identified the need for an app that would help lenders provide SBA emergency loans more efficiently. ServiceNow recognized the potential to help and jumped in to tune the app for ServiceNow CSM. The app harnesses the power, innovation and enterprise scale of the Now PlatformÒ, delivering a low-cost solution for banks of all sizes to manage the Paycheck Protection Program lifecycle. This solution can replace locally created end user solutions quickly.
ServiceNow quickly established a close technical partnership with INRY and helped develop the new solution in less than two weeks, underscoring the rapid development capability of the Now Platform.
An early customer of the solution is Bridgewater Bank in Minnesota, whose CTO, Mark Hokanson, said: “The Paycheck Protection Program has required significant collaboration between lenders and clients, and the Small Business Loan Management app will help streamline communication and reduce case processing time. The capabilities of the app, including a consistent and user-friendly dashboard with real-time data, will help our leadership focus attention where it is most needed – on providing the fastest, highest quality of service for our clients. This framework also sets us up for future work with loan forgiveness and other steps that we see will need to be addressed further down the road.”
Earlier this year, ServiceNow announced forthcoming product capabilities for the financial services industry. Today’s announcement reinforces how ServiceNow and its partner community are successfully delivering solutions to meet middle office customer workflow needs in financial services, and plugging the gap left by digital fragmentation. Find out more about ServiceNow’s financial services industry solutions.
The Small Business Loan Management App is available for download on the ServiceNow Store. Find more about availability and implementation here.
© 2020 ServiceNow, Inc. All rights reserved. ServiceNow, the ServiceNow logo, Now, and other ServiceNow marks are trademarks and/or registered trademarks of ServiceNow, Inc. in the United States and/or other countries. Other company names, product names, and logos may be trademarks of the respective companies with which they are associated.