According to the official press-release, it is aimed at helping small businesses with immediate funding, as well as the Coronavirus Business Interruption Loan Scheme (CBILS).
UK-based banks received around 100.000 requests for the Bounce Back loans on the first day of the scheme, and the requests are expected to reach EUR 3.7 billion in value. Given the scale of uptake for Bounce Back loans, banks need to create a simplified digital journey to cope with the influx of applications and help speed up funding for the businesses in need.
Temenos Infinity simplifies the application process for SMBs and processes any given value of applications. Businesses are enabled to save, sign, and complete their applications through the SaaS mobile and digital solution. It also helps lenders by offering the captured data, thus reducing the pressure on systems and call centres.
As part of its program for helping clients deal with the impact of COVID-19, Temenos has also launched a functionality for SMEs by automating decisioning options through its Explainable AI (XAI) platform to enable banks to explain in plain language to their customers and regulators how AI-based decisions are taken.
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