Botdoc was featured in a recent Forbes article, Community Banks Met the Challenge of the SBA’s PPP Funding, highlighting how the Botdoc solution streamlines the real-time remote collection and sending of needed documents. Read this short excerpt and then read the full article in Forbes.
On March 26, the day before the CARES Act was passed, the country had about 1,600 certified Small Business Administration (SBA) lenders, said Charles Potts, senior vice president and chief innovation officer at the Independent Community Bankers of America (ICBA).
“In any given year probably not half do SBA loans, and then overnight Treasury said there will be 5,000 more SBA lenders the very next day.”
Banks found some support from fintech firms that had been through the ICBA incubator program. Potts said the program had its first cohort in 2019 and the second ended in March when the crisis hit.
Tracy Fox, chief revenue officer at Botdoc, a fintech from the ThinkTECH program, said “The program helped us to understand the challenges community banks face when it comes to technology adoption.
“Banks looked to the ThinkTECH program for solutions to the PPP Loan Process problems. ThinkTECH delivered by offering multiple fintech companies that had solutions to the very problems that banks were trying to solve. This is powerful – it was a lifeline, that one phone call, that banks had to engage innovation.”
Botdoc provides a way to transport data and documents with end-to-end encryption without using pins, passwords, logins, accounts, apps or software to download.
Community First Bank in southwestern Wisconsin called Botdoc on Monday March 30, onboarded 21 bank employees on April 1 in less than 20 minutes and started taking application April 2 with no changes to the bank’s IT. It required no IT support calls and is now centralizing its PPP loan forgiveness outreach.
“The PPP Loan process required the banks to collect applications and supporting documentation, remotely and securely, while making it convenient for the applicant (consumer). We had dozens of banks using Botdoc to streamline the real-time remote collection and sending of needed documents. The fact that it was secure and convenient allowed the banks to deliver an exceptional consumer experience.”
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