Temenos has announced that its digital omnichannel product Temenos Infinity has enabled UK banks to accelerate loan applications under the Government’s Bounce Back loans scheme.
Bounce Back loans are aimed at helping small businesses with immediate funding, as well as the Coronavirus Business Interruption Loan Scheme (CBILS).
Des Noctor, Regional Director, UK & Ireland Temenos, said: “We are proud to support the UK economy by helping banks provide fast funding to small businesses at a time when they need it the most.
“Temenos’ advanced AI and cloud technology gives banks the agility required to digitally serve the rapidly changing customer needs and respond immediately to the new government requirements.”
To date, UK banks reportedly received over 100,000 requests on the first day of the Bounce Back loans scheme. In addition, the requests are expected to reach £3.3bn in value.
The scheme enables businesses to apply for loans of up to £50,000 while the loans are 100% government-backed for lenders.
As a result, Temenos has urged banks to create a simplified digital journey to cope with high volumes of applications.
Uptake for the government’s other scheme CBILS still remains low.
Simplifying loans applications
Through Temenos Infinity, the company hopes to simplify the application process for businesses and ease the workload for bank staff.
Using the SaaS mobile and digital solution, businesses applying for loans are able to own and complete their application journey. They can start, save, sign and complete their applications at a time that suits them.
Furthermore, Temenos Infinity offers digital workflows to accelerate customer journeys from loan applications, to account opening and KYC due diligence.
Last month, the banking software company partnered with Microsoft to launch a new financial fraud solution.
The AI-powered Financial Crime Mitigation (FCM) SaaS solution is based on Microsoft’s Azure cloud platform. In addition, banks have access to a 14-day trial for the solution, which is available until June 30.