Fintechs helped banks step up during both rounds of PPP and now a group of fintech firms are helping to manage the complicated forgiveness part; firms like Vikar, LQD Business Finance, Global Wave, Numerated, Smart Communications and Wolters Kluwer are all aiming to make the process of forgiveness as seamless as possible; “if my bank made it easy for me [i.e. a small business owner] to not only finish the forgiveness process but maximize the amount forgiven, I will feel seriously loyal to that bank,” said David O’Connell, Senior Analyst in the wholesale banking group at Aite Group, to American Banker. “It’s a relationship enhancer and loyalty invoker.”; these automated forgiveness tools will provide banks with an online portal that will guide borrowers through each step of the application like a questionnaire; companies are bound to have different payroll documents and utility bills, making forgiveness even more complicated which is why automated tools could help save lenders a ton of time and money. American Banker.
