In part four of our five-part SBA Solutions Series, we offer tips for dealing high call volume during the second round of PPP lending.
The new $900 billion COVID-19 relief bill includes an extension of last spring’s Small Business Association (SBA) Paycheck Protection Program (PPP)–allowing $284 billion in forgivable loans for struggling small businesses.
When the first round of PPP rolled out, many banks and credit unions were unprepared. Subsequently, they missed out on the opportunity to grow their loan portfolio and provide economic relief to the community.
Financial institutions are now preparing for another surge of applications and the many challenges inevitably associated with high-volume lending. Despite these obstacles, there are solutions to fit your needs.
Obstacle No. 4: Struggling to keep up with a surge of calls and emails
Financial institutions have been hit with unprecedented call and email volume during the pandemic. This is particularly true for PPP lenders struggling to manage a rush of inquiries about a complicated program in a short window. In a study by J.D. Power, the top complaint consumers experience when banking is a long customer service wait time. If you don’t have the resources available to your consumers in need, they will look elsewhere.
What you can do
Create an automated workflow to keep your customers updated and informed. Not only does this provide relief to your overtaxed employees, it also reduces friction and lets you provide first-class customer service. Marketing automation gives you the ability to tackle consumer questions and inquiries before they come to you.