Banking technology company Amount has introduced an integrated account opening and loan origination platform.
The new solution is designed to help banks and credit unions reduce costs, streamline operations and improve the customer and member experience, the company said in a news release Tuesday (Oct. 15). .
“According to a 2023 study by the American Bankers Association, 8 in 10 consumers agree that they have multiple choices when choosing products and services such as bank accounts, loans, and credit cards. ” Amount said in the release.
“However, the findings also suggest that this may be contributing to the complexity of account management across different providers.As customer expectations evolve, financial institutions will We look forward to providing you with personalized service.”
According to the release, the platform offers benefits such as how financial institutions can minimize “deposit drift.” Banks and credit unions (CUs) can help ensure customers and members keep their money with the institution rather than looking for alternatives by providing a unified experience across deposit and lending products. can.
The platform also offers a single unified interface for opening deposit accounts and applying for credit, as well as centralized data management and workflow automation to reduce account opening and loan processing times by up to 50%. added.
PYMNTS spoke with Amount CEO Adam Hughes earlier this month about the struggles banks and CUs face in serving small and medium-sized businesses.
Hughes told Karen Webster of PYMNTS: “80% of small business owners say that having world-class digital capabilities is extremely important and, frankly, what they expect from their banks. “Digital capabilities will become important as small and medium-sized businesses start demanding the right lending experience,” he said. “Current stake”.
This expectation on the part of business owners is driven by the need for convenience and quick access to credit, as well as other financial tools such as deposits. However, small business banking is fragmented and many financial institutions are struggling to meet the expectations of these customers.
“Some of the nation’s largest banks are taking weeks to provide funding to small business customers,” Hughes said, pointing to the challenges posed by manual and paper-intensive processes.
reason? Businesses may want quick solutions, but traditional banks often move slowly. But that pace may no longer be acceptable amid competitive pressures from fast-moving fintech companies.
“Banks need great digital experiences and efficient workflows to ensure their small and medium-sized business customers get the experience they want and to enable banks to deliver their products profitably. We need to provide that,” Hughes said.
See more: Amounts, Banking, Banking Technology, Banks, Credit Unions, Digital Banking, Loan Originations, Loans, News, PYMNTS News, Latest Information
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