Banking and financial services giant HSBC has launched a new digital lending platform for its American division – HSBC Bank USA.
Powered by end-to-end technology platform Amount, the new digital lending solution aims to provide US users a more streamlined and simple route to apply for personal loans online.
Amount’s technology platform has been used to originate nearly $6 billion in loans to meet the personal lending needs of more than 800,000 consumers and HSBC expect to leverage such experience to provide customers the best experience possible.
“We listened to our customers and understand the market intimately. With the launch of this product we’re addressing a significant customer need and tapping into a rapidly growing segment of the consumer lending marketplace,” explained Marcos Meneguzzi, head of cards and unsecured lending, retail banking and wealth management, HSBC USA.
“By partnering with Amount, one of the clear technology leaders in this space, we’ve enhanced our agility and speed-to-market to better service our clients,” Meneguzzi commented.
“This platform further enables HSBC to grow our business beyond our physical footprint while maintaining our focus on high-quality customers who want to build a broader relationship with the bank.”
Initially the lending platform will provide amounts up to $30K with terms ranging from two to five years; HSBC claims funds can be accessed as quickly as the following day.
The Amount platform has been customised to HSBC’s specifications, including proprietary risk models.
“Going digital allows financial institutions to make lending easier for today’s consumers who expect instant and seamless interactions,” said James Paris, head of Amount.
“Our technology provides HSBC with access to an industry-leading, multi-product digital lending platform that’s already been refined based on years of risk models, data and experience, and is customizable to meet the specific needs of our customers.”