FinTech numbered: Digital account opening
FinTech Numerated today unveiled a tool that it said will allow banks and credit unions to offer customers a single application that allows them to set up their accounts and apply for loans at the same time.
The tool is called “Digital account opening for companies” and “offers financial institutions a 100 percent digital, pre-filled and dynamic application for new deposit accounts that can be completed and approved in a few minutes,” it says in Numerated in the announcement.
“Banks and credit unions know that corporate deposit accounts can bring in up to 10 times the value of a consumer account, and that’s part of what drives competition in the corporate lending segment,” said Dan O’Malley, co-founder and CEO. a prepared statement. By bringing the magic of the “coffee break loan” to deposit accounts, we are able to streamline a typically complex process for banks and credit unions, giving them an edge over FinTechs and mega-banks, in the battle for business deposits.
The new tool can also be linked to the company’s loan origin system, it is stated in the announcement.
Numerated’s digital account opening for companies can be used as a stand-alone solution for opening business accounts, or can be connected to the Numerated Loan Origination System to allow loan approval and financing for new accounts in a single borrowing experience.
Boston-based Numerated stated in marketing materials that it provides the only loan origin system designed specifically for commercial banking services. The company reports having 30,000 users who have worked with 500,000 businesses.
“When we set out to build digital account opening for businesses, we wanted to build a solution that removed as much friction as possible and that could be implemented as quickly as possible,” said Numbered Chief Product Officer Adam Kenney in a prepared statement. “We understand how urgent the moment is for banks and credit unions, with competition using more and more technology.”
In related news, Numerated entered into a partnership with the women-led commercial community bank Agility Bank to offer streamlined, digital lending experiences to customers who use the entire package of commercial banking products.
Read more: Agility Bank, numbered partner on ‘Bank of the Future’
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