Amount Introduces Innovative Lending Suite for SMBs
Amount Launches Cutting-Edge SMB Suite for Businesses
Amount, a leader in digital origination technology, has excitedly revealed its new SMB Suite. This innovative software-as-a-service (SaaS) platform is tailored for transforming the management of small business lending and deposit account openings, addressing the pressing needs of banks and credit unions today.
This suite is an integral part of Amount’s flagship unified consumer and SMB digital origination system. It offers a holistic solution designed to tackle ongoing challenges head-on while delivering substantial benefits:
Robust Lending Options
The SMB Suite provides extensive lending capabilities, supporting both secured and unsecured loans. Financial institutions are equipped to manage renewals, refinancing, and modifications effectively. This flexibility allows banks and credit unions to offer a wider array of services, fostering strong relationships and improving customer retention.
Enhanced Deposit Account Origination
The platform simplifies the process of opening deposit accounts, allowing banks and credit unions to effectively attract new SMB clients. By unifying deposit account and lending processes on a single technology platform, institutions can gain crucial insights that empower SMB customers to access essential financial products needed for success in today’s competitive landscape.
Personalized Customer Experiences
With tailored customer journeys, the SMB Suite enhances the user experience. The system offers a unique application and underwriting flow for each applicant, optimizing performance and boosting satisfaction through well-crafted processes that adjust according to risk.
Efficient Beneficial Ownership Processes
A unique feature of the SMB Suite is its support for automated beneficial ownership processes, helping ensure compliance with regulations while maintaining operational efficiency.
The platform also utilizes pre-built best practices, enabling financial institutions to implement SMB lending solutions swiftly and effectively. This ensures that every lender can make real-time adjustments to policies or credit parameters, keeping the system agile and competitive.
With curated connections to top-tier data sources, the SMB Suite features numerous pre-built integrations to enhance application speed, cut operational costs, and seamlessly tie into existing systems and third-party services.
Comprehensive Fraud Protection
Security is paramount, and the SMB Suite integrates extensive fraud detection and identity verification measures into one cohesive system. With the power of Amount's proprietary models, institutions benefit from pre-configured security capabilities, removing the delays and complexities associated with third-party systems, which leads to quicker deployment and better protection.
The small business lending landscape has historically faced a myriad of significant challenges, including accurate credit risk assessment, complex regulatory requirements, and slow loan processing times. Financial institutions are also encountering high operational costs and competitive pressures from nimble fintech companies. As outlined in a recent survey, a staggering 80% of small businesses expect their banks to deliver streamlined digital services along with expedited loan processing to remain competitive.
Adam Hughes, CEO of Amount, stated that the development of these enhanced capabilities allows financial institutions to improve their competitiveness in attracting and retaining small business clients, emphasizing the need for exceptional service and integrated solutions to foster customer satisfaction and operational efficiency.
The SMB Suite further accelerates the product launch timeline by utilizing established best practices, with institutions able to implement new offerings in as little as three months, enhancing their agility in a transforming marketplace.
Amount's recent funding success positions it strongly to invest further in its technological capabilities and continue its growth trajectory in supporting credit unions.
About Amount
Amount is a revolutionary platform that powers digital origination for both consumer and SMB segments within financial institutions. Crafted by industry specialists, Amount provides banks and credit unions with the tools necessary to enhance profitability and innovate quickly. Its adaptable platform is built on secure, enterprise-ready infrastructure, enabling rapid deployment of new services. Amount works with several major financial institutions that handle over $3.1 trillion in assets in the U.S., touching the lives of more than 50 million consumers.
Frequently Asked Questions
What is the SMB Suite?
The SMB Suite is Amount’s new digital platform designed to streamline small business lending and deposit account openings for banks and credit unions.
How does the SMB Suite improve lending processes?
It enhances lending processes by providing extensive capabilities for both secured and unsecured loans, and by simplifying the lending experience through automated ownership processes.
What benefits does the SMB Suite offer banks?
It offers benefits including improved customer retention, efficient lending and deposit onboarding, and a comprehensive digital experience tailored to applicants.
How quickly can banks implement the SMB Suite?
Banks can implement the SMB Suite in as little as three months, allowing for rapid adoption of new lending products.
What role does data integration play in the SMB Suite?
The platform includes curated connections to top-tier data sources to enhance application speed and reduce operational costs, while ensuring seamless integration with existing systems.
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