Amount Introduces Innovative SMB Suite for Businesses
Amount, a frontrunner in digital origination technology, has proudly announced the launch of its new SMB Suite. This state-of-the-art software-as-a-service (SaaS) platform is specifically designed to revolutionize how small business lending and deposit account openings are managed, addressing the urgent requirements of banks and credit unions today.
This suite is a key component of Amount’s flagship unified digital origination system, which combines consumer and SMB services. It offers a comprehensive solution aimed at tackling persistent challenges while providing significant advantages:
Extensive Lending Options
The SMB Suite boasts a wide range of lending capabilities, including both secured and unsecured loans. Financial institutions can handle renewals, refinancing, and modifications with ease. This flexibility enables banks and credit unions to broaden their service offerings, strengthen client relationships, and enhance customer loyalty.
Simplified Deposit Account Origination
The platform streamlines the process of opening deposit accounts, making it easier for banks and credit unions to attract new SMB customers. By integrating deposit account and lending workflows into a single technology platform, institutions gain valuable insights that help SMB clients access essential financial products crucial for thriving in today’s competitive environment.
Customized Customer Experiences
Thanks to personalized customer journeys, the SMB Suite significantly enhances user experiences. The system provides a distinct application and underwriting process for each applicant, optimizing performance and elevating satisfaction through expertly designed processes that adapt to varying risk levels.
Streamlined Beneficial Ownership Processes
A standout feature of the SMB Suite is its ability to automate beneficial ownership processes, ensuring compliance with regulations while maximizing operational efficiency.
The platform also incorporates pre-built best practices, allowing financial institutions to swiftly and effectively implement SMB lending solutions. This means every lender can make real-time adjustments to their policies or credit parameters, keeping the system adaptable and competitive.
With curated links to leading data sources, the SMB Suite offers numerous pre-built integrations that enhance application speed, lower operational costs, and allow for seamless connections to existing systems and third-party services.
Comprehensive Fraud Protection
Security is crucial, and the SMB Suite integrates robust fraud detection and identity verification features into one cohesive system. Leveraging Amount's proprietary models, institutions benefit from built-in security measures that eliminate the delays and complexities associated with third-party systems, enabling quicker deployment and improved protection.
The landscape of small business lending has traditionally faced numerous significant challenges, including the need for accurate credit risk assessments, navigating complex regulatory frameworks, and tackling slow loan processing times. Financial institutions are also dealing with high operational costs and competitive pressures from agile fintech companies. A recent survey revealed that a considerable 80% of small businesses expect their banks to provide not only streamlined digital services but also faster loan processing to remain competitive.
According to Adam Hughes, CEO of Amount, the development of these enhanced capabilities empowers financial institutions to boost their competitiveness in attracting and retaining small business clients. He emphasizes the importance of exceptional service and integrated solutions in fostering customer satisfaction and operational efficiency.
The SMB Suite further accelerates product launch timelines by leveraging established best practices, allowing institutions to introduce new offerings in as little as three months. This capability enhances their ability to adapt in a rapidly evolving marketplace.
With its recent success in funding, Amount is well-positioned to further invest in its technological capabilities and continue its growth in supporting credit unions.
About Amount
Amount is a groundbreaking platform that enables digital origination for both consumer and SMB segments across financial institutions. Developed by industry experts, Amount equips banks and credit unions with the essential tools required to enhance profitability and innovate quickly. Its versatile platform is built on secure, enterprise-ready infrastructure, allowing for rapid deployment of new services. Amount collaborates with several major financial institutions that oversee over $3.1 trillion in assets across the U.S., impacting 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 created to simplify small business lending and deposit account openings specifically for banks and credit unions.
How does the SMB Suite improve lending processes?
It enhances lending processes by offering extensive capabilities for both secured and unsecured loans and simplifying the overall lending experience through automated ownership processes.
What benefits does the SMB Suite offer banks?
It provides benefits like improved customer retention, streamlined lending and deposit onboarding, and a comprehensive digital experience tailored to applicants’ needs.
How quickly can banks implement the SMB Suite?
Banks can implement the SMB Suite in as little as three months, facilitating rapid adoption of new lending products.
What role does data integration play in the SMB Suite?
The platform includes curated links to top-tier data sources, enhancing application speed, reducing operational costs, and ensuring seamless integration with existing systems.
