HSBC Bank USA, NA has launched a digital lending platform — powered by end-to-end technology platform Amount — to help US consumers easily apply for personal loans online.
HSBC is using the technology platform and digital capabilities of Amount to provide nearly $6bn in personal loans to more than 800,000 consumers.
The bank said customers can use the Amount platform to evaluate their loan options and complete an application quickly and easily online. Approved customers can receive funds as quickly as the next day.
HSBC will initially lend up to $30K with terms ranging from two to five years.
Marcos Meneguzzi, HSBC USA head of cards and unsecured lending, retail banking and wealth management, said: “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.
“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.”
The Amount platform has been customised to HSBC Bank specifications
HSBC Bank said that the Amount platform has been customised to the bank’s specifications, including proprietary risk models, allowing the implementation of a proven online lending platform with a seamless brand and customer experience.
HSBC head of Amount James Paris said: “Going digital allows financial institutions to make lending easier for today’s consumers who expect instant and seamless interactions.
“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.”
The Amount platform, which leverages the technology, intellectual property and capabilities of financial technology company Avant’s digital lending platform, includes configurable end-to-end lending products, standalone engines, marketing, risk and data/analytics services, as well as CRM and portfolio management tools.
With Amount, banks have access to a customisable platform that includes tools for credit decisioning, account verifications, fraud prevention, risk assessment, marketing and customer acquisition.
