HSBC Rolls Out Digital Lending Platform in the US

The US subsidiary of HSBC recently launched a digital consumer lending platform based on a technological partnership with the FinTech Amount (ex-Avant).

HSBC hinted at this project last year, when they also stressed their come back on the US consumer credit market.
Based on Amount’s platform, in charge of handling HSBC’s e-lending offers, consumers may apply for a loan from their PC or mobile: the agreement-in-principle is sent near-instantly. The amounts are then deposited to their bank account within one business day.
may grant loans up to $30,000, over 2 to 5 years. Customers start paying back 50 days after the amount is released.

Adapting to a growing sector. This service provides US customers with a flexible and quick way to apply for a personal loan online (with fixed rates applied), helping them afford unplanned expenses.
Moving on with the digital shift. Amount helps HSBC streamline credit operations for customers who often expect instant and transparent interactions. Besides, the institution is also provided a way to reach beyond their network of branches. Amount handles the entire lending process, including fraud prevention issues, KYC and marketing aspects.

Amount’s platform has been customised to HSBC’s specifications, especially regarding their risk management models. Through this partnership, HSBC highlights their intent and ability to gain ground on the US digital lending market: nearly 800,000 consumers have been able to borrow roughly $6 billion since Amount’s platform started being tested.
Last year, HSBC also introduced a credit card with a digital onboarding process applied.
It took HSBC less than a year to be provided with a digital lending platform and have their customers test this service.

Category : Alertes quotidiennes