Last Monday, August 12, 2019, HSBC announced the launch of its new mobile lending platform. The new end-to-end encrypted platform technology was announced on behalf of Amount, the company’s new partner. The addition of this platform enables the financial and banking company to address the challenging borrowing landscape.
According to Crowdfund Insider, the digital lending product provides consumers living in the United States a simpler and more efficient way of applying for personal loans online. Based on the company press release, HSBC is “leveraging Amount’s technology platform and digital capabilities… to meet the personal lending needs of more than 800,000 consumers.”
The Amount technology platform was reportedly created to suit the host of specifications laid out by HSBC. Some of the conditions given by the banking giant include “proprietary risk models, allowing the bank to implement a proven online lending platform with a seamless brand and customer experience.”
Moreover, the company intends to offer more attainable serviced designed to empower customers with their loan options and choices. Through the newly launched digital product, HSBC foresees that it can provide faster loan approvals to more customers. In its statement, the financial institution intends to provide loan amounts up to $30,000, with payment terms between two to five years.
Head of Cards and Unsecured Lending, Retail Banking and Wealth Management Marcos Meneguzzi of HSBC USA reveals that their partnership with Amount changed the way they provide services. Besides improving their “agility” and marketing speed and capabilities, the financial giant is confident that Amount’s highly advanced technology will encourage customer growth and engagement.
In the released statement, Amount head, James Paris, said that their systems and “technology [provide] 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 fit meet the specific needs of our customers.”