Biz2Credit announce on Thursday it has formed a partnership with Puerto Rico’s Oriental Bank to help develop a digital lending platform for the bank’s commercial clients. According to the Biz2Credit, Oriental Bank will be considered the first bank in Puerto Rico to engage commercial clients through a digital platform that supports applications for business credit cards, as well as lines of credit, term loans, real estate loans, equipment purchase, and SBA loans.
Biz2Credit revealed that the new cloud-hosted platform will now allow both bankers and clients to interact digitally and will include a customized recommendation engine that is based on the bank’s credit policy. Biz2Credit CEO, Rohit Arora, also explained:
“Banks are looking to partner with FinTech players who have built nimble, secure platforms that can support automating transactions in a complex regulatory banking environment. We are excited to partner with Oriental Bank and bring a mobile-first solution to Puerto Rico businesses. Our research indicates that use of mobile devices for small business finance tractions is dramatically on the rise.”
Oriental Bank commercial customers now have a 24/7 small business lending opportunity. Ganesh Kumar, Oriental Bank’s Senior Executive Vice President and Chief Operating Officer, added:
“Digital is a strong focus area for Oriental. We are continuously seeking to exploit innovative customer-facing technology to set the gold standard in the local market for unparalleled customer service. This partnership will allow us to access technology to automate the complex commercial lending process, offering increased convenience and accessibility to our clients.”