U.S. banking and financial service HSBC announced on Wednesday it has partnered with Avant’s end-to-end technology platform Amount to launch a new digital lending platform, which will U.S. consumers, including existing HSBC customers, with a simple way to apply for personal loans online.
HSBC reported is leveraging Amount’s technology and digital capabilities that have been used by Avant to originate close to $5 billion in loans to meet the personal lending needs of over 600,000 consumers. The banking group noted that the Amount platform has been customized to its specifications, including its proprietary risk models.
“With the Amount platform powering HSBC’s online lending capabilities, customers can evaluate their loan options and complete a loan application quickly and easily online. Approved customers can receive funds as soon as the next day. At launch, HSBC expects to lend amounts up to $30K and with terms up to five years.”
James Paris, Chief Strategy Officer of Avant and Head of Amount, stated:
“Our platform provides HSBC with a tried and true technology solution that is customizable and provides the tools to help grow its lending business, including fraud prevention, account verification, risk assessment, marketing and full lifecycle customer service.”
Marcos Meneguzzi, Head of Cards and Unsecured Lending, Retail Banking and Wealth Management, HSBC, went on to add:
“By partnering with Avant, 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 that want to build a broader relationship with the bank.”