HSBC Bank announced on Monday the launch of its digital lending platform that is powered by end-to-end technology platform Amount. HSBC claims that this new platform provides U.S. consumers with a “simple” way to apply for personal loans online.
“HSBC is leveraging Amount’s technology platform and digital capabilities, which have been used to originate nearly $6 billion in loans to meet the personal lending needs of more than 800,000 consumers. With the Amount platform powering HSBC’s online lending, customers can evaluate their loan options and complete a loan application quickly and easily online. Approved customers can receive funds as quickly as the next day. Initially, HSBC will lend amounts up to $30K with terms ranging from two to five years.”
While sharing more details about the lending platform, Marcos Meneguzzi, Head of Cards and Unsecured Lending, Retail Banking and Wealth Management at HSBC USA, stated:
“We listened to our customers and understand the market intimately. With the launch of this product we’re addressing a significant customer need and tapping into a rapidly growing segment of the consumer lending marketplace. “Millions of Americans carry balances at high interest rates, and unfortunately, unexpected expenses pop up every day. We’re providing a safe, transparent, fast and easy way to borrow money online at fixed rates with no origination or pre-payment fees. With fixed monthly payments that start 50 days after customers are funded, we’re helping them better manage their financial lives.”
HSBC also noted that the Amount platform has been customized to HSBC specifications, which includes proprietary risk models, allowing the bank to implement a proven online lending platform with a seamless brand and customer experience. James Paris, Head of Amount, then added:
“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.”