FintechOS, a tech partner offering “high-productivity” Fintech infrastructure solutions for firms providing financial services, confirmed the launch of its accelerators for SME mobile lending and onboarding.
The accelerators enable service provides to conveniently and efficiently enhance the SME customer onboarding process and streamline the loan origination journey, thus lowering the time for an SME to create a current account to less than 15 minutes.
Even though SMEs are serving a key role in most economies, especially in developing nations, and accounting for the vast majority of businesses globally, SME financing requirements are still considerably underserved.
The international financing gap is around $5.2 trillion. To date, there has been a sharp focus on expediting the account and loan application process.
Even though progress has been made, a problem still remains in that after an application has been approved, it may still take several business days to access an account and finance.
With a mobile-centric approach, SMEs may be empowered to use any device that is convenient for them, thus lowering the overall risk of abandonment during the user journey.
FintechOS explains that it accelerators for SME mobile onboarding and lending aims in order assist the financial industry with addressing that gap by:
- Accelerator for SME Mobile Onboarding: It provides a simple digital journey so SME companies can open a checking/current account in less than 15 minutes. This is a great starting point for financial institutions – particularly banks and credit unions – to rapidly implement a modern UX and easily configure any details regarding design, content, journey sequence, and product logic.
- Accelerator for SME Mobile Lending: This gives small businesses the financing solutions they want and need in a matter of minutes. With self-service and rapid decision-making in mind, FintechOS has prepared a mobile-accessible SME loan origination journey that is ready to use out-of-the-box, with details of the journey easily configurable by non-technical specialists.
Teo Blidarus, CEO and Co-Founder of FintechOS, stated:
“SMEs are the backbone of the global economy and the lending gap many of them face comes at a time of increased uncertainty as macro-economic forces disrupt how millions of consumers and firms do business. This is why we are determined to introduce innovative new methods of getting smaller businesses the money they need to grow. Our high productivity fintech infrastructure, digital and core financial technology blocks combine here with a low-code approach to help institutions close the gap by rolling out tailored financial services experiences at speed.”