HSBC Bank is looking to launch a digital lending solution through the support of Avant’s Amount solution.
Its digital lending solution will give US consumers an easy access point to online personal loans. The new solution is expected to launch in the first half of 2019.
Avant is an online loan platform which has issued more than $5bn in personal loans, auto loans and credit card products to consumers. Through the new partnership, HSBC will work with the Amount division of Avant.
Amount is an open banking solution enabling financial institutions to offer end-to-end modular services for loans, credit cards, POS finance and deposit accounts.
In building the service, HSBC has customised Amount to meet its needs including its own proprietary risk models. By doing this, it can implement an online lending platform with seamless brand and customer experience.
Through the new solution, users will be able to gage their loan options, and apply for products, with the majority to be approved within a day.
At its launch, HSBC is planning to offer loans of up to $30,000 with terms up to five years.
HSBC head of cards and unsecured lending, retail banking and wealth management Marcos Meneguzzi said, “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.”
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