With the U.S. economy poised to rebound from the pandemic, small businesses need fast access to capital and to banking services. In response, Prelim, a fintech provider that optimizes digital banking experiences for financial institutions, has announced enhanced digital account opening (DAO) capabilities for business banking accounts and a Status Center tool that helps institutions better collect, centralize and access business customer data to generate pre-approvals and expedite SMB loan applications.
Prelim is bringing the power of automation to business banking and SMB lending through enhancements to its embedded fintech platform, helping financial institutions improve the business banking experience while also streamlining internal operations.
“At Pacific Western Bank, we’re working to optimize the business banking experience, tailoring specific products and services for business customers and identifying solutions to help meet their banking needs,” said Mark Yung, COO at Pacific Western Bank. “With Prelim’s easy-to-use platform, we were able to build and launch over 40 new applications to better support our treasury services and business banking efforts, all the while streamlining our back-end processes.”
Backed by Y Combinator, L2 Ventures and Fuel Capital, among others, Prelim’s solutions are proven and are in use at some of the largest banks in the U.S. Through its user-friendly, low-code/no-code platform, Prelim is helping financial institutions create better, faster, more transparent digital experiences for their customers and members, from onboarding to servicing. Additionally, Prelim’s platform effectively streamlines and automates internal operations for institution staff, from reviewing and processing to underwriting and servicing.
Read More: DailyPay Raises $500 Million to Boost On-demand Pay Solutions Market
“While the financial services industry has seen improvements in the quality of the digital experience for consumer banking, the same level of innovation has not extended to the world of business banking,” said Heang Chan, CEO, Prelim. “Universally, small business owners value convenience, ease-of-use and fast access to capital from their business banking partners, and those institutions that meet that need – or better yet, exceed expectations – are best positioned to gain a competitive advantage in the marketplace.”
Read More: HSBC Launches Multi-Currency Wallet for Simplified International Payments
