Amount, a leader in digital origination and decisioning technology, is excited to announce the launch of its latest innovation, the SMB Suite. This cutting-edge SaaS platform is designed to transform the way banks and credit unions manage small business lending and deposit account openings, addressing critical challenges faced by financial institutions .
The new SMB Suite, part of Amount’s flagship unified consumer & SMB digital origination system, delivers a comprehensive solution that addresses these pain points head-on, offering several key benefits:
- Comprehensive Lending Capabilities: The platform supports both secured and unsecured lending, providing financial institutions with the tools to handle renewals, refinancing, and modifications. This flexibility enhances customer engagement by allowing institutions to offer a broader range of products and services, deepening relationships and improving retention.
- World-Class Deposit Origination: The platform streamlines deposit account origination, helping banks and credit unions effectively scale new SMB customers and members. By integrating deposit account and lending origination on a single unified technology platform, it delivers powerful insights that enable SMB customers and members to access the financial products they need to succeed in a competitive marketplace.
- Adaptive Customer Journeys: The SMB Suite enhances user experience with tailored processes for each applicant, creating a unique application and underwriting flow based on risk. By adjusting friction appropriately, this optimizes funnel performance and drives engagement and satisfaction.
- Streamlined Beneficial Ownership: The SMB Suite uniquely supports an automated approach to beneficial ownership, ensuring regulatory compliance without compromising efficiency.
- Pre-Built Best Practices: Leveraging industry-leading practices, the platform enables quick and effective deployment of SMB lending products. Institutions can also make real-time policy or credit changes, ensuring the system remains agile and responsive.
- Curated Best-in-Class Data Sources: Dozens of pre-built integrations optimize application speed and reduce operational costs by expertly orchestrating when and how to best leverage these numerous data sources, seamlessly connecting with existing systems and third-party services.
- Comprehensive Fraud and Identity Protection: The SMB Suite offers fully integrated fraud detection, identity verification, and risk management in one seamless solution. Powered by Amount’s proprietary models and top-tier industry data, the platform comes pre-configured with advanced tools—eliminating the need for third-party fraud systems. This ensures rapid deployment, enhanced security, and simplified operations without the hassle of external contracts.
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The financial services industry has long struggled with a range of issues in the SMB lending space. Accurately assessing the credit risk of small businesses, adhering to complex regulatory requirements, and overcoming slow loan approval processes are just a few of the hurdles institutions face. Additionally, high operating costs and competitive pressure from fintech companies have intensified the need for more efficient and effective solutions.
According to a 2023 survey by the Federal Reserve, 80% of small businesses expect their banks to provide streamlined digital services and faster loan processing to remain competitive and efficient.
“We developed these enhanced capabilities to help financial institutions sharpen their competitive edge in attracting and retaining small business customers,” said Adam Hughes, CEO of Amount. “In today’s market, where small business owners prioritize exceptional service and comprehensive solutions, our platform enables banks and credit unions to deliver a seamless, integrated experience for both credit and deposit origination—driving customer satisfaction and operational efficiency.”
The SMB Suite also accelerates time to market by leveraging industry-leading best practices and policies, resulting in implementation times in as little as 3 months. This allows banks and credit unions to launch SMB lending products faster and more efficiently, staying competitive in an evolving marketplace.
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