Biz2Credit Latest Online Lender to Launch White Label Solution for Banks
- Although they compete, online lenders and small banks also collaborate, helping the latter find digital solutions for their customers.
One of the trends that Finance Magnates has been following in the online lending space is the collaboration between Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term startups and brick and mortar banks. While on the surface these new lenders represent competition for traditional banks, there are many areas of cooperation between them. Examples of collaboration include the referral of customers who don’t meet bank lending requirements to marketplace lenders, the allocation of excess capital to investing in P2P platforms, and the licensing of technology.
Biz2Credit, an online lender that provides customers an efficient platform for applying and receiving loans, has recently announced that Customers Bank is licensing their technology. With the deal, Customers Bank will be using Biz2Credit’s lending platform to assist with customer applications, uploading of documents and status updates.
Rohit Arora, Biz2Credit Founder & CEO
Pennsylvania based Customers Bank expects that the digital solution, expected to be launched in early 2016, will boost applications for loans from small businesses by 33%. Connecting with Rohit Arora, Biz2Credit Founder & CEO, he explained to Finance Magnates that Automation Automation Automation is defined as the procedure of making an apparatus, a process, or a system to operate by mechanical or electronic devices that replace human labor. Additionally, automation is also sometimes referred to as mechanization or robotization. For example, employees have many costly needs, including government regulations. However, robotic workers don’t need much other than some routine maintenance and the occasional bug fix for an equipment malfunction or software bug. There is no overtime Automation is defined as the procedure of making an apparatus, a process, or a system to operate by mechanical or electronic devices that replace human labor. Additionally, automation is also sometimes referred to as mechanization or robotization. For example, employees have many costly needs, including government regulations. However, robotic workers don’t need much other than some routine maintenance and the occasional bug fix for an equipment malfunction or software bug. There is no overtime Read this Term will be an important feature for Customers Bank to hit their 33% goal.
Arora said- “Currently, Customers Bank has a "standard" bank process for small business loan origination and underwriting which is manual in nature”. As such, loan officers aren’t reviewing digitally uploaded documents or reviewing third party records such as tax returns and inventory lists from a central web based platform.
According to Arora, overall, the automation process is the key value add that should boost Customer Bank’s efficiency, as he explained: “Automating the process will enable the bank to process three applications for every two they do today. In addition, providing a digital experience for the customer, which will include transparency into the loan process, will increase customer satisfaction and retention”.
One of the trends that Finance Magnates has been following in the online lending space is the collaboration between Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term startups and brick and mortar banks. While on the surface these new lenders represent competition for traditional banks, there are many areas of cooperation between them. Examples of collaboration include the referral of customers who don’t meet bank lending requirements to marketplace lenders, the allocation of excess capital to investing in P2P platforms, and the licensing of technology.
Biz2Credit, an online lender that provides customers an efficient platform for applying and receiving loans, has recently announced that Customers Bank is licensing their technology. With the deal, Customers Bank will be using Biz2Credit’s lending platform to assist with customer applications, uploading of documents and status updates.
Rohit Arora, Biz2Credit Founder & CEO
Pennsylvania based Customers Bank expects that the digital solution, expected to be launched in early 2016, will boost applications for loans from small businesses by 33%. Connecting with Rohit Arora, Biz2Credit Founder & CEO, he explained to Finance Magnates that Automation Automation Automation is defined as the procedure of making an apparatus, a process, or a system to operate by mechanical or electronic devices that replace human labor. Additionally, automation is also sometimes referred to as mechanization or robotization. For example, employees have many costly needs, including government regulations. However, robotic workers don’t need much other than some routine maintenance and the occasional bug fix for an equipment malfunction or software bug. There is no overtime Automation is defined as the procedure of making an apparatus, a process, or a system to operate by mechanical or electronic devices that replace human labor. Additionally, automation is also sometimes referred to as mechanization or robotization. For example, employees have many costly needs, including government regulations. However, robotic workers don’t need much other than some routine maintenance and the occasional bug fix for an equipment malfunction or software bug. There is no overtime Read this Term will be an important feature for Customers Bank to hit their 33% goal.
Arora said- “Currently, Customers Bank has a "standard" bank process for small business loan origination and underwriting which is manual in nature”. As such, loan officers aren’t reviewing digitally uploaded documents or reviewing third party records such as tax returns and inventory lists from a central web based platform.
According to Arora, overall, the automation process is the key value add that should boost Customer Bank’s efficiency, as he explained: “Automating the process will enable the bank to process three applications for every two they do today. In addition, providing a digital experience for the customer, which will include transparency into the loan process, will increase customer satisfaction and retention”.