FinTech Numerated today unveiled a tool it says will allow banks and credit unions to offer customers a single application that will allow them to set up accounts and apply for loans at the same time.
The tool is called “Digital Account Opening for Business” and “provides financial institutions with a 100% digital, pre-populated and dynamic application for new deposit accounts that can be completed and approved in minutes,” said declared Numerated in the announcement.
“Banks and credit unions know that business deposit accounts can earn up to 10 times the value of a consumer account, and that’s part of what’s driving competition in the business lending segment. “Numerated co-founder and chief executive Dan O’Malley said in a prepared statement. “By bringing the magic of ‘coffee break lending’ to deposit accounts, we are able to streamline a typically complex process for banks and credit unions, giving them an edge over FinTechs and megabanks, in the race for corporate deposits.”
The new tool can also be linked to the company’s loan-granting system, the announcement says.
Numerated’s Digital Account Opening for Business can be used as a standalone business account opening solution or can be combined with the Digitized Lending System to enable loan approvals and new funding. accounts in one borrower experience.
Boston-based Numerated said in marketing materials that it provides the only loan origination system designed specifically for business banking. The company says it has 30,000 users who have worked with 500,000 companies.
“When we set out to create digital account opening for businesses, we wanted to create a solution that removed as much friction as possible and could be implemented as quickly as possible,” said Adam Kenney, Director of Digital Products, in a prepared statement. “We understand the urgency of the moment for banks and credit unions as the competition increasingly adopts technology.”
In a similar vein, Numerated has partnered with women-led commercial community bank Agility Bank to provide streamlined digital lending experiences to customers using its full suite of business banking products.
Read more: Agility Bank, Numerated Partner on ‘Bank of the Future’