ICBA Bancard Beefs Up Loan Approvals With FinTech Partnership

online credit

ICBA Bancard, the payments services subsidiary of the Independent Community Bankers of America (ICBA), announced a new partnership with MK Decision (MK) for its online loan-origination system.

In a press release, ICBA Bancard said the partnership with MK Decision streamlines its credit card application process to make it easier for customers when shopping and applying for cards. “MK’s digital lending platform is a high-tech lending solution that reduces the decision-making process down to minutes, saving customers valuable time without sacrificing the exceptional service that they have come to expect from their local relationship banker,” said ICBA Bancard President and CEO Tina Giorgio in the press release. “Through this collaboration, ICBA Bancard continues to push the innovation envelope with solutions that are focused on delivering the very best products to community banks and their customers.”

ICBA said MK’s loan-origination system is mobile-optimized, ADA-compliant and paperless and features easy-to-use marketing pages that educate borrowers to improve the online credit shopping experience for users. ICBA noted that MK Decision also provides community banks with a database of criminals so the banks can scan for aliases, IP addresses and mailing addresses to prevent fraud. It also uses advanced technology integration with credit bureaus and other data providers to offer a better lender experience as well, noted the company in the press release.

“We are excited to partner with ICBA Bancard to deliver a safe, digitized lending experience that is as frictionless as possible for the customer, resulting in higher conversion rates for card issuers,” Har Rai Khalsa, co-founder and chief executive officer at MK Decision, said in the same press release. “Our mission — to stimulate local borrowing and local lending — is well aligned with ICBA Bancard and its community bank clients. We truly believe that we can help local economies, and community banks are a key part of that.”

MK Decision is one of eight emerging FinTech companies chosen for the ICBA ThinkTECH Accelerator program.



The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.