B2B Payments

BofA Allows SMEs To Apply For A Loan Through Mobile App

Bank of America (BoA) is expanding its mobile service for small- and medium-sized (SME) customers.

An announcement by the financial institution (FI) this week said it now enables small businesses to apply for loans via its mobile app.

“Our new small business mobile lending experience delivers a convenient, on-the-go solution to meet the needs of today’s busy entrepreneurs,” said Sharon Miller, the bank’s head of small business banking, in a statement. “Our high-tech, high-touch approach provides our three million small business clients the capability to bank how, where and when they want — including applying for financing anywhere, at any time. This is another way we are providing a competitive advantage for our clients.”

In addition to the new feature, Bank of America also announced a new service for small business borrowers to help them find the right loan product. The service also includes a repayment calculator that lets borrowers see how much they are repaying month-to-month.

The bank said it offers SMEs real-time access to specialists, giving business owners the ability to speak with experts over the phone, via online chat or in scheduled, in-person meetings.

“Technology is continuing to shift small business financing toward a more streamlined digital experience,” said Michelle Moore, BoA’s head of digital banking, in another statement. “With new mobile updates such as enhanced small business research tools and a seamless connection to our banking specialists, Bank of America is delivering our promise to bring industry-leading technology solutions to help our small business clients achieve their goals.”

Research released by Bank of America last year found that 83 percent of SMEs have received some type of financial, operational or emotional support from family members, while most said at least one family member plays a key role in their businesses.

Late last year, Bank of America positioned itself on the Nav platform in another initiative to support a technology-centric approach to small business lending.

——————————–

Latest Insights:

Our data and analytics team has developed a number of creative methodologies and frameworks that measure and benchmark the innovation that’s reshaping the payments and commerce ecosystem. In the December 2019 Mobile Card App Adoption Study, PYMNTS surveyed 2,000 U.S. consumers for a reveal of the four most compelling features apps must have to engage users and drive greater adoption.

Click to comment

TRENDING RIGHT NOW