FinTech Numerated today unveiled a tool it said will let banks and credit unions offer customers a single application that will let them establish their accounts and apply for loans at the same time.
The tool is called “Digital Account Opening for Businesses” and “offers financial institutions a 100 percent digital, pre-filled, and dynamic application for new deposit accounts that can be completed and approved in just minutes,” Numerated stated in the announcement.
“Banks and credit unions know business deposit accounts can bring in up to 10 times the value of a consumer account, and it’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 the ‘Coffee-Break Loan’ to deposit accounts, we’re able to streamline a typically complex process for banks and credit unions, giving them an edge against FinTechs and megabanks, in the race for business deposits.”
The new tool also can be tied with the company’s loan origination system, the announcement states.
Numerated’s Digital Account Opening for Businesses can be used as a stand-alone business account opening solution, or can be paired with the Numerated Loan Origination System to allow for the approval of loans and funding to new accounts in a single borrower experience.
Boston-based Numerated stated in marketing materials that it provides the only loan origination system designed especially for business banking. The company reports having 30,000 users that have worked with 500,000 businesses.
“When we set out to build Digital Account Opening for Businesses, we wanted to build a solution that removed the most friction possible and could be implemented as quickly as possible,” Numerated Chief Product Officer Adam Kenney said in a prepared statement. “We understand the urgency of the moment for banks and credit unions, with competition adopting more and more technology.”
In related news, Numerated partnered with women-led commercial community bank Agility Bank to offer streamlined, digital lending experiences to clients using its full suite of business banking products.
Read more: Agility Bank, Numerated Partner on ‘Bank of the Future’
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