The Clearing House - Corporate Changes in Payment Practices - September 2023

Amount Debuts Decisioning Platform to Help Banks Stay Competitive

26% of Consumers Prioritize Interest Rates When Applying for Credit

Banking technology firm Amount has introduced a new digital origination and decisioning Software-as-a-Service (SaaS) platform.

“At Amount, we understand the urgent need for financial institutions to adapt and diversify their strategies amidst challenging market dynamics,” Amount CEO Adam Hughes said in a news release Thursday (Oct. 19). “After seeing first-hand the profitability chokepoints from which even the best banks suffer, we designed our platform to create a performance advantage to financial institutions in the highly competitive markets where they operate.”

Smaller banks and credit unions are under increased pressure to offer innovations to retain customers following this year’s banking crisis.

“Smaller, regional banks and credit unions lack the power to change national sentiment, meaning they are somewhat at the mercy of the market at large,” PYMNTS reported in April.

Luckily for these smaller players, consumers aren’t shy about sharing what they want, and what they want are digital innovations offered by their main financial institution, according to the report “Credit Union Innovation: The Race to Meet Customer Demand,” a PYMNTS Intelligence and PSCU collaboration.

Amount’s platform offers banks three “key pillars,” built around lending intelligence, risk decisioning and “adaptive customer journey,” per the release.

This third pillar offers “personalized, omnichannel experiences for customers during the lending process” and uses Amount’s “Task Engine to speed up applications for highly-qualified customers.”

In July, PYMNTS Intelligence collaborated with Amount on the study “Bundled Banking Products: Matching Product Offerings With Customer Demand.”

The report found that bundled accounts are typically a single service offering from a bank that includes multiple offerings such as a checking account, debit card and/or credit card. Bundling like this is popular with several customers due to basic convenience and helps solidify a bank’s relationships with depositors and borrowers.

In all, 42% of the consumers PYMNTS surveyed said they would be at least somewhat likely to leave a bank that did not bundle its offerings into a package for their convenience.

While 57% of respondents said they enjoy the ease and convenience of bundled banking, consumers also have some concerns about bundled banking products that financial institutions need to address to retain those account holders.

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