HSBC launches new service with Biz2Credit to streamline
[ad_1]
HSBC Bank‘s launch of the Biz2X platform gives customers faster access to loans and credit cards
NEW YORK, November 12, 2020 (GLOBE NEWSWIRE) – HSBC Bank USA, NA, which is part of the HSBC Group, today announced that it is working with Biz2Credit to give small business owners faster and easier access when applying for business financing.
As part of the HSBC Fusion service offer, the bank uses the Biz2X Platform to expedite the approval of credit applications for small businesses across the country. Biz2X technology will also improve the accuracy of credit decisions on retail business banking transactions, thereby reducing risk in the bank’s loan portfolio.
HSBC Fusion, a service for business owners that brings together business and personal banking for a more streamlined lifestyle and work, is designed to make account management easier, saving both time and money. money. The service provides a single point of access, whether in branch, over the phone or via digital banking, through which HSBC customers can manage their personal and business finances. This bank will begin the initial rollout of this new enhancement to HSBC Fusion in December 2020.
According to the Small Business Administration (SBA), 99.7% of all U.S. private sector employers are small businesses, and nearly 7 in 10 U.S. jobs are in a small business. With this scale, it’s easy to understand the importance of this segment and how it powers the US economy.
“Small businesses play a central role in the US economy and contribute greatly to the prosperity of our communities across the country,” said Shaun McDougall, head of retail banking services at HSBC Bank USA. “Using Biz2Credit’s Biz2X platform, HSBC Fusion will provide a simple and efficient loan process for our small business banking customers, allowing them to spend more time running their business without worrying about whether they will be able to or not get a loan. “
The Biz2X platform
HSBC will use the Biz2X platform’s artificial intelligence-based credit decision engine and a configurable loan rules engine to enable its account managers to make faster and more accurate credit decisions. The advantages of the platform include:
- The ability to automatically approve loan or line increase requests up to $ 100,000. Full underwriting protocols will be put in place through the staff portal for larger loan amounts.
- Erection coverage and lines of credit are increasing for small business credit products, including credit cards, term loans, and lines of credit.
- Ease of use for HSBC staff who process loan applications through a new Biz2X based staff portal.
- Credit rules that feature advanced neural network models to ensure quick loan decisions, based on hundreds of data parameters.
- A configurable rules engine that allows HSBC to modify its lending criteria smoothly in response to changing market conditions.
“Our partnership with HSBC Fusion opens up the flow of capital for small business owners. With this offer, we are helping entrepreneurs strengthen their finances, save time and access capital quickly and easily, ”said Rohit Arora, CEO of Biz2Credit and Biz2X. “For Biz2Credit, this represents another step in the growth of our Biz2X platform globally.”
HSBC Bank USA, National Association (HSBC Bank USA, NA) serves clients in retail banking and wealth management, commercial banking, private banking, world bank and market segments. It operates bank branches in: California; Washington DC; Florida; Maryland; New Jersey; New York; Pennsylvania; Virginia; and Washington. HSBC Bank USA, NA is the principal subsidiary of HSBC USA Inc., a wholly owned subsidiary of HSBC North America Holdings Inc. HSBC Bank USA, NA is a member of the FDIC. Investment and brokerage services are provided by HSBC Securities (USA) Inc., (NYSE / FINRA / SIPC member) and insurance products are provided by HSBC Insurance Agency (USA) Inc.
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers around the world from offices in 64 countries and territories in its geographic regions: Europe, Asia, North America, Latin America, Middle East and North Africa. With assets of $ 2,956 billion as of September 30, 2020, HSBC is one of the world’s largest banking and financial services organizations.
Biz2X / Biz2Credit
Biz2Credit was founded in 2007 with one goal: to improve the business financing process for lenders and their clients. Since its inception, Biz2Credit has arranged over $ 3 billion in small business financing and has been named several times for Crain’s Fast 50 in New York and was ranked among the top 200 fast-growing companies on Deloitte’s 2018 Technology Fast 500. The company offers its Biz2X platform to banks and other financial institutions to enable them to better manage lending processes and associated risks. The Biz2X platform is SOC 2 and ISO 27001 certified and runs on Amazon Web Services with 99.9% uptime. For any request, contact info@biz2x.com. For more information on Biz2Credit and Biz2X, visit Biz2Credit.com and Biz2X.com.
Media contacts:
For HSBC: Matt Klein, 212-525-4644, matt.klein@us.hsbc.com
For Biz2 Credit: John Mooney, 908-720-6057, john@overthemoonpr.com
[ad_2]