HSBC Bank USA announced that it will utilize industry-leading online lender Avant’s Amount, the company’s end-to-end technology platform, to meet the borrowing needs of its customers. The new digital lending platform will provide U.S. consumers, including existing HSBC customers, a simple way to apply for personal loans online.
“The U.S. unsecured personal loan market is growing at 20% annually and has surpassed $125 billion in balances,” said Pablo Sanchez, Regional Head of Retail Banking and Wealth Management for HSBC in the U.S. and Canada. “Every year millions of consumers take out a loan to pay for unexpected expenses, consolidate debt or for needed home improvements, among other things. By adding personal loans to our expanding product suite, we’re meeting the needs of today’s consumers who want a safe, fast and easy way to borrow money online.”
Amount Digital Lending Platform
HSBC is leveraging Amount’s technology and digital capabilities that have been used by Avant to originate nearly $5 billion in loans to meet the personal lending needs of more than 600,000 consumers.
The Amount platform has been customized to HSBC’s specifications, including our proprietary risk models. This allows the bank to implement a proven online lending platform with a seamless brand and customer experience. With the Amount platform powering HSBC’s online lending capabilities, customers can evaluate their loan options and complete a loan application quickly and easily online. Approved customers can receive funds as soon as the next day. At launch, HSBC expects to lend amounts up to $30K and with terms up to five years.
“Consumer behavior has shifted significantly. By offering online lending, forward thinking banks like HSBC are finding it to be a competitive differentiator in today’s market,” said James Paris, Chief Strategy Officer of Avant and Head of Amount. “Our platform provides HSBC with a tried and true technology solution that is customizable and provides the tools to help grow its lending business, including fraud prevention, account verification, risk assessment, marketing and full lifecycle customer service.”
The launch of HSBC’s personal lending product follows last year’s successful debut of its new online credit card onboarding platform, as well as a refreshed set of credit card offerings. This included the HSBC World Elite Premier Mastercard® credit card, available to HSBC Premier1 clients, as well as cash back and low-rate HSBC credit cards available to all applicants. These cards offer a full suite of benefits designed to support life experiences, including a wide range of travel and dining purchases, flexible redemption options and valuable travel credits.
According to Marcos Meneguzzi, Head of Cards and Unsecured Lending, Retail Banking and Wealth Management, HSBC, having easy to use and convenient access to unsecured loans is becoming mainstream, with consumers expecting a simple online application process, from their desktops or mobile devices, a credit decision to be made in seconds and if approved, for the borrowed funds to be deposited directly into their bank account within 24 hours.
“By partnering with Avant, we’ve enhanced our agility and speed-to-market to better service our clients. This platform further enables HSBC to grow our business beyond our physical footprint while maintaining our focus on high quality customers that want to build a broader relationship with the bank,” said Meneguzzi.
HSBC’s new online lending platform will be available to customers in the first half of 2019.