HSBC Bank USA (an arm of UK-headquartered HSBC Group) has gone live with a personalized digital lending platform powered by Chicago-based end-to-end technology platform, Amount.

On Monday, the bank announced the launch of a new platform, targeted at providing ease to US customers while applying for personal loans online.

The alliance has been an outcome of a well-thought-out plan as put by Marcos Meneguzzi, Head of Cards and Unsecured Lending, Retail Banking and Wealth Management, HSBC USA in a statement, “We listened to our customers and understand the market intimately. With the launch of this product, we’re addressing a significant customer need and tapping into a rapidly growing segment of the consumer lending marketplace.”

He continued, “Millions of Americans carry balances at high-interest rates, and unfortunately, unexpected expenses pop up every day. We’re providing a safe, transparent, fast and easy way to borrow money online at fixed rates with no origination or pre-payment fees. With fixed monthly payments that start 50 days after customers are funded, we’re helping them better manage their financial lives.”

The new platform will empower the customers to evaluate their loan options and complete a loan application quickly and easily online. As a part of the plan, approved customers will receive funds as quickly as the next day. Initially, HSBC will lend amounts up to $30,000 with terms ranging from two to five years.

Meneguzzi further stated, “This platform further enables HSBC to grow our business beyond our physical footprint while maintaining our focus on high-quality customers who want to build a broader relationship with the bank.”

James Paris, Head of Amount also commented, “Going digital allows financial institutions to make lending easier for today’s consumers who expect instant and seamless interactions.”

The Amount platform has been customized to HSBC’s specifications, including proprietary risk models, allowing the bank to implement a proven online lending platform with a seamless brand and customer experience.

by Sheeba Bhagat Dawar
Market Analyst at IBS Intelligence