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HSBC Bank USA & Biz2Credit partner to streamline banking for Small Businesses

By Pavithra R

November 13, 2020

  • HSBC
  • USA
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HSBC Bank USA has announced working with Biz2Credit to give small business owners quicker and easier access when applying for business financing.

According to the Small Business Administration (SBA), 99.7% of U.S. private-sector employers are SMBs, and nearly 7 out of 10 American jobs are at a small business. With this scale, it’s easy to understand the significance of SMB segment and how it fuels the U.S. economy.

Under the partnership, the bank, as part of HSBC Fusion service offering will use Biz2Credit’s Biz2X Platform to hasten up the approval of credit applications for small businesses across the country. HSBC will use the Biz2X Platform’s credit decisioning engine which is based on AI and a configurable lending rules engine, to empower its relationship managers to take faster and more accurate credit decisions and in retail business banking to reduce risk in the bank’s lending portfolio.

HSBC Fusion is a service for business owners that combines business and personal banking together to offer a streamlined way of working and living. It is designed to facilitate account management, saving both time & money. The service provides a single point of access, whether in the branch, through digital banking or by phone, by which HSBC customers can manage both their personal and business finances.

“Small businesses play a pivotal role in the U.S. economy and contribute greatly to our thriving communities throughout the country. By using Biz2Credit’s Biz2X Platform, HSBC Fusion will deliver a straight-forward and efficient lending process to our small business banking customers, enabling them to spend more time running their businesses without worrying about whether or not they’ll be able to get a loan,” said Shaun McDougall, Head of Retail Business Banking at HSBC Bank USA.

The Biz2X Platform’s benefits include:

  • The ability to approve loan or line increase requests up to $100,000 automatically. Full underwriting protocols will be in place via the staff portal for larger loan amounts.
  • Coverage of origination and credit line increases for SMB credit products, including credit cards, term loans and lines of credit.
  • Credit rules that feature advanced neural network models to ensure fast loan decisions, based on various data parameters.
  • Ease-of-use for HSBC staff processing loan applications through the new staff portal built on Biz2X.
  • A configurable rules engine that enables HSBC to modify its lending criteria in response to changing market conditions.

“Our partnership with HSBC Fusion opens the flow of capital to small business owners. Through this offering, we are helping entrepreneurs bolster their finances, save time and gain quick, easy access to capital. For Biz2Credit, it represents another step in the growth of our Biz2X Platform globally,” said Rohit Arora, CEO of Biz2Credit and Biz2X.

HSBC Bank USA, the American subsidiary of UK-based HSBC, serves customers through retail banking and wealth management, private banking, commercial banking, and global banking and markets segments.

Founded in 2007, Biz2Credit was built to make the business financing process work better for lenders and their customers. According to company data, the firm, since its inception has arranged more than $3 billion in small business financing. 

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