In today’s competitive financial landscape, small businesses are looking for more than just a bank—they’re seeking partners who can offer fast, flexible solutions to meet their growing needs. Understanding this, Amount is excited to unveil our new SMB Suite, a comprehensive platform designed to streamline small business lending and deposit account origination. Built on our unified technology platform, the SMB Suite provides banks and credit unions with the tools they need to attract, retain, and grow their SMB customer base.
Why the SMB Suite?
Small business owners face an array of challenges when it comes to accessing financial services. Long approval times, complex application processes, and lack of tailored products often hinder their ability to grow and succeed. Financial institutions, on the other hand, struggle to meet the demands of SMBs due to operational inefficiencies, high costs, and the pressure to comply with increasingly complex regulatory requirements.
Amount’s SMB Suite solves these problems by offering a fully integrated, flexible solution that simplifies both lending and deposit origination, allowing institutions to focus on delivering exceptional service to SMBs.
Comprehensive Lending Capabilities
At the heart of the SMB Suite are its comprehensive lending capabilities, which support both secured and unsecured loans. Whether your clients need a short-term loan to manage working capital or a long-term option for expansion, our platform provides the flexibility to meet their needs. The SMB Suite also makes renewals, refinancing, and loan modifications easy to manage, giving financial institutions the ability to adapt to changing circumstances and deepening their relationships with SMB customers and members.
As the demand for digital-first services increases, SMBs are expecting seamless experiences from their financial partners. According to a 2023 Federal Reserve survey, 80% of small businesses expect faster and more efficient loan processing from their banks. The SMB Suite delivers on that expectation, providing a smooth, customer-centric experience that keeps small business owners engaged and satisfied.
This flexibility ensures that banks and credit unions can offer a broad range of loan products, increasing customer satisfaction and retention by providing tailored financial solutions.
World-Class Deposit Origination
Securing deposits is vital to the success of any financial institution, and the SMB Suite offers a streamlined deposit account origination process that scales as your small business customer base grows. By uniting deposit and lending origination on a single platform, our technology enables institutions to gain powerful insights, helping SMBs access the financial products they need faster and more efficiently. With 72% of banks and 70% of credit union leaders now prioritizing gathering small business deposits, this focus underscores the importance of offering frictionless account opening and tailored services to attract and retain these high-value relationships.
Adaptive Customer Journeys
One of the standout features of the SMB Suite is its adaptive customer journey functionality. By tailoring each application and underwriting flow based on the specific risk profile of the applicant, financial institutions can reduce friction and create more personalized experiences. This leads to higher funnel conversion rates and improves overall customer satisfaction.
SMBs are diverse, and a one-size-fits-all approach rarely works. Amount’s SMB Suite takes this into account, adjusting friction points along the application process to fit the specific needs of each customer, ensuring an optimized, tailored experience every time.
Streamlined Beneficial Ownership and Compliance
In an industry where regulatory compliance is paramount, the SMB Suite’s streamlined approach to beneficial ownership is a game-changer. The platform automates beneficial ownership verification, ensuring institutions meet regulatory requirements without sacrificing efficiency. This allows banks and credit unions to focus on growing their business while maintaining peace of mind that they’re always in compliance with the latest regulations.
Pre-Built Best Practices and Seamless Integrations
Banks and credit unions need solutions that can be implemented quickly and easily. The SMB Suite comes pre-configured with industry-leading best practices, allowing financial institutions to deploy new SMB lending products in as little as three months. This rapid time-to-market gives institutions the competitive edge needed to stay ahead in an evolving marketplace.
Additionally, the platform’s dozens of pre-built integrations with data sources reduce operational costs and speed up the application process by seamlessly connecting existing systems and third-party services. This orchestration of data and services ensures that institutions can make smarter decisions faster, delivering superior service to SMB clients without sacrificing efficiency.
Comprehensive Fraud Protection
With fraud and identity theft concerns on the rise, the SMB Suite offers fully integrated fraud detection and identity verification tools. Powered by Amount’s proprietary models and best-in-class data sources, the platform provides enhanced security measures without the need for third-party solutions. This not only streamlines operations but also enhances trust and security for both the institution and its SMB customers and members.
The Competitive Edge for Financial Institutions
In a highly competitive market, banks and credit unions must adopt solutions that cater to the growing needs of small businesses. The SMB Suite from Amount delivers a comprehensive, unified platform that improves operational efficiency, enhances customer satisfaction, and accelerates time to market. By adopting this cutting-edge technology, financial institutions can better position themselves to attract and retain SMB clients, ultimately driving profitability and growth.
Conclusion
The future of SMB banking is here, and Amount’s SMB Suite is leading the way. From comprehensive lending and deposit origination capabilities to automated compliance, fraud protection, and tailored customer experiences, the SMB Suite provides everything financial institutions need to deliver a superior small business banking experience.
To learn more about how the SMB Suite can revolutionize your approach to small business lending and deposits, visit Amount.