In today’s fast-paced financial landscape, both consumers and small businesses demand seamless, efficient, and secure banking experiences. Banks and credit unions are under pressure to offer integrated solutions that cater to both their consumer and SMB customer or member bases, fostering deeper, more productive relationships. Amount’s latest innovation—the Unified Deposit Account Opening and Loan Origination Platform—meets this challenge by helping financial institutions streamline processes, reduce costs, and maximize cross-selling opportunities across consumer and SMB banking needs.
As the economic environment shifts, demand for consumer and SMB lending evolves. Rising interest rates have led consumers and small business owners to prioritize affordability, seeking loan products that offer flexible terms and competitive rates. Financial institutions are responding by enhancing their deposit and lending product offerings, with an emphasis on personalized, integrated solutions that encourage customers or members to consolidate their banking activities within a single institution.
Many consumers and small business owners are increasingly pursuing strategic lending solutions to manage their debt responsibly, as highlighted in a recent J.D. Power study. This trend has created new profit opportunities for financial institutions, prompting them to integrate loan products with deposit accounts. By doing so, banks can enhance financial health and improve customer retention. Additionally, McKinsey & Company emphasizes that financial institutions focusing on consumer-centric strategies and technology integration are better positioned to capitalize on these market shifts. Overall, these insights underscore the growing importance of aligning lending solutions with customer needs in the evolving financial landscape. By utilizing tools like Amount’s unified platform, banks can foster deeper customer and member relationships, which is crucial as financial institutions strive to build loyalty and satisfaction in a competitive market.
Banks and credit unions have a unique opportunity to expand their SMB customer or member base within their existing consumer relationships. Research shows that nearly 30% of small business owners initially start with personal accounts at their primary bank before later opening business accounts. By harnessing data insights and streamlining the onboarding experience, banks can identify these “hidden” small business owners and offer targeted products that meet their evolving financial needs. This approach not only maximizes the lifetime value of each customer or member but also supports broader growth initiatives within the institution.
Amount’s Unified Deposit Account Opening and Loan Origination Platform provides several pivotal benefits for banks and credit unions that align with today’s market needs:
Reduced Deposit Drift: By integrating deposit and loan products, the platform makes it easier for customers or members to manage their finances in one place. This cohesive approach can reduce the likelihood of customers or members seeking financial services from multiple providers, ensuring deposits remain within the institution.
Enhanced Customer or Member Experience: Customers or members can open deposit accounts and apply for loans in one seamless process, from any device. This unified experience not only improves satisfaction but also drives conversion rates. For example, some clients have seen up to 80% of loan applications funded without human intervention, highlighting the platform’s efficiency and ease of use.
Operational Efficiency & Speed to Market: By consolidating services within a single platform, banks can achieve up to 50% faster processing times for account openings and loan applications. This streamlined process also minimizes vendor complexity, allowing financial institutions to introduce new products more quickly and adapt to market demands with agility.
Integrated Risk Management: A 360-degree view of customer or member activity supports more accurate risk assessments and reduces loan default rates. The platform’s built-in compliance capabilities also ensure that all activities meet current regulatory standards, helping banks and credit unions stay ahead of regulatory changes and avoid potential penalties.
With Amount’s platform, banks and credit unions are well-equipped to deliver a comprehensive, integrated banking experience that resonates with today’s customers or members. By bridging consumer and SMB banking services, financial institutions can strengthen their competitive position, deepen customer or member relationships, and unlock new revenue streams. As the market continues to evolve, Amount’s unified approach to deposit and lending solutions will empower financial institutions to meet these demands with precision and efficiency.
To learn more about Amount’s Unified Deposit Account Opening and Loan Origination Platform, book a demo today!