FintechOS cuts SME account opening to sub 15 minutes
Despite SMEs playing a major role in most economies, particularly in developing countries, and accounting for the majority of businesses worldwide, SME financing needs are still significantly underserved. The global financing gap is estimated to be at USD 5.2 trillion.
FintechOS’ accelerators for SME mobile onboarding and lending helps institutions give SMEs access to financial services in minutes, not days
London, 24th March, 2022 – FintechOS, a technology partner providing high-productivity fintech infrastructure solutions for companies offering financial services, today announced the launch of its accelerators for SME mobile lending and onboarding. The accelerators allow institutions to quickly and efficiently improve the SME customer onboarding and loan origination journey, reducing the time for an SME to open a current account to less than 15 minutes.
Despite SMEs playing a major role in most economies, particularly in developing countries, and accounting for the majority of businesses worldwide, SME financing needs are still significantly underserved. The global financing gap is estimated to be at USD 5.2 trillion. To date, there has been a focus on speeding up the account and loan application process. Despite progress here, a problem still remains in that once an application has been approved it can still take days to access an account and finance. With a mobile-centric approach however, SMEs are empowered to use any device convenient to them, decreasing the risk of abandonment during the user journey.
FintechOS accelerators for SME mobile onboarding and lending aims to help the financial industry address that gap in the following ways:
- Accelerator for SME Mobile Onboarding: It provides a simple digital journey so SME companies can open a checking/current account in less than 15 minutes. This is a great starting point for financial institutions – particularly banks and credit unions – to rapidly implement a modern UX and easily configure any details regarding design, content, journey sequence, and product logic.
- Accelerator for SME Mobile Lending: This gives small businesses the financing solutions they want and need in a matter of minutes. With self-service and rapid decision-making in mind, FintechOS has prepared a mobile-accessible SME loan origination journey that is ready to use out-of-the-box, with details of the journey easily configurable by non-technical specialists.
“SMEs are the backbone of the global economy and the lending gap many of them face comes at a time of increased uncertainty as macro-economic forces disrupt how millions of consumers and firms do business,” said Teo Blidarus CEO and Co-Founder of FintechOS. “This is why we are determined to introduce innovative new methods of getting smaller businesses the money they need to grow. Our high productivity fintech infrastructure, digital and core financial technology blocks combine here with a low-code approach to help institutions close the gap by rolling out tailored financial services experiences at speed.”
– Ends –
FintechOS is the award-winning global leader in high productivity fintech infrastructure technology. It helps companies across any domain rapidly launch and manage the next generation of products and services across lending, savings, insurance, investment and embedded finance.
FintechOS solutions also give companies the ability to reduce reliance on outdated core infrastructure, to modernize operations and deploy modern customer journeys that offer great customer experience.
FintechOS works with 40+ companies that offer financial services across the world including, Howden, Societe Genarale and Raiffeisen Bank, and has offices in London, New York, Amsterdam and Bucharest.
Liked this article? You might like these ones
Admiral – a proprietary digital pet insurance offering fast
Admiral is one of the UK’s top-20 insurance providers and a leader in market innovation. Starting in motor insurance, Admiral is now renowned for its Multipolicies, bundling a range of insurance products into one money-saving option for its customers. Above all else, Admiral is known for its exemplary customer service and high-quality service provision.
Harnessing the untapped potential of the growing pet insurance market
In this report, we explore the potential of the pet insurance market, which is predicted to be worth USD 16.8 billion by 2030. Why is the market growing so rapidly and how can insurers enter this market confidently?
Combined commercial: any flavor so long as it’s vanilla
In this report we explore the opportunity for SME insurers of offering tailored and personalized combined commercial and analyze three key trends for embedded SME banking