HSBC Bank USA, a part of HSBC Group, is set to launch a new digital lending platform to make it simple for its customers to apply for personal loans online.
The bank said that it will use online lender Avant’s Amount technology platform to meet the borrowing requirements of its customers.
HSBC will utilize Amount’s technology and digital capabilities that have been used by Avant to originate close to $5bn in loans for its new digital lending platform which is expected to serve more than 600,000 consumers.
HSBC US and Canada retail banking and wealth management regional head Pablo Sanchez said: “The U.S. unsecured personal loan market is growing at 20% annually and has surpassed $125 billion in balances.
“Every year millions of consumers take out a loan to pay for unexpected expenses, consolidate debt or for needed home improvements, among other things. By adding personal loans to our expanding product suite, we’re meeting the needs of today’s consumers who want a safe, fast and easy way to borrow money online.”
HSBC said that the Amount platform has been customized according to its specifications, including its proprietary risk models. The customization enables the bank to put in place a proven online lending platform which can provide a seamless brand and customer experience.
Customers are expected to assess their loan options and complete a loan application online in a quick and easy way through the new HSBC digital lending platform. The bank claims that approved customers can receive money into their bank accounts as early as the next day.
HSBC retail banking and wealth management cards and unsecured lending head Marcos Meneguzzi said that consumers are now expecting a simple online application process for loans using their desktops or mobile devices.
Meneguzzi said: “By partnering with Avant, we’ve enhanced our agility and speed-to-market to better service our clients. This platform further enables HSBC to grow our business beyond our physical footprint while maintaining our focus on high quality customers that want to build a broader relationship with the bank.”
HSBC expects to lend amounts up to $30K with loan terms up to five years at the launch of the new digital lending platform, which has been scheduled for the first half of 2019.