After introducing the Express Business Loan to its customers, Eastern Bank is preparing to license the technology to other banks.
The product developed in Eastern Labs, the internal incubation space at the bank, allows customers to apply and be funded for a loan in under five minutes.
From American Banker:
"News of the possible licensing agreements was included in a press release to announce that the financial services research firm Celent named the $9.6 billion-asset Eastern Bank its Model Bank of the Year for 2016. The bank was picked specifically for the Express Business Loan.
"Eastern has accomplished a significant feat in building an entirely new loan origination system from scratch in 14 months, using internal resources, and showed game changing results on par with anything that the most disruptive fintech company has achieved in this space," Dan Latimore, senior vice president at Celent, said in the press release."
Read more from American Banker.