For the first time, any bank or credit union can enable their businesses to open a new deposit account, and apply for a loan, through a single, easy, and efficient application
BOSTON—Numerated, the fintech helping financial institutions transform the way they lend to businesses, has just announced Digital Account Opening for Businesses, the fastest, easiest, and most flexible business account opening solution available to banks and credit unions, today.
Leveraging Numerated’s award-winning user experience, Digital Account Opening for Businesses offers financial institutions a 100 percent digital, pre-filled, and dynamic application for new deposit accounts that can be completed and approved in just minutes.
“Banks and credit unions know business deposit accounts can bring in up to 10 times the value of a consumer account, and it’s part of what’s driving competition in the business lending segment,” said Numerated Co-Founder and CEO Dan O’Malley. “By bringing the magic of the ‘Coffee-Break Loan’ to deposit accounts, we’re able to streamline a typically complex process for banks and credit unions, giving them an edge against fintechs and megabanks, in the race for business deposits.”
Numerated’s Digital Account Opening for Businesses can be used as a stand-alone business account opening solution, or can be paired with the Numerated Loan Origination System to allow for the approval of loans and funding to new accounts, in a single borrower experience.
Financial institutions leveraging Numerated’s Digital Account Opening for Businesses will benefit from a number of unique features, including:
- Industry’s first all-in-one business account opening and loan application experience. Leveraging Digital Account Opening for Businesses with Numerated’s Loan Origination System allows banks and credit unions to offer a single application for a loan and a deposit account, in an experience that can be completed in just minutes.
- Purpose-built for business banking. Numerated is the only Loan Origination System built specifically for business banking, and Digital Account Opening for Businesses is no exception. Leverage technology that more than 30,000 users and over 500,000 businesses trust to handle the complexities of business customers, beneficial ownership, and signature authorities—along with full KYC and KYB capabilities.
- Seamless integration into the back office. Numerated’s Digital Account Opening for Businesses is flexible and can be leveraged as a stand-alone solution that seamlessly integrates with existing cores and loan origination systems.
- Instant funding from external accounts. Numerated’s Digital Account Opening for Businesses enables borrowers to seamlessly and instantly fund new accounts from other institutions.
- Omni-channel support. Businesses can open a new account with a fully digital, fully self-service experience, or with the help of a trusted banker. A customer portal enables business owners to easily transfer docs and get support when and where they need.
“When we set out to build Digital Account Opening for Businesses we wanted to build a solution that removed the most friction possible, and could be implemented as quickly as possible,” said Chief Product Officer Adam Kenney. “We understand the urgency of the moment for banks and credit unions, with competition adopting more and more technology. This solution will help them compete, and compete now.”
On June 28, we hosted a webinar featuring a full demo of Digital Account Opening for Businesses. Watch the on-demand recording, here.
Numerated transforms the way financial institutions lend to businesses. Banks and credit unions use Numerated’s modern Loan Origination System to meet businesses’ expectations for digital convenience while driving significant gains in efficiency. The platform uses data to streamline originations for any business banking product, from application to decision to close. More than 400,000 businesses and 30,000 financial institution associates have leveraged the platform to process over $50 billion in lending, making Numerated the fastest-growing fintech SaaS company on the 2021 Inc. 5,000.