HSBC Launches New Service with Biz2Credit to Streamline Banking for Small Businesses in the US
HSBC Bank’s launch of the Biz2X Platform gives customers faster access to loans and credit cards
NEW YORK–(BUSINESS WIRE)–HSBC Bank USA, N.A., part of HSBC Group, today announced it is working with Biz2Credit to give small business owners quicker and easier access when applying for business financing. As part of the HSBC Fusion service offering, the bank is using Biz2Credit’s Biz2X Platform to speed up the approval of credit applications for small businesses across the country. The Biz2X technology will also improve the accuracy of credit decisions on retail business banking transactions, ultimately reducing risk in the bank’s lending portfolio.
HSBC Fusion, a service for business owners that brings business and personal banking together for a more streamlined way of working and living, is designed to facilitate account management, saving both time and money. The service provides a single point of access, whether in the branch, by phone, or through digital banking, by which HSBC customers can manage both their personal and business finances.
According to the Small Business Administration (SBA), 99.7 percent of all U.S. private sector employers are small businesses, and nearly 7 out of 10 American jobs are at a small business. With this scale, it’s easy to understand the importance of this segment and how it fuels the U.S. economy.
“Small businesses play a pivotal role in the U.S. economy and contribute greatly to our thriving communities throughout the country,” said Shaun McDougall, Head of Retail Business Banking at HSBC Bank USA. “By using Biz2Credit’s Biz2X Platform, HSBC Fusion delivers a straight-forward and efficient lending process to our small business banking customers, enabling them to spend more time running their businesses without worrying about whether or not they’ll be able to get a loan.”
The Biz2X Platform
HSBC will use the Biz2X Platform’s credit decisioning engine, based on artificial intelligence and a configurable lending rules engine, to empower its relationship managers with faster and more accurate credit decisions. Benefits of the platform include:
- The ability to automatically approve loan or line increase requests up to $100,000. Full underwriting protocols will be in place via the staff portal for larger loan amounts.
- Coverage of origination and credit line increases for small business credit products, including credit cards, term loans and lines of credit.
- Ease-of-use for HSBC staff processing loan applications through a new staff portal built on Biz2X.
- Credit rules that feature advanced neural network models to ensure fast loan decisions, based on several hundred data parameters.
- A configurable rules engine that allows HSBC to modify its lending criteria smoothly in response to changing market conditions.
“Our partnership with HSBC Fusion opens the flow of capital to small business owners. Through this offering we are helping entrepreneurs bolster their finances, save time and gain quick, easy access to capital,” said Rohit Arora, CEO of Biz2Credit and Biz2X. “For Biz2Credit, it represents another step in the growth of our Biz2X Platform globally.”
HSBC Bank USA, National Association (HSBC Bank USA, N.A.) serves customers through retail banking and wealth management, commercial banking, private banking, and global banking and markets segments. It operates bank branches in: California; Washington, D.C.; Florida; Maryland; New Jersey; New York; Pennsylvania; Virginia; and Washington. HSBC Bank USA, N.A. is the principal subsidiary of HSBC USA Inc., a wholly-owned subsidiary of HSBC North America Holdings Inc. HSBC Bank USA, N.A. is a Member of FDIC. Investment and brokerage services are provided through HSBC Securities (USA) Inc., (Member NYSE/FINRA/SIPC) and insurance products are provided through HSBC Insurance Agency (USA) Inc.
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 64 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of $2,956bn at 30 September 2020, HSBC is one of the world’s largest banking and financial services organisations.
Biz2X / Biz2Credit
Biz2Credit was founded in 2007 with one goal: make the business financing process work better for lenders and their customers. Since its inception, Biz2Credit has arranged more than $3 billion in small business financing and has several times been named to Crain’s New York’s Fast 50 and was ranked among the top 200 fast-growing companies on Deloitte’s 2018 Technology Fast 500. The company offers its Biz2X Platform to banks and other financial institutions to allow them to better manage loan processes and related risks. The Biz2X Platform is SOC 2 and ISO 27001 certified and runs on Amazon Web Services with 99.9% availability. For inquiries, contact [email protected]. For more information about Biz2Credit and Biz2X, visit Biz2Credit.com and Biz2X.com.
KEYWORDS: United States North America New York
INDUSTRY KEYWORDS: Small Business Banking Professional Services Finance