Numerated, the bank technology company best known for helping banks create 5-minute digital business loans, announced an expansion of its platform to support banks’ full suite of business banking products.
This expansion provides banks with pre-filled digital applications across business banking products, and a range of digital lending and account opening solutions to streamline decisioning.
In addition to small business term loans, lines of credit and SBA loans, banks using Numerated can now create digital buying experiences for deposit accounts, commercial real estate, overdraft protection, credit cards, working capital lines, equipment loans, and renewals.
“Businesses have been demanding an easier way to purchase financial products from banks,” said Dan O’Malley, CEO of Numerated. “Our unique data capabilities allow banks to create the fastest, simplest, and most efficient digital lending and account opening experiences in the market. Top business banks have asked us to be a digital front end for all their business banking products, and we’re partnering with them to make this vision a reality.”
“The future of banking is all about providing our customers with a unique value proposition through personalization, speed, and the integration of technology, enhanced by our expert bankers,” said Ravi Vakacherla, EVP, Head of Banking Operations and Product Management at People’s United Bank. “The platform provided by Numerated is the next step in that journey. With more than 400,000 small businesses across the Northeast, we are excited about this platform’s ability, coupled with our focus on relationships and digital solutions, to help business owners build their businesses.”
More than half of Numerated’s customers have added products from the platform’s expanded suite of business banking products, which supports both self-service and banker-led origination.
“Numerated will allow us to decision a business loan and open a checking account in minutes, in the same customer session, without having to request duplicative information. This will dramatically reduce the friction involved in onboarding and welcoming new business customers to our bank,” said Christy Schmitt, SVP and Managing Director of Business Banking at Home Bank of California.
“We created a unique digital small business loan experience using Numerated that provides businesses access to funds faster and easier than ever before. We’re excited to utilize that same technology for larger credits and complementary products like overdraft protection,” said Todd Walker, Digital Lending Leader at Horizon Bank.
“Numerated is addressing the purchase experience challenge in business banking by providing banks with a digital application and decisioning platform for both credit and deposit products. We look forward to extending the convenience Numerated is allowing our bank to offer businesses for term loans and lines of credit into additional products like business credit cards,” said George Leis, President and COO of Montecito Bank & Trust.