Amount introduces unified account opening and loan origination platform

This all-in-one solution empowers banks and credit unions to streamline operations, lower costs, and elevate the overall customer and member experience.

According to a 2023 survey by the American Bankers Association, 8 in 10 consumers agree that they have multiple options when selecting products and services such as bank accounts, loans, and credit cards. Yet, the finding also suggests this may contribute to the complexity of managing accounts across different providers. As customer expectations evolve, financial institutions are expected to deliver seamless, personalized services across all touchpoints.

Amount’s Unified Account Opening and Loan Origination Platform offers several key benefits for financial institutions and their customers:

● Minimize Deposit Drift: By offering an integrated experience across deposit and lending products, the platform helps financial institutions reduce deposit drift, ensuring that customers and members keep their funds within the institution rather than seeking alternatives.
● Seamless Application Experience: A frictionless way to open deposit accounts and apply for loans, lines of credit or credit cards through a single, unified interface, this streamlined process not only enhances customer satisfaction but also drives measurable results—one client, for example, saw 80% of personal loan applications move from application to funding without human intervention. Additionally, by boosting cross-sell opportunities, it can increase revenue by up to 40%.
● Operational Efficiency Gains: By centralizing data management and automating workflows, the platform accelerates account opening and loan processing times by up to 50%. It also empowers banks and credit unions to reduce operating expenses through streamlined processes and integrated compliance management.
● Eliminate Vendor Complexity and Enhance Speed to Market: Amount’s unified platform streamlines onboarding and management for banks and credit unions by replacing multiple-point products with a single solution. This consolidation reduces vendor dependencies and improves overall efficiency. Additionally, the platform's flexibility and scalability allows financial institutions to bring new products to market up to 50% faster, ensuring they stay competitive and respond effectively to evolving market demands.
● Enhanced Risk Management: The platform provides a comprehensive 360-degree view of customer and member financial activities, leading to more accurate risk assessments and a considerable reduction in loan default rates. Additionally, the platform's built-in compliance management ensures all account openings and loan originations meet evolving regulations, reducing the risk of non-compliance and potential fines.

“Amount’s new Unified Deposit Account Opening and Loan Origination Platform equips financial institutions to seamlessly serve both consumer and SMB customers across all lending and deposit needs. This modern platform brings state-of-the-art capabilities to managing these products consistently and economically,” said Adam Hughes, CEO of Amount. “This comprehensive solution not only enhances cross-sell capabilities but also transforms operational efficiency, enabling banks and credit unions to offer an unparalleled, unified experience that drives growth and meets evolving customer and member expectations.”