HSBC Bank to Launch Digital Lending Platform

HSBC Bank USA, N.A., (HSBC), part of HSBC Group, one of the world’s largest banking and financial services organizations, today announced that it will utilize industry-leading online lender Avant’s Amount, the company’s end-to-end technology platform, to meet the borrowing needs of its customers. The new digital lending platform will provide U.S. consumers, including existing HSBC customers, a simple way to apply for personal loans online.

“The U.S. unsecured personal loan market is growing at 20% annually and has surpassed $125 billion in balances,” said Pablo Sanchez, Regional Head of Retail Banking and Wealth Management for HSBC in the U.S. and Canada. “Every year millions of consumers take out a loan to pay for unexpected expenses, consolidate debt or for needed home improvements, among other things. By adding personal loans to our expanding product suite, we’re meeting the needs of today’s consumers who want a safe, fast and easy way to borrow money online.”

Amount Digital Lending Platform

HSBC is leveraging Amount’s technology and digital capabilities that have been used by Avant to originate nearly $5 billion in loans to meet the personal lending needs of more than 600,000 consumers.

The Amount platform has been customized to HSBC’s specifications, including our proprietary risk models. This allows the bank to implement a proven online lending platform with a seamless brand and customer experience. With the Amount platform powering HSBC’s online lending capabilities, customers can evaluate their loan options and complete a loan application quickly and easily online. Approved customers can receive funds as soon as the next day. At launch, HSBC expects to lend amounts up to $30K and with terms up to five years.

“Consumer behavior has shifted significantly. By offering online lending, forward thinking banks like HSBC are finding it to be a competitive differentiator in today’s market,” said James Paris, Chief Strategy Officer of Avant and Head of Amount. “Our platform provides HSBC with a tried and true technology solution that is customizable and provides the tools to help grow its lending business, including fraud prevention, account verification, risk assessment, marketing and full lifecycle customer service.”