HSBC's US arm is rolling out technology from Avant for a move into the online personal lending market. HSBC is taping Avant's Amount technology and digital capabilities, which have been used by the fintech to originate nearly $5 billion in loans to more than 600,000 people.The platform has been customised to HSBC's specifications, including the bank's proprietary risk models.Customers will be able to complete the application process online and, if approved, get the funds - of up to $30,000 with terms of up to five years - the next day.Pablo Sanchez, regional head, retail banking and wealth management, US and Canada, HSBC, says: "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."James Paris, chief strategy officer, Avant, adds: "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."
HSBC has teamed up with Avant to launch a digital personal lending platform in the US. Based on Avant's Amount technology and digital capabilities, the platform will allow HSBC customers to apply online for loans of up to $30,000. Successful applicants will receive the funds the following day.