Amount unveils new digital origination and decisioning platform
Chicago-based fintech announces its new cloud-based platform designed to provide leading financial institutions with a Performance Advantage
CHICAGO, IL (October 19, 2023) — Amount, a global banking technology platform powering consumer and small business account opening, loan origination and financing, today unveiled its new and unified Digital Origination and Decisioning SaaS Platform.
The new platform delivers a comprehensive, cloud-based solution designed to offer banks a performance advantage in high-velocity account origination. Enabling financial institutions to readily cross-sell new lending products, leverage analytics and insights across all products, and draw connections between common profiles generated across the platform. It combines the front-end customer experience with backend technology, which automates much of the decisioning process, optimizing for user experience and performance, and provides superior back-office tooling for managing the overall workflow and operations.
“At Amount, we understand the urgent need for financial institutions to adapt and diversify their strategies amidst challenging market dynamics,” said Adam Hughes, CEO of Amount. “After seeing first-hand the profitability chokepoints from which even the best banks suffer, we designed our platform to create a performance advantage to financial institutions in the highly competitive markets where they operate.”
With an implementation timeline as short as 30 days, the platform gives banks a speed to market advantage built on three key pillars:
- Lending intelligence: Designed by digital lending experts, Amount’s Platform delivers purpose-built lending solutions with decades of innovation and practical experience. It enables rapid product launches, risk management with proven models, scalability for large banks, and cost-effective access to pre-integrated credit, identity, and fraud data powered by AI.
- Superior risk decisioning: Amount’s built-in fraud and verification solution, including its proprietary fraud score, is pre-configured with risk mitigation tools around digital identity and income verification. The platform comes pre-integrated with over one hundred data sources that clients can utilize, to further improve client profitability and prevent losses.
- Adaptive customer journey: The Platform offers personalized, omnichannel experiences for customers during the lending process. It utilizes Amount’s proprietary Task Engine to speed up applications for highly qualified customers and implements context-based strategies for those with higher risk profiles. It also includes dynamic offer generation, testing, and iteration within existing credit and risk processes to fine-tune parameters for profit optimization.
“Our new platform integrates seamlessly with a financial institution’s existing banking architecture, offering a modern solution for organizations of all sizes to rapidly innovate and bring new products to market quickly,” said Kevin Trilli, Chief Product Officer of Amount. “Simply put, the platform addresses the needs financial institutions and credit unions face today so they are uniquely positioned to adapt effortlessly to the challenges they will face tomorrow.”
Amount partners with some of the world’s best leading brands, including PSCU, Mastercard, TD Bank, PNC Bank, Fifth Third Bank, Comerica, and American Express.While the platform was built and scaled for high-volume large commercial financial institutions, it is now available for middle market banks and credit unions as well, which enables these smaller industry participants to have access to new, cutting-edge technology out of the box.
The launch brings together Amount’s expertise as a spin-off of Avant in 2020, a leading consumer lender, and the diverse portfolio of small business lending products from the acquisition of LinearFT in 2022, into a comprehensive, cloud-based solution that powers digital onboarding, origination, and AI-driven decisioning across consumer and small businesses financial products.
About Amount
Amount is a global digital origination and decisioning SaaS platform powering high-velocity consumer and SMB origination for financial institutions. Developed by lending industry experts, Amount helps banks drive profitability and achieve a Performance Advantage with a fully integrated and flexible platform underpinned by enterprise bank-grade infrastructure and compliance – enabling banks to deliver new and differentiated offerings within months, not years. Amount clients include financial institutions collectively managing more than $3.1T in assets and servicing more than 50 million customers worldwide. For more information visit www.amount.com.
