It provides businesses with a quick and painless borrowing experience
Kiwibank has launched a new digital platform to speed up decision-making for small to medium-sized enterprise (SME) loans.
Fast Capital, the new digital platform, allows automated decision-making for lending to SMEs by linking Xero or MYOB AccountRight company data to Kiwibank. Companies can apply for up to $100,000 business loan, business overdraft, or a credit card and receive the decision in only five minutes.
Nicole Pervan, the general manager for product at Kiwibank, commented that digital automated application and decision process provides a stress-free borrowing experience as banking usually takes plenty of time, leaving business owners frustrated.
“It drastically reduces the time spent by both the borrower and the lender in assessing and approving an application,” Pervan said, as reported by Fuseworks Media. “In comparison, the time it takes to get a credit decision through a normal process can be five or six working days.”
“Kiwibank is really excited to be the first bank to use this technology designed right here in New Zealand. It's the brainchild of Auckland based fintech company Ranqx, which developed the software in partnership with Kiwibank.”
“We want to support Kiwi ingenuity and find solutions to customer problems, so this was a great opportunity to work with a smart company in our own backyard. All businesses have ups and downs, and COVID has exacerbated this. Fast Capital provides support for businesses, giving them access to extra funds when they are needed and fast,” Pervan concluded.
