Moneyou, the online brand of the Dutch ABN AMRO Bank, has extended its product range with the instant digital consumer loan of Berlin-based solarisBank.
With the installment loan, Moneyou's German customers can take out a loan completely digitally in as little as 7 minutes. Video identification and digital signature eliminate all paper-based processes. Customers can thus apply for loans of between 1,000 and 35,000 euros via Moneyou. The technology and the loan are provided by solarisBank.
Liesbeth Rigter, CEO of Moneyou, said: "The instant digital loan is a new building block of our smart banking concept, which is oriented towards the reality of our customers' lives: making self-determined decisions and using fast processes with easy-to-understand digital products. The innovative technology of our cooperation partner solarisBank fully complies with these principles."
As an online brand of ABN AMRO Bank, Moneyou develops banking products and services that are suited to the ongoing digitization of the lives of consumers and relies on a mix of self-developed solutions and cooperation offers.
Marko Wenthin, CCO & co-founder solarisBank, said: "Moneyou and solarisBank are united by the goal of fully digitizing and optimally aligning banking products with the needs of consumers.We see our first partnership with another bank as confirmation of our platform approach, which can bring digital companies, start-ups, banks and corporates all together to form one financial ecosystem."
On the customer side, the demand for online consumer loans is growing noticeably: In its market study on consumer and automotive financing in 2017, the Association of German Banks has determined that one in four consumer loans is now issued online. The proportion of online installment loans has increased from 21% to 27% in the past two years. However, often only the data input is digital. The conclusion of the contract itself is in many cases delayed by traditional paper based processes. This is where Moneyou and solarisBank come in to offer the complete loan application and conclusion as an entirely digital process.
Also, the search for information before taking out a loan is increasingly shifting to the Internet. One third of consumers researches on banking sites, one fifth on comparison portals and one tenth on other websites.
In order to meet the growing customer demand for sophisticated, digital banking services, Moneyou plans to launch further products on the German market next year as part of its smart banking concept.