Amount, a leading technology provider for financial institutions, today announced a strategic partnership with TD Bank.
Image: TD Bank branch in Chinatown in Washington, D.C. Photo: courtesy of MBisanz/Wikipedia.org.
TD Bank, a top ten U.S. bank, is leveraging Amount’s platform to power the bank’s TD Fit Loan, which launched in August 2018. This initial offering allows consumers to consolidate higher-interest debt, while helping TD meet growing consumer demand for a seamless digital and mobile lending experience. Through this partnership, TD and Amount will roll out additional offerings, as well as standalone tools addressing fraud, verifications and decisioning.
“When we looked to expand our personal lending products with a digital offering, we prioritized finding a platform that could provide a simple, straightforward customer experience, which we found in Amount,” said Mark Victoria, Head of Personal Lending, TD Bank. “Our initial rollout of TD Fit marked the first in a series of collaborative initiatives with Amount that will provide a great experience for our customers, while bringing TD to the forefront of digital lending. We’re incredibly excited about all that’s to come through this partnership.”
Amount’s technology platform and digital capabilities, which have been used to originate nearly $6 billion in loans to meet the personal lending needs of more than 800,000 consumers, give TD Bank access to an industry-leading digital lending platform. Select TD Bank customers can apply for unsecured installment loans up to $35,000 online or through their mobile device. Approved customers can receive funds as soon as the next day.
“Shifting consumer behavior has set the bar high for retail banks to deliver a digital experience that is fast, secure and simple,” said James Paris, Chief Strategy Officer of Amount. “Our platform provides TD Bank with a proven technology solution that will help grow its lending business and quickly bring to market compelling offerings that redefine the customer experience and better meet their online lending needs.”
The Amount platform has been customized to TD Bank’s specifications and offers end-to-end lending products, individual tools such as fraud prevention and account verification, decisioning engines and white label servicing to existing digital products. Amount is also able to provide partner banks with consultative analytical services to enhance performance, including risk assessment and modeling, underwriting and customer acquisition.
Source: Company Press Release