FintechOS, a technology partner providing high-productivity fintech infrastructure solutions for companies offering financial services, announced the launch of its accelerators for SME mobile lending and onboarding. The accelerators allow institutions to quickly and efficiently improve the SME customer onboarding and loan origination journey, reducing the time for an SME to open a current account to less than 15 minutes.

Despite SMEs playing a significant role in most economies, particularly in developing countries, and accounting for most businesses worldwide, SME financing needs are still significantly underserved. The global financing gap is estimated to be at US$5.2 trillion.

There has been a focus on speeding up the account and loan application process. Despite progress here, a problem remains in that once an application has been approved, it can still take days to access an account and finance. However, with a mobile-centric approach, SMEs are empowered to use any device convenient to them, decreasing the risk of abandonment during the user journey.

FintechOS accelerators for SME mobile onboarding and lending aims to help the financial industry address that gap in the following ways:

Accelerator for SME Mobile Onboarding: It provides a simple digital journey so SME companies can open a checking/current account in less than 15 minutes. This is a great starting point for financial institutions, particularly banks and credit unions, to rapidly implement a modern UX and easily configure any details regarding design, content, journey sequence, and product logic.

Accelerator for SME Mobile Lending: This gives small businesses the financing solutions they want and need in minutes. With self-service and rapid decision-making in mind, FintechOS has prepared a mobile-accessible SME loan origination journey that is ready to use out-of-the-box, with details of the journey easily configurable by non-technical specialists.

Teo Blidarus, CEO and  co-founder of FintechOS, said: “SMEs are the backbone of the global economy, and the lending gap many of them face comes at a time of increased uncertainty as macro-economic forces disrupt how millions of consumers and firms do business. This is why we are determined to introduce innovative new methods of getting smaller businesses the money they need to grow.

“Our high productivity FinTech infrastructure, digital and core financial technology blocks combine here with a low-code approach to help institutions close the gap by rolling out tailored financial services experiences at speed.”

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