Citizens Bank has launched a new digital lending capability that will make it easier for small business customers to apply and receive approvals for loans. Provided through a collaboration with Fundation, a leading digitally-enabled lender and credit solutions provider, the new lending platform advances Citizens’ strategy of leveraging innovative digital technologies that create excellent end-to-end customer experiences.
The new service will enable small businesses to apply for loans and lines of credit through a simple online application. In most cases customers are notified of approval decisions the same business day, and loans are funded within three business days. Additionally, Fundation will offer credit to some customers that do not meet Citizens’ credit guidelines, helping the bank to serve more of its small business customers’ credit needs. The service will also be offered in other channels including retail branches.
“We understand that our small business customers are busy running their businesses and serving customers, so there’s little time left for lengthy applications, documentation, meetings and waiting for answers,” said Jack Murphy, president of Business Banking at Citizens Bank. “With our new digital lending technology, we have simplified the process of applying for smaller credit requests and are making it possible for more businesses to access the credit they need online, with rapid decision making and funding.”
Sam Graziano, CEO of Fundation, added, "We believe what Citizens Bank has created is the ideal model of how to leverage the collective strengths of a digitally minded bank with a digital solutions company like Fundation. The results are already showing that the Bank will be able to reward a broad array of small businesses with the type of borrowing experience they are coming to expect from best-in-class financial services companies."
The service offers an all-digital experience, including electronic closing, an online portal to manage the loan and funds deposited directly into a Citizens Bank business checking account. Customers can also speak with a Relationship Manager to guide them through the entire process, if desired.
Citizens Bank made this new digital lending capability available to select small business customers in September. The bank expects to make it widely available to all small businesses across its franchise over the next several months.
The collaboration with Fundation represents the latest Citizens Bank digital initiative, following the launch of a digital advisory service called SpeciFi℠ that offers customers integrated banking and digital investment services.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $151.4 billion in assets as of September 30, 2017. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,200 ATMs and approximately 1,200 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers corporate, institutional and not-for-profit clients a full range of wholesale banking products and services, including lending and deposits, capital markets, treasury services, foreign exchange and interest rate products and asset finance. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.
Securities, Insurance and Investment Advisory Services offered through Citizens Securities, Inc. (“CSI”), also referred to as Citizens Investment Services. CSI is an SEC registered investment adviser and Member - FINRA and SIPC. 770 Legacy Place, MLP240, Dedham, MA 02026. (800) 942-8300. CSI is an affiliate of Citizens Bank, N.A. and Citizens Bank of Pennsylvania
SpeciFi℠ is made available through CSI. Portfolio management services are sub-advised by SigFig Wealth Management, LLC (“SigFig”), an SEC registered investment adviser. Financial advisors are employees of SigFig. SigFig is not an affiliate of CSI, Citizens Bank, N.A., or Citizens Bank of Pennsylvania
Banking products are offered through Citizens Bank. Citizens Bank is a brand name of Citizens Bank, N.A. (NMLS ID# 433960) and Citizens Bank of Pennsylvania (NMLS ID# 522615). Deposit accounts held at Citizens Bank, N.A. and Citizens Bank of Pennsylvania are separately insured. Member FDIC. Equal Housing Lender.
Rory Sheehan, 781-655-3931