BCB Bank selects Vikar Technologies to streamline consumer and business account opening

BCB Bank is upgrading its backend technology through a new partnership with Vikar Technologies. The goal is to modernize how the bank handles both consumer and business account openings. For retailers and service providers who use regional banks for their financing programs, this is a sign of a larger trend: traditional banks are finally fixing the 'friction' in their application processes. By implementing a unified digital platform, the bank aims to eliminate manual paperwork and speed up the approval process. For business owners, this means that setting up merchant accounts or securing business lines of credit could soon become much faster. The platform automates the heavy lifting of due diligence and identity verification. This reduces the time you spend waiting for a bank representative to process your documents. While this is a backend bank update, it ultimately leads to a smoother experience for the end consumer. When your lending partner uses faster technology, your customers face fewer hurdles at the point of sale. Regional banks are increasingly adopting these tools to stay competitive with large fintech firms and national lenders.

Source: Finextra — Lending

← Return to the library· Submit a correction