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CreditSnap, a next generation FinTech startup, announces strategic seed investment from multi-lender finance platform Tresl, its earliest adopter
Along with the strategic investment, CreditSnap and Tresl are also announcing an alliance to bring a new joint product proposition to market known as "BankingAmplified." This new product takes inspiration from Tresl's industry-leading customer experience and fulfillment capabilities, and CreditSnap's pre-qualification based digital experience capabilities. It is a unique solution designed to support Banks, Credit Unions and Lending Institutions in achieving their digitization and customer growth goals in a turnkey approach.
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BankingAmplified program enables financial institutions to do the following:
- Grow member / customer base by deploying borrower-friendly "No Credit Impact" pre-qualification technology, end to end digital fulfillment capabilities, highly curated customer acquisition methods, whitelabel consultative sales solutions, and compliant transaction solutions in all 50 states. In-turn, financial institutions will be fully equipped to compete with fintech lenders
- Increase share-of-wallet through intelligent cross-selling of products to existing and new customers
- Accelerate product Go-To-Market with turnkey digital experience and lead generation solutions, be it i) to grow high volume specialty transactions like Auto Lease Purchases OR ii) to expand into high yield Student Loan Refis and Personal Loans, OR iii) to offer non-traditional products like installment loans
CreditSnap's President and CoFounder, Deepak Polamarasetty said "Unlike Fintech lenders, Banks and Credit Unions are uniquely positioned to deliver personalized financial solutions to their customers. However, the technology gap has hurt their market share in both secured (auto and home) loans and high yield unsecured loans. With COVID-19, it became even more urgent to close these tech and digital experience gaps. BankingAmplified is designed to empower these very Banks and Credit Unions to strike a healthy balance between Tech and Human Touch, and simultaneously help them achieve their growth and customer satisfaction goals without making huge capital investments."
Sreeram Jadapolu, CEO, added "We achieve this bold vision with a) Digital experience powered by next generation technology (CreditSnap), and b) Result-oriented customer experience that integrates 100% digital experience with the consultative, omnichannel support of finance experts (Tresl)."
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Tresl President and CEO, Christine Pierson stated, "CreditSnap's pre-qualification engine served as a strong technology platform to fuel Tresl's own growth over the last two years. The CreditSnap system integrated seamlessly with Tresl's proprietary digital platform, and it has allowed us to deliver more quality funded loans to our lending partners and a great lending experience to our customers. With the new BankingAmplified product offering, we aim to offer a complete turn-key fintech enablement solution to banks and credit unions, enabling them to effectively compete with major fintech lenders in the marketplace today."
Background: The relationship between Tresl and CreditSnap is one that began in late 2018 when Tresl was looking for an innovative way to deliver highly accurate pre-qualified rates & terms to its customers—one that reflected the diversity and competitiveness of Tresl's lender network. After extensively evaluating multiple solutions, Tresl found that CreditSnap's SaaS solution was superior. After some rapid configuration and setup, Tresl deployed CreditSnap's pre-qualification engine in early 2019, overnight becoming CreditSnap's largest client. In conjunction with other proprietary technology & operational optimizations Tresl has undertaken, the CreditSnap pre-qualification engine has allowed Tresl to unlock strong results, including over 100% improvement in look-to-book ratio and improved customer satisfaction.
By offering innovative, turnkey technology and customer experience solutions that Banks, Credit Unions, and other lending institutions have long been searching for, Tresl and CreditSnap hope to democratize Fintech!
If you are curious about how BankingAmplified could help your organization reach its goals, get In touch with us today at https://www.creditsnap.com/schedule.
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