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5 Ways Mobile Banking Is Evolving: Finovate

Several new technologies demoed at Finovate this week showcased new ways that mobile is solving pain points for banks and their customers.
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Originating Small Business Loans

Capital Access Network, a small business finance specialist, showcased their Mobile Funder, a tablet-based tool for financial sales/ISO representatives selling small business loans. Mobile Funder allows the representative to pre-qualify, authorize credit checks, propose multiple finance options, and sign and submit applications, which would eliminate paper applications.

"The sales representative can show info in real time [on the app] to allow the customer to compare terms," says Dan DeMeo, Capital Access Network's CEO. "That speed and real-time capability is the hook. We can get a decision in 20 minutes." And with Capital Access Network's unique pre-qualification screening, they pre-approve 70% of the loans, he adds.

 

Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio

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