MK launches Small Business Credit Card Origination System (CCOS)
San Diego, CA - MK today added small business card applications as a component of their Credit Card Origination System (CCOS). The platform expansion provides community banks, credit unions and other financial institutions with the technology needed to offer small business credit cards to small to medium sized enterprises.
Community banks and credit unions share a common thread with small businesses: their connection to and reliance on their local communities. Small businesses often keep their money in local banks and credit unions, yet many of these institutions aren't offering small business credit cards, missing out on a substantial opportunity for growth.
Numerous community banks are still underwriting manually, and have paper-intensive processes that are both time consuming and prone to human error. Bigger banks are effectively marketing and delivering frictionless access to credit via automated decisioning. In a world where over 60 percent of banking is done online, it is more likely that a contractor with an LLC or a freelancer would seek credit from institutions who utilize online, mobile responsive applications that they are accustomed to.
Automated applications have improved customer experience, with frictional processes becoming a thing of the past. Mobile responsive interfaces are becoming the new standard. "We have seen many borrowers gravitate toward institutions with online applications and automated credit decisioning," said Robert Jarosinski, First Vice President, BankCards & Payments at Bankers' Bank. "We chose to partner with MK because of their streamlined, mobile-first user interfaces, that easily integrate with our current website."
Small Business CCOS leverages MK's robust product suite to create an efficient credit card origination platform for community banks looking to enter the small business card market. VP of Sales at MK Decision, Jon Benamoz said of the platform addition, "MK is bringing a tier-one FinTech solution to Community banks, credit unions, and other finance companies. With the addition of our new business flow and CCOS products, local banks are engaging with businesses like never before. Our intuitive application workflow reduces inputs, and secure uploads make gathering documents simple."
MK's mission is to bring a modern, mobile-first, automated lending platform to local banks, credit unions, and small to mid-sized financial institutions alike, for better customer experiences and increased efficiency.
Small Business CCOS is available to financial institutions today.
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