By Lisa Walls-Hester on 1st February 2017
FinTecSystems, Fidor Bank, and credit comparison site Smava have partnered to launch Kredit2Go, which they claim is the first fully automatic credit system with an immediate payout.
Kredit2Go digitizes the entire loan application process. Requesting, processing and disbursement are fully automatic, with the payment initiated immediately after a digital signature is made.
The new system, available in Germany and Austria, aims to reduce the time of an entire loan application and disbursement down to a few minutes.
Stefan Krautkrämer, CEO, and founder of FinTecSystems says, "Surveys show it, again and again, lenders simply take too long to pay out the loan and the process is so far only associated with manual effort. This problem is solved with Kredit2go. Now, end customers can complete a loan within a few minutes and have the money quickly.”
“With our digital bank information, we ensure that the decision-making process through the credit approval by the lending bank can be significantly reduced.”
Kredit2Go has a digital and encrypted credit check in real time. The borrower uses their online banking access data within the application path, and only enters the login name and PIN on the Kredit2go platform of Smava, after selecting their bank. This makes the credit application process faster and fully digital.
AltFi is returning to Amsterdam for its second annual Summit in the city. The inaugural event last year was a roaring success, with key figures from across Continental Europe's alternative finance and digital banking sectors highlighted. These included Jeroen Broekema, managing director of Funding Circle Netherlands, and Mieke van Engelen, head of innovative partnerships at ABN AMRO's standalone lending platform, New10.