CBA expands "fast-speed" lending system

Business customers can now access new loans "in near real-time" with funds deposited in as little as 20 minutes

CBA expands "fast-speed" lending system


By Madison Utley

A major bank yesterday expanded the reach of its “pioneering fast-speed lending system” through allowing the product to be directly accessible by consumers both online and through its app.  

CBA’s BizExpress Online enables thousands of small business customers to not only apply for new loans in near real-time, but see funds of up to $50,000 credited to their account within 20 minutes. 

“When we launched ‘BizExpress’, the aim was to provide a simpler and faster lending experience for our small business customers, with same day decisions and funding within a week,” explained CBA group executive of business banking Mike Vacy-Lyle.

“We’ve continued to invest in our technology platforms – making further digital improvements to the lending application, and earlier this year we used BizExpress to quickly deliver lending support under the Government’s Coronavirus SME Guarantee Scheme.”

According to the bank, BizExpress has “transformed” the support they're able to offer customers and quickly become the preferred application and settlement process. To date, about 8,000 SMEs have secured approximately $700m via CBA through the Coronavirus SME Guaranteed Scheme. Of this figure, around 80% of the requests were processed through BizExpress.

Before, the technology was only used internally by CBA’s business bankers, whereas BizExpress Online now allows customers to log on and submit the application themselves.

“BizExpress Online not only provides a lending decision in record time, but also enables a customer to have the funds in their account in near real-time, in as little as 20 minutes,” Vacy-Lyle said.

“Eligible customers can apply directly by logging onto Netbank or the Commbank app – no other Australian bank offers this complete fully automated service with near real-time funding.”

To start, BizExpress Online will help CBA’s existing business customers and offer new business loans only under the Government’s SME Guarantee Scheme, providing loans with deferred repayments for the first six months and all fees waived for the entirety of its life. 

Moving forward, CBA intends for BizExpress Online to be extended to offer the same service for a broader set of products outside of the Coronavirus SME Guarantee Scheme. 

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