Case Study: HSBC Canada achieves faster small business lending with Biz2X

HSBC boosts small business lending with Biz2X, achieving an 80% higher approval rate

HSBC Canada sought to re-enter the small business lending market to serve over one million businesses in a highly competitive landscape. The bank partnered with vendor Biz2X to leverage its digital lending platform and expertise to address this challenge.

The solution implemented was the Biz2X platform, which provided a self-service, omni-channel application process and a five-minute automated application with minimal paperwork. Its advanced decision engine enabled automatic approvals for loans up to $250,000 CAD. This partnership resulted in an 80% increased approval rate for HSBC, with $10 million in loans closed within six months and an average funded loan size of $45,000.

HSBC