What is Biz2X?
Biz2X is a platform-as-a-service built for enterprise banks that streamlines end-to-end management of small business loans from application and risk analysis to collections if, and when needed.
From garages to the umpteenth floors of skyscrapers, every new business begins as a small business. Each year 600,000 new businesses are started in the United States alone. Yet, many of these entities have been historically undeserved by retail banks, because of the cost to serve outweighed potential revenue.
The first step retail banks make to create revenue is the same many other businesses take: find customers with a serviceable need and the means to pay for its service. At a retail bank this process is known as an application. Here is where banks begin incurring costs. A complex process of origination, evaluation, double checking and rubber-stamping hits balance sheets as human capital costs, technology costs, operational costs and lost time.
Biz2X addresses this first step by streamlining the application process to reduce cost and speed up decision time. Our platform meets this challenge with customized risk metrics a suite of risk analytics tools, loan level pricing and configurable credit policies that meet the unique tolerance levels of banks on an individual basis. These solutions are presented in our Biz2X Pro and Biz2X Enterprise solutions.
In developing Biz2X we found that easing this first step makes taking greater strides more secure. With Biz2X, retail banks can choose to expand their serviceable market by applying artificial intelligence to over a decade’s worth of credit and risk data generated by Biz2X’s parent company Biz2Credit Inc., an industry leading small business lender. Now retail banks can simplify risk analysis and approval processes while serving more businesses in the SMB market. Improved reach is accessible with the Biz2X AI add on.
Banks haven’t built these functions themselves for many of the same reasons that small businesses have been undeserved. Standing up a team to identify an opportunity, then design and develop a custom software solution requires human capital, technology cost, time, and ultimately risk. Biz2X uses a micro service architecture to allow seamless connection. Biz2X is also Soc-2 certified, meeting the highest security standards in our industry.
With seamless integration, simple customization and a powerful AI application, Biz2X is reducing the risk of lending to increase end customer ease of access to much needed financial solutions.