An excellent example of the next level for online banking, beyond basic transactions. At the bank, we already know enough about our customers for most loan activities, so why not trust them, and provide instant access to credit.

Finextra: Lloyds TSB introduces instant online loan service

UK high street bank Lloyds TSB has lauched an online loan service that gives Web banking cutomers an instant decision and instant access to the funds if they are approved.

The new service, called QuickSign, is available to all Lloyds TSB’s online banking customers and works by using log-in passwords as an electronic signature on the loan agreement.

Once a loan is approved the funds are transferred into their current account instantly between 9am and 8.30pm or by 9am the following day outside these times.

Relevance to Bankwatch:
The lending space is one that Banks should be able to attack and win against lendingtree.com and eloans.com, yet we let them grow that space.  Banks are experts at lending, and we already have customer information, which we can use.

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