Velocity Solutions

Verified Vendor

Description

Founded in 1995 and servicing the transaction accounts of over 30 million consumers and business owners, Velocity Solutions has unparalleled expertise in using data to optimize revenue, risk and service for banks and credit unions. Velocity’s solutions use the power of digitization and big data to drive new accounts, generate new non-interest income, responsibly offer overdraft services, digitize consumer and business lending, and manage risk and compliance.

Products

BECOME A LEADER IN DIGITAL LENDING

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Beyond mortgage lending, other digital lending is a total addressable market of $1 trillion in the U.S., and loan origination volumes could reach $90 billion by 2020, over 350% of what it was just 5 years earlier.
Financial institutions stand to benefit substantially by meeting changing consumer expectations in this space. The most important step is expanding lending channels through user-friendly digital platforms to drive more loan volume and compete with non-bank lenders. Also key to success is using that technology to make underwriting, documentation and funding faster and more efficient by keeping everything in a unified platform.

Akouba™ by Velocity Solutions is a digital lending platform that streamlines the process for commercial and consumer loans.
CashPlease® is a small-dollar, short-term consumer loan program providing affordable and convenient access to cash.

MANAGE REVENUE & COMPLIANCE THROUGH BIG DATA

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Have you considered what the proper application of Big Data means to your bank or credit union? Many financial institutions continue to struggle with data silos across the organization, leading to complex manual and duplicative processes, different search methods and tools used by different departments, eventually resulting in vastly differing goals and priorities across lines of business.And it’s the consumers who suffer most from this lack of coordination.Managing overdraft services well requires your bank or credit union to provide the best possible service to each account holder and to keep the regulators satisfied – while simultaneously maintaining overdraft as a line of business that drives revenue. These goals are not mutually exclusive, and with the application of Big Data, technology and dynamic limits, it’s more straightforward than ever to successfully balance service, revenue and compliance.Intelligent Limit System® is an automated solution that revolutionizes overdraft management using customized limits.Velocity Intelligent Platform™ centralizes disparate data into a unified platform, optimizing your efforts from onboarding to retention.

ACQUIRE ACCOUNTS AND MAKE THEM MORE PROFITABLE

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Profitable account acquisition is one of the financial industry’s biggest challenges. Top-performing financial institutions understand that it’s not just the number of accounts opened that matters, but the number of accounts that transact regularly, stay longer, and bring in new consumers. Whatever your institution’s goals—whether acquisition, profitability or retention—we have the right solution for you:Invitation Checking® System is a digital account acquisition solution that automates the referral process.Account Revenue Solution™ uses analytics and segmentation to increase account holder activity.My Rewards™ Premium Cards generates new revenue by tying premium rewards and benefits to the debit card. Accounts+™ is simple and effective account acquisition, using a proven direct mail strategy.