The American Bankers Association (ABA) has endorsed Akouba, a technology company that provides digital lending solution for community and regional banks, to its membership.
Akouba’s cloud-based business lending platform integrates the bank’s credit policies into an online process that goes from application to closing and funding. The bank uses its own credit policies, originates its own loans and owns the entire brand and customer relationship. Through ABA’s endorsement, members receive preferred pricing.
“The small business loan application process is very time-sensitive and costly for banks, and there is a need to simplify and accelerate the process,” said Bryan Luke, chairman of ABA’s Endorsed Solutions Banker Advisory Council and president and COO of Hawaii National Bank in Honolulu. “Akouba was chosen because they have established an effective and reliable platform for banks to execute the business lending process quickly, efficiently and profitably while also delivering a great customer and banker experience.”
The ABA conducted an extensive due diligence process before endorsing Akouba. ABA evaluated Akouba’s ability to assess and manage risk as well as comply with the Federal Deposit Insurance Corporation’s proposed guidance for third-party lending.
“In a rapidly changing lending environment, and with marketplace lenders disrupting the business lending space, our platform will help banks bring their customers the technology they have been lacking,” Chris Rentner, the CEO at Akouba, said. “The ABA’s endorsement will give lending institutions the assurance that Akouba’s solutions meet the highest standards.”