TAB Bank Proves Banks and Fintechs Can Get Along—and Succeed Together

TAB Bank to showcase technology integrations, new products and profitable partnerships at 2022 LendIt Fintech in New York City

Ogden, Utah, UNITED STATES


NEW YORK, May 25, 2022 (GLOBE NEWSWIRE) -- TAB Bank a technology-driven, online bank serving small businesses, families, and individuals, highlights that banks and fintechs can succeed together through technology integrations, new products and creative collaborations. Recently making a number of lists of best banks in the U.S. by national publications, TAB Bank proves the new model of banking is collaboration.

TAB Bank is showcasing how the bank can work with fintechs in numerous areas at 2022 LendIt Fintech in New York City this week.

Profitable Partnerships
Capitalizing on buy now, pay later demand, TAB Bank partners with multiple fintechs that specialize in technology to make everyday purchases easier and faster. These partnerships have fueled tremendous growth of these companies. Loans through these partnerships are made by TAB Bank, which determines qualifications and terms of credit. Many fintechs achieve approval rates of 90% or more with the application process on many loans taking less than one minute for amounts from $50 to tens of thousands of dollars.

New Products
TAB Bank recently launched TAB Flow, a new checking account that offers customers fractional stock rewards of up to 1% of every eligible purchase they make. TAB partnered with Bumped, a leading tech company on a mission to create an ownership economy, to leverage Bumped’s stock reward platform to enable customers to make their day-to-day spending work for them in the ownership economy.

TAB Flow makes your checking account work for you. It’s part of the bold financial solutions TAB Bank is providing to lift and empower their customers to financial success. As a pioneer in digital banking, TAB Bank will bring on additional services that will help their customers succeed financially even more.

Technology Integrations
TAB has used MuleSoft, provider of the world’s #1 integration and API platform, to build its open banking strategy and grow an ecosystem of partners. With MuleSoft’s Anypoint Platform™, TAB Bank can now process SME loans 60x faster than before.

For example, leveraging an Open Banking API, TAB Bank transformed its online application experience from a fillable PDF application to a solution that enables customer account and transaction data to flow in real-time between back-end and third-party systems. In doing so, TAB Bank offers customers a fully automated enrollment process that can be completed in just three minutes. 

In addition, with its data connected using MuleSoft, the bank can now streamline account creation so that customers can open new online banking accounts in just three minutes – 100x faster than it took previously. TAB Bank also dramatically sped up its business-critical Paycheck Protection Program (PPP) loan approval. TAB Bank reduced the time needed to process each PPP application from an average of 30 minutes to as little as 30 seconds, while reducing reliance on manual application approval processes by 80%.

Learn More at LendIt Fintech
TAB Bank is looking for numerous partnerships with fintechs to enhance its banking offerings for both commercial and consumer customers. Connect with TAB Bank at booth 1002 in the exhibit hall or contact the bank at 800-355-3063.

About TAB Bank

TAB Bank is an innovative and technology-forward bank offering custom banking solutions to consumers and commercial businesses across a wide range of industries. Our bank is and always has been a completely mobile online solution that makes banking easier and more intuitive. More than 20 years later, we are still completely obsessed with making our clients happy and watching them succeed.

For more information, visit www.TABBank.com.

Contact Information:
Mark Fredrickson
SnappConner PR
801-806-0161
mark@snappconner.com