To build BANK, consumers reduce their debts by paying off their loans faster and use the additional funds to build long term savings.
Hank provides lenders with visibility into borrowers ability to pay, including potential for partial payments. Delinquencies drop by close to 50% for consumers who use Hank, and payees and lenders can benefit from lower collection cost, balance sheet risk and higher margins.
Hank can help lenders improve delinquencies dramatically, reduce capital at risk and servicing costs or buy deeper down the credit spectrum. In either case, you can increase look to book or margin or both.
When Hank is engaged between the consumer and servicer, we are ensuring all their payments are being received, not just the ones you are responsible for collecting. As a consequence, default rates can fall, live touch points drop and portfolio performance improves - meaning more profit for servicers for less work.
Hank brings various duration daily deposits to your balance sheet, strengthening your ability to lend and maintain leverage levels so you can grow income with predictability.
Our bank-sponsored prepaid chassis can help you grow your business and accept card loads from thousands of locations nationally.