Regions Bank has invested in and partnered with Lender Price, a fintech that provides a digital platform for mortgages and other consumer loans.
The partnership will focus on “streamlining Regions' digital processes and simplifying interactions between bankers, borrowers and the bank,” the Birmingham, Ala., bank said in a press release Thursday.
The benefits for customers will include fewer information requests, integration of additional data sources for approvals and confirmations, and quicker responses, all of which will help simplify the lending process, the bank said.
“We have made numerous improvements in the last year to make the customer experience easier — from redesigning our digital applications, to capturing signatures electronically,” Logan Pichel, who heads enterprise operations at the $124 billion-asset Regions, said in the press release.
“This investment in Lender Price and our working agreement provides important growth capital for Lender Price, aligns our mutual interests in digital transformation and continues to move us toward the goal of making banking easier for our customers,” he added.
Details about the investment were not disclosed.
Banks are trying to making the mortgage process more digital, less paper-reliant and more customer friendly, as with Bank of America this week rolling out a new digital mortgage service. Some have even begun exploring how they might offer mortgage products and services through virtual assistants such as Amazon’s Alexa.
Lender Price enjoys some Hollywood support too. Among the mortage fintech's existing investors is Oscar-winning actor Kevin Costner.
“We are excited about our strategic collaboration with Regions Bank and the confidence displayed in our company and our technology products as a critical component to its digital lending experience,” Lender Price Chief Executive Jerry Halbrook said in the release.