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Alterna Bank’s Digital Small Business Banking Solution Lets Small Businesses Focus On What’s Important

February 05, 2020 - Today, Alterna Bank is thrilled to announce the national rollout of our industry-leading, fully digital, Digital Small Business Banking solution! Built on the innovative nCino platform, we have leveraged the strength of market-leading payments and lending partners. Small businesses can now access a streamlined business account opening process, seamless payment solutions, and small business loans up to $300,000 powered by Thinking Capital. This incredibly fast and convenient service can be easily completed in 10-15 minutes, accessed online and using mobile devices, and addresses many of the pain points identified by small businesses.

We are very pleased to be helping small business owners spend more of their valuable time building their businesses and focussing on what’s important.

“In an age of digital disruption, expectations to respond quickly and effectively are high for all businesses, including small business owners. Often, entrepreneurs need to respond rapidly to capitalize on a new business idea or opportunity. This means setting up bank accounts, payment solutions and getting a loan quickly to respond to opportunities,” explains Rob Paterson, Alterna President and CEO. “Our partnerships with digital leaders nCino and Thinking Capital allow busy entrepreneurs to bank with greater simplicity, speed, and ease so they can spend less time dealing with the complexities of business banking and more time serving their clients.”

“Thinking Capital is thrilled to be partnering with Alterna Bank to provide unique services for Canadian entrepreneurs,” said Stéphane Marceau, CEO of Thinking Capital. “Our small business loan application is a simple online experience that’s easy for time-strapped entrepreneurs to complete. When an Alterna Bank Digital Small Business Account holder needs working capital to fund upcoming projects or a cash flow injection to cover expenses, they can apply online and get funds in as little as 24 hours. Plus, repayment plans are flexible. We’re very pleased to be working with a forward-thinking financial partner like Alterna Bank.”

Cam Sterrett, nCino’s General Manager, Canada, said “We are extremely proud of the relationship we have built with Alterna Bank and to have our platform, the nCino Bank Operating System, be the foundation of their Digital Small Business Banking solution. As a leading global provider of cloud-based technology for financial institutions, by working with Alterna, a leader in digital banking in Canada, we are able to offer Canadian small businesses the simple, easy to use, and fast digital banking services they need and want.”

Alterna Bank’s Digital Small Business service was developed and informed by over a century of small business banking knowledge. Alterna Savings and Credit Union Limited – Alterna Bank’s parent company – has been supporting communities and small businesses for 111 years. Because of our long history, we understand the challenges that entrepreneurs face and while we haven’t solved everything, we are truly trying to help and making big progress for small businesses – that’s the good in banking!

About Alterna Bank

Alterna Bank is The Good in Banking. As one of the most innovative digital banks in Canada, Alterna Bank puts clients before profits while taking bold approaches to help Canadians manage, grow and save their money. Alterna Bank launched its highly competitive and award-winning high interest eChequing, eSavings, RRSP and TFSA products in 2016, and convenient digital mortgages in 2017 through an easy-to-use digital banking platform. In addition, Alterna Bank clients have access to the largest surcharge-free ATM network in Canada with THE EXCHANGE® Network, providing access to over 3,700 ATMs.

Alterna Bank is a wholly-owned subsidiary of Alterna Savings and Credit Union Limited, which is the first member-owned cooperative financial institution outside Quebec and which has been operating in Ontario communities for 111 years.

For more information about Alterna Bank and its products please visit www.alternabank.ca, or to learn more about Alterna Savings, please visit https://alterna.ca/en/personal.

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