Doxim Inc. (“Doxim”), the customer communications management and engagement technology leader serving financial services organizations, today announced that The Bancorp, Inc. (NASDAQ: TBBK) has selected its market-leading solution for securities-backed lending.
The Bancorp will use Doxim’s Securities-Backed Lending Solution as foundational technology to support its proprietary lending services. The Bancorp’s lending platform automates the process of allowing clients to borrow against their own investments to get ready access to capital using securities as collateral, without liquidating assets. This type of flexible, interest-only line of credit is known as a Securities-Backed Line of Credit, or SBLOC.
Doxim solutions will be integrated with other technologies within The Bancorp’s platform to digitize the SBLOC origination process from end to end, from data capture, through workflow, approval, e-signing, and document archiving. By digitizing these processes, The Bancorp expects to gain efficiency and scale its existing lending line of business to meet aggressive growth targets and high client expectations.
“Securities-Backed Lines of Credit are an increasingly sought-after service for our wealth management clients,” said Jeff Hazelwood, Managing Director of Institutional Banking Solutions at The Bancorp. “To make it easier to offer these unique loans within a tight timeframe, we required a fully integrated lending platform, so the application and approval process are completed seamlessly and quickly. We chose Doxim solutions because of their flexibility and ease of configuration. Doxim’s products will let us bring automated SBLOC provision to the market faster than any other vendor we reviewed.”
“We are very excited to work with The Bancorp as they digitize their securities-backed lending processes to provide an even faster, more convenient process for their valued clients,” said Chris Rasmussen, CEO of Doxim. “Leading financial institutions like The Bancorp recognize that innovative approaches to lending offer financial institutions a distinct way to differentiate services and consolidate client wallet share. Services like these are the key to healthy growth and retention rates. We’re proud to provide The Bancorp with the right technology stack to scale their business.”
Doxim is the customer communications and engagement technology leader serving financial and regulated markets, providing omnichannel document solutions and transforming experiences to strengthen engagement throughout the entire lifecycle. The Doxim Customer Engagement Platform helps clients communicate reliably and effectively, improve cross-sell and upsell opportunities, and drive increased loyalty and wallet share through personalized communications. The platform is purpose-built to address key digitization, operational efficiency, and customer experience challenges through our suite of plug-and-play, integrated, SaaS software and document technology solutions. Learn more at doximstaging.wpengine.com.
About The Bancorp:
The Bancorp, Inc. (NASDAQ: TBBK) is dedicated to serving the unique needs of non-bank financial service companies, ranging from entrepreneurial start-ups to those on the Fortune 500. The company’s subsidiary, The Bancorp Bank (Member FDIC, Equal Housing Lender), has been repeatedly recognized in the payments industry as the Top Issuer of Prepaid Cards (US), a top merchant sponsor bank and a top ACH originator. Specialized lending distinctions include National Preferred SBA Lender, a leading provider of securities-backed lines of credit, and one of the few bank-owned commercial vehicle leasing groups in the nation. For more information please visit www.thebancorp.com.
For The Bancorp:
Rachel Weiss, VP Communications Manager
Andres Viroslav, Director of Investor Relations