U.S. Bank announced the launch of a tool, the use of which provides businesses with the opportunity to offer consumer financing at points of sale.
The new solution of the specified lender, which replenished its product line, was called Avvance. The financial institution announced the launch of this tool last Tuesday, October 24, by publishing a press release.
In this case, the bank offers a built-in multi-channel solution for lending to retail outlets. The new offer of the financial institution provides customers with the opportunity to pay using personalized lending options that are available at checkout.
Mia Huntington, executive vice president of Buy Now, Pay Later and point-of-sale lending at U.S. Bank and Elavon, says that consumers prefer those products thanks to which they know the amount and terms of their payment at the time of sale. Also, customers are interested in easy and instant access to credit funds.
Mia Huntington says that the new tool gives businesses the opportunity to gain new customers and at the same time increase their purchasing power, which ultimately has a positive impact on sales dynamic. Separately, she noted that Avvance allows sellers to offer financing, receiving full payment at the time of sale.
Innovative solutions for banks in modern realities in a sense have existential significance. This is because against the background of the emergence of new payment methods, consumer preferences are changing, and ignoring this process is a way to reduce competitiveness, which not only moves away from a successful future but actually cancels the corresponding opportunity.
U.S. Bank as of September 30, 2023, had assets totaling $668 billion. Currently, the number of employees of a financial institution is about 75,000 people.
As we have reported earlier, U.S. Bank Launches Online Treasury Solution.