Avenue Bank CEO Peita Piper. Source: Supplied
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Finance sector upstart Avenue Bank has been granted a full operational licence, allowing the venture to reveal its core product: a streamlined bank guarantee system, promising small and medium enterprises a better service than the Big Four currently provide.
Avenue Bank says SMEs can apply for its fully digital bank guarantees in five minutes, with approval turnaround times within 24 hours.
That is in contrast to what Avenue Bank calls a time-consuming and paper-based process at many traditional banks.
Speaking to SmartCompany on Tuesday, Avenue CEO Peita Piper said legacy banks have overlooked bank guarantees, leaving SMEs to navigate slow application processes.
ABOUT THE AUTHOR
Senior Business Journalist
David Adams is a senior business journalist at SmartCompany. He is interested in the challenges and opportunities facing Australian businesses, along with the influences of technology, culture, and a changing climate. Before SmartCompany, David served as a reporter for Business Insider Australia. You can find him on Twitter at @DavidAdams_AU.
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