- April 07, 2020
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FE Credit was awarded Best Frictionless Credit Evaluation and Best Personal Loan Product at The Asian Banker Vietnam Awards 2020
- FE Credit pioneered the deployment of robo lending app to ease the application procedure for 10 million customers
- The bank boosted its capability to process a huge number of loan applications with a simple credit assessment procedure
- The bank pioneered the "Innovative Surrogate Personal Loan", maximising customer penetration
Hanoi, 9 April 2020 – FE Credit received Best Frictionless Credit Evaluation and Best Personal Loan Product for 2020 at The Asian Banker Vietnam Awards 2020.
FE Credit pioneered the deployment of robo lending app to ease the application procedure for 10 million customers
FE Credit became the first in Vietnam's consumer finance market to deploy a robo lending mobile app that cut down the whole lending process to minutes. This move also eliminated the need for manual intervention at all stages, thereby minimising the risk of poor decision making or human error, fraud, or compliance slip-ups. Customers can now complete their loan applications and submit required documents electronically through their mobile phones, plus find out their credit limit and bank decision on their loan instantly as soon as they complete the application process.
The bank boosted its capability to process a huge number of loan applications with a simple credit assessment procedure
With the implementation of facial recognition technology and machine learning, the bank simplified the underwriting process by combining sophisticated authenticating questionnaire and know your customer steps while still ensuring risk minimising and service level agreements. FE Credit was able to bring down non-performing loans (NPL) by 20% to maintain the lowest NPL percentage in Vietnam’s banking industry. In 2019, the total potential loss prevention value by facial recognition stood at $9.7 million (223.4 billion VND).
The bank pioneered the "Innovative Surrogate Personal Loan", maximising customer penetration
The bank targeted the broad unbanked segment of the market for financial inclusion, providing comfortable, easy and fast solutions while offering various options for customers to show if their creditworthy, in order to apply for a loan, and to reach the maximum granted loan amount. Customers could apply for a loan using a motorbike registration certificate, billing statements (electricity, Internet, cable), insurance policy, receipts on durable goods, a Credit Bureau Report, or an e-wallet behaviour history.
About The Asian Banker
The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The Singapore-based company has offices in Singapore, Malaysia, Manila, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. Its business revolves around three core business lines: publications, research services and forums. The company’s website is www.theasianbanker.com
Visit The Asian Banker Vietnam Awards 2020 official page at Finance Vietnam 2020
For further information, you may get in touch with:
Mr. Mobasher Zein Kazmi
Head of Research