UOB awarded Mortgage and Home Loans Product of the Year at The Asian Banker International Excellence in Retail Financial Services Awards 2019
- UOB’s Digital Home Loan Solution streamlines workflow processes and engages customers with an innovative approach
- The bank provides unparalleled loan application and approval times far below the industry average
- The bank builds on digitisation and strategic partnerships to introduce several industry firsts
Dubai, March 21st, 2019 — UOB was awarded Mortgage and Home Loans Product of the Year at The Asian Banker International Excellence in Retail Financial Awards 2019. The awards ceremony was held in conjunction with The Excellence in Retail Financial Services Convention 2019 at Conrad Dubai, U.A.E on March 21st, 2019.
In the picture: John Holder, Chief Technologist, Realities Centre, Members of the International Advisory Council; Richard Hartung; Lim Beng Hua, Executive Director, Head of Secured Loans; Tania Yeoh Sook Fun, SVP, Secured Loans, Group Retail PFS, UOB
UOB’s Digital Home Loan Solution streamlines workflow processes and engages customers with an innovative approach
The Bank’s Digital Home Loan Solution remodels the home buying experience for customers by making home financing swifter and surer for them. UOB teamed up with leading property agencies in Singapore to make available its solution through the agencies’ mobile app or on UOB’s website.Workflow processes including sales, prospecting, application, credit-checking and appraisal have been digitized and automated. This has enabled UOB’s mortgage book to grow steadily in 2018.
The bank provides unparalleled loan application and approval times far below the industry average
With the introduction of the bank’s Digital Home Loan Solutions, online application of loans can be completed in as little as 5 minutes, while conditional approval of loans can be obtained within 15 minutes from submission – far lower than the industry average of 3 days. Since its inception in October 2018, UOB’s online acceptance rate has tripled.
The bank builds on digitisation and strategic partnerships to introduce several industry firsts
By partnering with Singapore’s top four property agencies and an online PropTech company, UOB is the first financial institution in Singapore to develop numerous industry-first digital tools. These include the UOB Affordability Calculator, Singapore’s first bank-backed valuation tool, online instant home loan application and approval service, as well as GetBanker, a banker and buyer matching service. The collaboration has also enabled the bank to reach out to the majority of property agents in Singapore, and the integration of UOB’s solution in these agencies’ in-house applications.
The International Excellence in Retail Financial Services programme is one of the most rigorous, prestigious and transparent awards programme for consumer financial services in the world. Covering all of the Asia Pacific, the Middle East and West Africa, the programme was instituted in 2001 to recognise the pursuit of excellence amongst retail financial institutions. The programme evaluates more than 300 banks and non-bank retail financial services players in more than 42 countries, via a rigorous audit-based approach. Detailed evaluation criteria for each category may be found at http://awards.asianbankerforums.com/retailfinancial/criteria-country
About The Asian Banker International
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. It has a business model that revolves around three core business lines: publications, research services and forums. The company’s website is www.theasianbanker.com
You may visit the Excellence in Retail Financial Services Awards gallery at https://www.facebook.com/pg/TheAsianBanker/photos/?tab=album&album_id=10157080239284804
For further information on the collaterals for winning banks, please contact:
Mr. Alfred Labicassi
The Asian Banker