OCBC Bank wins Best Lending Implementation Award for simplifying car loan application process
- OCBC introduced Instant Car Loan Portal to offer instant approval for big-ticket value loans
- The solution simplifies a traditionally long process into a hassle-free and quick process for customers
- The bank increased its business volume by over 50% after the implementation of the portal
28 October 2020, Singapore — OCBC Bank received Best Lending Implementation Award at the Financial Technology Innovation Awards 2020 presented by The Asian Banker.
OCBC introduced Instant Car Loan Portal to offer instant approval for big-ticket value loans
OCBC Bank launched Instant Car Loan Portal wherein big-ticket value loans can be approved in 60-seconds. This was made possible by reducing friction in processing substantive documentation such as collateral details, sales agreements and income details. The new digital car loan solution leverages the national data repository MyInfo as well as OCBC Bank’s proprietary real-time KYC and credit assessment systems in order to simplify the traditionally long process for customers.
The solution simplifies a traditionally long process into a hassle-free and quick process for customers
Customers and salesmen spend hours to complete a significant amount of paperwork required for a car loan. The new OCBC car loan approval process eliminates the long and paper-filling process to a 60 second loan approval time which enables the customer to own and drive the newly-bought car home in minutes.
The bank increased its business volume by over 50% after the implementation of the portal
The successful implementation of the bank’s digital car loan portal yielded more than 50% increase in business volume. In addition, the bank successfully onboarded more than 10 car distributors in Singapore since the launch in 2020. Manpower cost was also reduced after streamlining the process.
OCBC Bank’s Kenny Tan, executive director, Consumer Secured Lending, in accepting the award said, “This citation means a lot to us. We were struggling with processing paper applications a few years ago but now close to 9% of our loan business were onboarded digitally via this new lending platform. Innovation and improvement on our part will not stop here”.
For video of the Financial Technology Innovation Awards 2020 Virtual Ceremony, please click here.
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 Financial Technology Innovation Awards 2020 official page at https://www.asianbankerawards.com/technology/
For further information, you may get in touch with:
Mr. Mobasher Zein Kazmi
Head of Research
Tel: (+61) 452 514 145