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Malaysia's Hong Leong unveils more of its multi-pronged digital strategy

AvantiKumar | Nov. 16, 2016
Hong Leong Bank says it is the first bank in Malaysia to launch an offsite straight through online auto loan platform.

(network world) auto smart apps - done

Image (network world) - Aauto smart apps

 

Malaysia's Hong Leong Bank (HLB) says it is the first bank in Malaysia to launch an offsite straight through online auto loan application platform on tablets for its sales force.

The platform, called Loan2Go, offers both dealers and customers a transformed loan application experience by leveraging on technology, said Domenic Fuda, group managing director and chief executive officer of HLB.
 
Fuda said the platform has been available nationwide to HLB auto loan sales force progressively since March 2016.

He said customers can now apply for auto loans on the spot through its sales force and save a trip to the bank.

HLB-Loan2Go-Nov2016

Photo- (From left) Domenic Fuda, Group Managing Director & CEO of Hong Leong Bank; ​Lynda Kew, General Manager, Auto Loans; and Charles Sik, Managing Director of Personal Financial Services.

"With this, the impact is three-fold; firstly, we are able to refocus and maximise the time our auto loan sales force spends on sales-generation, which contributes to the overall productivity of the team," Fuda said.

"Secondly, with the approval-in-principle in hand, customers have the confidence to complete their auto loan application with HLB. Thirdly, our dealers will be able to close their sales in half the usual time required as the applications can be submitted anytime Mondays to Sundays," he said.

Digital at the core

This is another step in HLB's multi-pronged digital strategy, said Fuda. This follows the recent announcement of the HLB's collaboration with the Malaysian Business Angels Network to support and develop local technology-focused startups.

"As a bank, HLB is transitioning towards being digital at the core; what that means is for us to constantly assess the way we think and work, especially in the products and services we offer, and to always consider how we can improve the speed and quality of delivery to cater to the evolving needs of our customers," he said.

"Our move to an online and mobile loan application platform is part of the Bank's efforts to enhance customer journeys by rethinking and digitising processes," added Fuda.
 
"Loan2Go is a result of both customer and staff feedback as well as our drive to change the way we work," he said. "For us, being digital is not just about being mobile or having the latest technology on hand but about finding new ways to interact and engage with our stakeholders. In short, it is also about simplifying complex and lengthy processes and introducing greater efficiency and convenience all round."

Hong Leong Bank has been extending its footprint in the region, with branches in Singapore and Hong Kong and wholly owned subsidiaries in Vietnam and Cambodia.  In China, the Bank has a 20 shareholding in Bank of Chengdu Co., Ltd., Sichuan and a consumer finance joint venture.

 

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