Friday 29 Mar 2024
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KUALA LUMPUR (May 31): In line with its target to be the leading digital bank in Malaysia, CIMB Bank Bhd and CIMB Islamic Bank Bhd are aiming to be completely paperless in their customer transactions by next year.

CIMB group consumer banking chief executive officer Samir Gupta revealed the target at the launch of its 1-Minute Auto Financing InstaApproval, a digital platform that approves auto financing within one minute upon full submission of information and documents.

Samir said the new feature would revolutionise the customer experience when obtaining auto-financing loans as it digitises the whole process, making it the fastest auto-credit approval in the market.

“It will be a real value add to customers, because customer experience is the defining factor in terms of scale and success.”  

The CIMB 1-Minute Auto Financing InstaApproval offers fast, secure, paperless and complete online financing approval process involving, among others, biometric fingerprint identification. Available for both new and used cars, the approval comes with the issuance of a Letter of Undertaking and instant notification via SMS and email to the customer and car dealer.

Samir assured the speed of the loan approval would not compromise the quality of its credit approval, as he said the bank’s risk management is fairly evolved.

“We are not changing the way we look at credit, all we are doing is changing the way we process it.  

“In the past this (applying loans) meant filling up forms — an application form will be sent, then somebody does data entry and then we analyse. With technology, we have just improved the process. Now we are confident enough to give out a loan in 60 seconds.”

Commenting on the auto-loan market, Samir said, “The market for auto loans has been quite stagnant in the last few years, but we have been growing at a high single digit [rate] when the rest of the industry recorded negative [growth].”

There are seven partners in the auto-financing platform at present: Cycle & Carriage Bintang Bhd, Edaran Tan Chong Motor Sdn Bhd, Honda Malaysia Sdn Bhd, Ingress Auto Malaysia Sdn Bhd, Perodua Sales Sdn Bhd, Perusahaan Otomobil Nasional Sdn Bhd, and UMW Toyota Motor Sdn Bhd.

CIMB also has a 1-Minute Home Financing InstaApproval scheme.

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