RHB Group launches first SME financing mobile app powered by AI

RHB Group launches first SME financing mobile app powered by AI

The Star Online
Monday, 03 Aug 2020
12:02 PM MYT

KUALA LUMPUR: RHB Banking Group launched the RHB financing (SME) mobile app, the first artificial intelligence powered “customer self-initiated” SME financing mobile app in Malaysia.

It said in a statement on Monday the mobile app provides added convenience and accessibility for SME customers.

According to RHB Bank, the new mobile app automates the customer on-boarding process and adds a new dimension of digitalisation to the process of submitting financing applications.

The app enables customers to interact with RHB’s relationship managers via mobile app and submit applications remotely and securely at their convenience, without having to physically meet their relationship managers or visit any RHB branch.

“The RHB Financing (SME) Mobile App complements the group’s SME online financing web portal and forms the latest enhancement to the RHB SME ecosystem, which offers end-to-end financial services as well as innovative and versatile financing solutions for SMEs, ” it said.

The bank’s head of group business and transaction banking, Jeffrey Ng said: “Banking institutions play an important role in supporting the development and growth of SMEs.

“The RHB Financing (SME) Mobile App allow customers to submit financing applications remotely, where they are also able to receive faster approval on their financing applications. This innovative app is powered by AI, machine learning and big data capabilities, featuring facial recognition and real-time application processing capabilities.

“This puts more control in the hands of business owners, ensuring that they have access to a safe, secure and efficient platform so that they can focus on building their businesses, ” he said.

Ng said the “new normal” business environment caused by Covid-19 pandemic has shifted customer preference towards remote loan application as opposed to traditional face-to-face meetings.

“With this in mind, our focus is to continuously enhance and provide various digitally-driven products and services to make it even easier for them to conduct their transactions with us. In turn, this solution will drive our efficiency in service delivery as well as our SME market share, ” he added.

The RHB Financing (SME) Mobile App provides SMEs with fast term loans at competitive rates, without the need for collateral.

The app also provides eligible business owners the convenience of applying for RHB BizPower Relief Financing of RM50,000 to RM1mil for a maximum tenure of up to seven years.

RHB Bank said there has seen encouraging response with about 5,000 submissions since the launch of the SME Online Financing web portal in 2018.

“The group aims to finance RM500mil to support small businesses in the next once year through the use of this new app, ” it said.

RHB Bank said the RHB financing (SME) mobile app can be downloaded on the Google play store or Apple App Store.

For more details, visit https://www.rhbgroup.com/financingsmeapp/index.html