KUCHING: The first artificial intelligence (AI) powered customer self-initiated small and medium sized enterprise (SME) financing mobile application in Malaysia has been launched by RHB Banking Group (RHB).
According to a statement, the RHB Financing (SME) mobile app provides added convenience and accessibility for SME customers through automation of 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 (RM) via mobile application and submit applications remotely and securely at their convenience without having to physically meet their RMs or visit any RHB branch.
“The application 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,” said the statement issued yesterday (Aug 3).
In the statement, RHB head of group business and transaction banking Jeffrey Ng, said the banking institutions play an important role in supporting the development and growth of SMEs.
“The app allows customers to submit financing applications remotely, where they are also able to receive faster approval on their financing applications.
“The ‘new normal’ business environment caused by the 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.
RHB noted that thus far, there has been encouraging responses with approximately 5,000 submissions since the launch of the SME Online Financing web portal in 2018.
“The Group aims to finance RM500 million to support small businesses in the next 1 year through the use of this new app,” it added.
