RHB Bank Group has launched its RHB Financing (SME) mobile app, making it the first artificial intelligence powered “customer self-initiated” SME financing mobile app in Malaysia. The app aims to offer fast term loan rates without the need for collateral.
In a recent statement, RHB said that its goal is to finance RM500 million (US$119m) to support SMEs over the next year through the use of the app.
The group said the new mobile app automates the customer onboarding process and adds a new dimension of digitalisation to the process of submitting financing applications.
The functionalities of the app includes allowing customers to contact and interact with RHB’s relationship managers and submit applications remotely and securely at their convenience, without having to physically meet these managers or visit any RHB branch. Such convenience is especially useful in today’s era of social distancing.
The app will complement 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.
RHB head of group business and transaction banking Jeffrey Ng believes banking institutions play an important role in supporting the development and growth of SMEs. He said the app allows customers to submit financing applications remotely, and 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.
The ’new normal’ which has resulted from the COVID-19 pandemic has caused a fundamental shift in customer preference and expectations. They now prefer minimising physical contact, thus increasing the demand for remote loan applications as opposed to the traditional face-to-face meetings.
RHB noted the app also provides eligible business owners the convenience of applying for RHB BizPower Relief Financing of RM50,000 to RM1 million for a maximum tenure of up to seven years.