Welcome Bank (Rural Bank) unveil e-signature and e-KYC services in loan apps

It eliminates the need for scheduled video calls or a hybrid application process.

Welcome Bank (Rural Bank), Inc. has partnered with Trusting Social Philippines, a credit risk profile provider, to offer e-Know Your Customer (KYC) and e-signature services.

Using Trusting Social’s e-KYC and e-Mudhra’s e-signing platform, Welcome Bank customers can now complete loan applications in minutes via their smartphones, the Philippine bank said in a press release.

This new system eliminates the need for scheduled video calls. Unlike traditional onboarding that requires booking a live agent, the new 24/7 solution allows borrowers to verify their identity and sign documents instantly without waiting in virtual queues.

The solution is reportedly the first e-KYC and e-signature technology combination in the country’s rural banking sector.

Traditionally, securing a loan meant navigating a hybrid process: an application might start online, but it often leads to manual paperwork, physical branch visits, and wet-ink signatures, the press release said.

Welcome Bank (Rural Bank) is the Philippine arm of the Welcome Financial Group, a South Korean financial institution with 12 subsidiaries and $3.6b in total assets. Welcome Bank (Rural Bank) is officially a subsidiary of Korea’s fourth-largest savings bank.