The Oversea-Chinese Banking Corporation Ltd has developed an application or app that makes it easier for customers to navigate complex loan requirements.
With this iPad app, OCBC Bank becomes the first financial institution in Singapore to make the home loan advisory experience more engaging and efficient. The app gives customers useful information in their home purchase and financing process as required by MAS Notice 632A while complying with a mandated requirement.
MAS Notice 632A, which took effect March 1, stipulates that all financial institutions must provide home loan borrowers with a prescribed fact sheet containing key features of the home loan. The fact sheet must be in a written, printed or electronic format.
To complete the fact sheet, bank employees are required to complete a large number of sections in the prescribed form and make numerous calculations. The process of generating the fact sheet can be time- consuming since this will typically involve discussions between the borrower and the bank employee on various types of loan packages and financing terms.
With OCBC Bank’s iPad app, employees simply tap on the specific loan facility from a customised drop-down list. The relevant information will then be automatically generated and clearly displayed in the respective fields in the fact sheet.
Customers will get the relevant information presented in an easy-tounderstand format almost instantaneously. The app is also more productive for employees since they can easily and conveniently engage in meaningful discussions with potential housing loan customers anytime and anywhere.
Phang Lah Hwa, Head of Consumer Secured Lending at OCBC Bank, said customers want to be able to quickly and easily understand how different financing terms affect their commitment.
“They also look to our experienced staff for advice and they expect productive interactions with us. We have created the iPad application which is able to demonstrate the financing packages with just a few clicks with graphical tools which make it easier for customers to understand,” she said.
OCBC Bank is the second largest financial services group in Southeast Asia by assets and is ranked by Bloomberg Markets as the world’s strongest bank.
It has a network of over 500 branches and representative offices in 15 countries and territories, including more than 400 branches and offices in Indonesia.
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