KUALA LUMPUR: RHB Banking Group has launched the RHB Financing (SME) Mobile App, billed as the first artificial intelligence (AI)-powered “customer self-initiated” SME financing mobile app in Malaysia.
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 a mobile app and submit applications remotely and securely, without having to visit a bank branch.
“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, ” said Jeffrey Ng, who is RHB Banking Group’s head of group business and transaction banking.
Ng added that the “new normal” business environment caused by the Covid-19 pandemic has shifted customer preferences towards remote loan application as opposed to traditional face-to-face meetings. The app can provide 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. Since the launch of the SME Online Financing web portal in 2018, RHB has seen 5,000 submissions. RHB aims to finance RM500mil to support small businesses in the next 12 months via the new app.
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