Kuala Lumpur, 3 August 2020 – RHB Banking Group has launched its RHB Financing (SME) Mobile App, making it the first artificial intelligence (AI)-powered “customer self-initiated” small and medium enterprise (SME) financing mobile app in Malaysia which provides fast term loan rates without the need for collateral.
In a statement today, RHB said it aims to finance RM500 million to support small businesses in the next one year through the use of this new 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.
It said the app enables customers to interact with RHB’s relationship managers (RMs) via mobile app and submit applications remotely and securely at their convenience, without having to physically meet their RMs or visit any RHB branch.
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 added.
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 added.
Ng said 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 said.
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.
It noted an encouraging response with approximately 5,000 submissions since the launch of the SME Online Financing web portal in 2018.
The app is available on the Google play store or Apple App store.
At 11.37am, RHB shed 4 sen or 0.8% to RM4.98, with a market capitalisation of RM19.93 billion. The stock saw some 532,600 shares traded.
-The Edge Markets
