PH’s first 24/7 digital loans marketplace platform now online
Friday, April 8, 2016
China Bank Savings auto loans now available via digital lending marketplace Lendr
Planning to buy a car or a vehicle for your family? Consumers looking to get an automotive loan may now do so anytime, anywhere as Lendr, the country’s first 24/7 digital loans marketplace, goes live with China Bank Savings (www.cbs.com.ph) as inaugural partner. Lendr is the latest financial technology or “FinTech” platform from leading tech company Voyager Innovations.
Initially offering automotive loans from China Bank Savings (CBS) and soon, other consumer loans available through a wide network of partner banks and financial institutions, Lendr (ffintq.wpengine.com) is envisioned to provide consumers the ultimate convenience of applying for a loan and tracking their applications through the Lendr mobile and desktop site.
“Every consumer has the right to access financial services. With Lendr, we aim to be the leading organization in promoting digital financial inclusion in the Philippines and other emerging markets. Lendr is our flagship platform that allows bank partners to reach more customers, while it provides consumers easy, fast and secure access to funding anytime, anywhere, with the use of their mobile devices,” said Manuel V. Pangilinan, PLDT, chairman of Smart and Voyager Innovations.
“Our partnership with Voyager Innovations is another testament to China Bank Savings’ commitment to providing clients with convenient, responsive and customer-friendly service. Lendr provides a more accessible channel for our clients to apply for a loan. At the same time, it allows the bank to service loan applications faster, and give the prospective borrower updates on the status of his loan application. With Lendr, our clients can look forward to greater mobility in banking,” said Alberto Emilio V. Ramos, president of China Bank Savings.
“The National Retail Payments System envisions a robust and interoperable payment system that enables efficient and cost effective digital transactions. Lendr is an initaitve that supports this vision by providing a platform for people to link with their financial providers and access financial services in a convenient manner regardless of time and location,”, said Nestor A. Espenilla Jr, deputy governor of the Bangko Sentral ng Pilipinas.
Fully digital loans application
Through Lendr, consumers availing of loans from China Bank Savings can now do the following:
- Complete the loan application process online: once they have chosen the loan products that they want, users can sign up and fill out the application forms via Lendr, eliminating the need to go to the bank to submit paper-based application forms;
- Track their loan applications: Through the intuitive interface of Lendr accessible via the desktop and mobile site, users will be able to get instant updates and SMS notifications about their loan applications every step of the way; and
- Monitor their monthly loan payments, balances, and amortizations: Once their loans have been fully approved and released, Lendr also allows users to keep track of their payments and balances, so that they do not miss out on their monthly dues.
24/7 convenient access
China Bank Savings is the first bank to have its loan offerings made available on Lendr, but Voyager managing director for fintech, digital inclusion, and alliances Lito Villanueva said that other rural, thrift and universal banks including non-bank credit institutions will soon be onboard. Earlier, Voyager signed a collaboration agreement with the Rural Bankers Association of the Philippines (RBAP), and the Chamber of Thrift Banks (CBT) with 499 and 54 member-banks, respectively. This excludes a number of commercial and universal banks currently in the process of integration.
As more partner banks “go live” using the platform, the Lendr marketplace aims to give banks and consumers an always-available online and mobile platform solution that addresses their respective needs.
“We’re building an ecosystem of partner banks and financial institutions so it will be easy and convenient for consumers to make financial decisions regarding their loans requirements. Our goal is for Lendr to empower consumers with one-stop-loan-shop convenience complete relevant data and information that could help them decide which loans to apply for and which banks provide the best rates and product benefits,” explained Orlando B. Vea, president and CEO of Voyager Innovations.
“Banks, on the other hand, will be able to save on costs and expand their clientele to reach individuals without investing heavily on brick-and-mortar branches. Over 100 million mobile subscribers could now become the bank’s customer touchpoints in accessing financial services. And since everything is online, customers can transact and apply for a loans loan even outside of banking hours using only their mobile devices. This is branchless banking in action.,” Villanueva added.
Once more loan products are available, Lendr will also enable consumers to compare loan products and interest rates of various banks and financial institutions as well as get the best pricing and terms in one go.
Digital transformation of banks
The commercial availability of Lendr is expected to further enable banks with their digital transformation, allowing them to reach customers beyond the traditional brick-and-mortar banking establishments.