OCBC announced today that they have enabled instant car loan approvals, according to their statement, when customers apply for a car loan with OCBC, they can now get it approved within 60 seconds.
This service is made possible by a digital solution that leverages the national data repository – MyInfo – and OCBC Bank’s proprietary real-time KYC and credit assessment system to simplify a process that traditionally take a few working days.
A total of 11 authorised car distributors, which together account for the majority of car purchases in Singapore, will use the new car loan approval process by March 2020. The car distributorship offering the instant car loan are EuroSports Auto, EuroAutomobile, Inchcape Group (Borneo Motors & Champion Motors), Kah Motor, Premium Automobile, Tan Chong Motors & MotorImage, TransEurokar Group, Vantage Automotive, Vertex Euro Motors and Wearnes Automotive.
In the automotive industry today, 95% of car purchases and car loans are completed with the help of car sales representatives. Customers and sales representatives have to complete a considerable amount of paperwork. Not only is the car loan application process time-consuming, but customers have to share sensitive personal information, such as income details, with the sales representative. On top of that, approval by the financier may take a day or even a few days on a case-to-case basis.
The new OCBC car loan approval process begins by eliminating the tedious filling-up of hard copy forms. It also removes the need to share sensitive details with a third party since customers will input their personal details online using their own devices. On-the-spot approvals are possible, so that a customer – having decided on the car of his dreams – can own and drive off that vehicle literally in minutes.
Mr Sunny Quek, Head of Consumer Financial Services Singapore, OCBC Bank, said:
“Once again, we have developed and designed a digital solution with our customers at its centre. That’s why we eliminated all the pain points that apply to most car loan applications: The tedious paperwork, long waiting time and sharing of sensitive information with a third party. We have come up with a customer journey that is fast, seamless and secure. It is in line with the digital application and instant approval processes that we now avail for a wide range of banking products. We will continue to deepen our customers’ relationships with us as we aggressively drive fresh digital initiatives that ensure frictionless access to all our products and services. By the end of this year, one in every two OCBC Bank customers will have been on-boarded digitally.”