This is thanks to OCBC Bank’s proprietary real-time KYC and credit assessment system, which leverages on the national data repository, MyInfo, to simplify a process that traditionally take a few working days.
“It was a refreshing change from what I am used to when it comes to buying a new car. I was surprised by the ease and speed of my car loan approval,” Goh says.
Some 95% of car purchases and car loans today are completed with the help of car sales representatives, who help customers navigate a considerable amount of paperwork.
Approval by the financier may then take a day, or even a few days, on a case-to-case basis.
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On top of being time consuming, the process means customers have to share sensitive personal information, such as income details, with the sales representative.
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.
“We have come up with a customer journey that is fast, seamless and secure,” says Sunny Quek, head of consumer financial services Singapore, OCBC Bank. “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.”
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“It is in line with the digital application and instant approval processes that we now avail for a wide range of banking products,” he adds.
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.
“We have received very good feedback from both our customers and sales representatives regarding this new loan application process,” says Kevin Teo, sales executive at Premium Automobiles. “The time and paperwork needed has been tremendously reduced so that our staff can now spend more time engaging customers.”
