Siam Commercial Bank PCL : SCB Easy Digital Lending

SCB has embarked on full digital banking with its 'SCB EASY Digital Lending' mobile banking application, allowing customers to receive loans online within 3 minutes with just 3 easy clicks, eliminating the need to visit a bank branch. This new application is SCB's cutting-edge tool for expanding the personal loan market, while providing a new experience for customers. SCB is the first bank in Thailand to offer this convenience -- with speed, security, and round the clock availability. Using Data Analytics and Machine Learning to lead innovation and create new credit service models offering credit products and amounts to suit customer demands, SCB targets more than 10 billion baht in new loans via its SCB EASY Digital Lending application, while enrolling more than 10 million SCB EASY users by year-end 2018.

Mrs. Apiphan Charoenanusorn, Senior Executive Vice President & Head of Operations, Retail Products and Retail Payments, Siam Commercial Bank, said that, 'Digital banking's increasing role has drastically shifted customer behavior when it comes to financial services. SCB has always adapted to change by developing and offering new service models to keep pace with evolving technology. Customers today spend a lot of time on their smart phones, as evident from the huge growth in mobile banking transactions. These changes are in line with SCB's strategic moves in increasing its technological capabilities and competitiveness with the aim of becoming 'The Most Admired Bank'. SCB recently launched its 'SCB EASY Digital Lending' via SCB EASY mobile application to offer loan products to suit customer behavior and demands. Primarily focusing on convenience, speed, and security, the mobile application is available around the clock. Customers need not submit credit applications as in the past, and there is no need to submit documents or fill out any form at the branch. With these changes loan approval can be completed through three-easy steps within 3 minutes.'

Mr. Jens Lottner, Senior Executive Vice President & Chief Transformation Officer, Siam Commercial Bank, said that, 'Data Analytics and Machine Learning are important technological tools used by SCB for the development of 'SCB EASY Digital Lending', speeding data analysis and processing. While Data Analytics help SCB create personalized offerings for primary credit products and amounts strictly in line with regulatory requirements, Machine Learning enables the Bank to promptly offer credit products best fitting customers without their needing to express any particular demand. For example, SCB may know that a customer is due to pay monthly insurance premiums in the next 3 days, while their account balance is insufficient. The system can also tailor suitable loan products for customers. These technologies will enable the Bank to design a journey or a straight thru process (STP) for digital lending models. Credit products compatible with STP include Speedy Loans, Speedy Cash Cards, and credit cards. However, hybrid service models (online to offline) may need further documents for online loan applications, with customers being contacted within 1 hour after submitting their online application. Auto loans and mortgage Loan products are suitable for a hybrid approach (online to offline). SCB's latest innovation will offer a digital lending experience for the first time in Thailand.'

Mrs. Apiphan Charoenanusorn added that, 'SCB has introduced a soft launch special campaign beginning last December. Customers using SCB EASY Digital Lending will receive special interest rates superior to those available through regular channels. For example, SCB EASY Digital Speedy Loan will charge a 15% interest rate throughout the contract for all customers groups and credit lines approved, while a normal speedy loan will be charged 21.5-28% depending on the utilized amount. In addition, digital SCB Speedy Cash cards will receive 0% interest during the first 3 billing periods. These offers will be available until the end of January 2018. New credit card customers approved between 15 January - 28 February 2018 will also get special 5,500 SCB Rewards for redemption of a 500 baht voucher with only 3 spending items within 30 days after receiving approval. SCB expects to increase lending through this digital platform by more than 10 billion baht, with about 70% comprising Speedy Loans, Speedy Cash Cards, and credit cards, while the remaining 30% will be auto loans and mortgages. SCB EASY Digital Lending will serve as an important mechanism for increasing the number of SCB EASY application users to more than 10 million by 2018.'

Customers interested in 'SCB EASY Digital Lending' can enjoy the service with just 3 easy steps: 1) From the main page, click the 'Loan & Credit Card' icon, and choose the required loan. The system will display the eligible maximum amount at the bottom right corner; 2) Choose your required service, such as amount, payment method, and account for receiving the loan, etc. 3) After checking all information and accepting conditions, the system will request confirmation through a 6-digit PIN or finger scan depending on settings. The system will then approve the card or transfer money to an account (for Speedy Loans) within 3 minutes. For more information, please contact the SCB Call Center at 0-2777-7777 or https://www.scb.co.th/scbeasy.

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