AMBANK EYES 7,500 MOBILE APPLICATIONS
MAT enables auto finance approval within 30 minutes if all requirements are fully met
AYISY YUSOF
KUALA LUMPUR bt@mediaprima.com.my
AMBANK Group is targeting to capture 50 per cent of its total auto finance applications of 15,000 monthly via Mobile Application Terminal (MAT).
MAT offers auto finance instant approval for the Malaysian automotive market.
AmBank group chief executive officer Datuk Sulaiman Mohd Tahir said MAT allowed users to submit loan applications, capture documents’ images as well as obtain immediate approval within 30 minutes, provided all requirements are fully met.
“We expect to hit 7,500 applications to be made via MAT monthly. AmBank’s auto finance has about 11 per cent share of the market,” he said at a press conference after MAT’s launch, here, yesterday.
Sulaiman said AmBank had deployed 800 MATs at its 2,500 car dealers as well as 150 staff at 175 branches nationwide.
“We have deployed MAT since July 1 to 138 AmBank sales advisers. We have received more than 2,400 hire purchase application via the terminal nationwide,” he said, adding that MAT’s successful loan approval rate was between 40 and 50 per cent.
Sulaiman noted that AmBank dealers would able to verify customers’ identity card and Ambank automatically can process customers’ loan applications.
AmBank retail banking director Jade Lee said the bank hoped to strengthen its brand presence in the auto sector by positioning the bank as the top-of-mind brand among car buyers.
“MAT will offer a new level of customers' experience with car financing applications,” she said, adding that the interest rate for MAT was similar with its conventional auto finance application.
Sulaiman said AmBank had saved about 1.4 million hours by leveraging digital technology.
“We have identified 11 processes to improve the ways we operate things efficiently. Our operation is much faster now by 1.4 million hours, the kind of efforts that we put into particular process including account openings and other services applications like loan.”
“We can save between RM70 million and RM80 million annually by utilising digital technology,” he added.
The key features of MAT include biometric reader, access to the Employees Provident Fund information, calculator to estimate monthly instalment and a built-in camera.