Analysts laud RHB’s new slew of products
KUALA LUMPUR: Researchers at MIDF Amanah Investment Bank Bhd (MIDF Research) are optimistic of RHB Bank Bhd’s (RHB) new slew of supporting products such as its mobile banking application and mobile mortgage application.
All the new products are aimed at enhancing the customer experience due to its ease of use.
For example, an account holder’s phone will be uniquely linked to the person’s account, where accessing banking information can be done via biometrics (i.e. thumbprint). However, the biometrics log in cannot be done on other devices.
“The advantage of this is that transactions could be done without a One-Time Pin code. Another offering is the mobile mortgage application where approval-inprinciple could be sourced in real time,” it said in a note yesterday.
“Similar with digital offerings in the retail segment, the SME segment have also been targeted. The group believes that its online application process and fast approval will be a key competitive advantage in the crowding SME lending space.”
RHB Bank launched an online SME financing platform where approval could be expected in two days and disbursement in five days. Technology is again being used as an enabler with photos of documents being use and companies’ directors’ approval can be sourced electronically.
“However, at this juncture, we could not yet gauge on the effectiveness of the platform but it has potential to accelerate the booking of SME loans.
“While we opine that the digital products offered by the group are excellent, we believe that customer acquisition will be a critical success factor. For the moment, the Group are on boarding its existing customers to the digital platform.
“However, we believe the group needs to acquire more customers. It remains to be seen if the new digital offerings could have the desired enticing effect.”