RHB announced today the launch of RHB Financing (SME) Mobile App, which they described as an “AI-powered” and “customer self-initiated” SME mobile app, which they claim in the first in Malaysia.
The app, they said, is powered by AI, machine learning and big data capabilities, featuring facial recognition and real-time application processing capabilities. The app enables customers to interact with RHB’s relationship managers via mobile and submit applications digitally without having to physically meet their relationship manager or visit a bank branch.
RHB’s transaction banking head, Jeffrey Ng said that the pandemic has shifted customer’s preference towards remote loan applications and that they have continued to enhance their product with that in mind. He seemed optimistic that this solution with increase their SME market share.
The RHB Financing (SME) Mobile App provides SMEs with fast term loans at competitive rates, without the need for collateral. The app also provide eligible business owners the convenience of applying for RHB BizPower Relief Financing of RM50,000 to RM1 million for a maximum tenure of up to 7 years.
So far, RHB said it has seen encouraging response with approximately 5,000 submissions since the launch of the SME Online Financing web portal in 2018. The Group aims to finance RM500 million to support small businesses in the next 1 year through the use of this new app.
“Banking institutions play an important role in supporting the development and growth of SMEs. The RHB Financing (SME) Mobile App allow customers to submit financing applications remotely, where they are also able to receive faster approval on their financing applications.
said Jeffrey Ng, Head, Group Business & Transaction Banking, RHB Banking Group.
Featured image: (Left) Rohan Krishnalingam, Group Chief Digital & Technology Officer, RHB Banking Group and (right) Jeffrey Ng, Head, Group Business & Transaction Banking, RHB Banking Group at the launch of Malaysia’s first SME Financing Mobile App powered by artificial intelligence.