RHB App Allows SMEs to Complete Financing Applications via Mobile

RHB Banking Group (RHB) has added Smart Interview, a virtual feature that forms part of the RHB Financing (SME) Mobile App.

This latest feature is the first in Malaysia and Southeast Asia. It allows Small and Medium enterprise (SME) clients to complete financing applications, including interviews and site inspections online via their mobile devices.

"Smart Interview" uses facial recognition technology and numerous technological innovations installed into the RHB Financing (SME) Mobile App to give another option other than physical interaction.

The newest version of the App also adds features such as:

• Integrated MyKad checks,
• API data matching to improve fraud detection, and 
• Customer security.

This digital platform also allows customers to submit and undertake all steps required to finish their applications online, including the uploading of supporting documents. The application status is made available in real-time through the Mobile App.

The new Smart Interview feature inside the RHB Financing (SME) Mobile App addresses changing customer preferences towards remote loan and financing applications, primarily within the Covid-19 pandemic environment.

The application process is simplified by eliminating the need to conduct physical site visits to business premises and reducing the amount of supporting documentation needed.

"As such, we can provide business owners a more secure, convenient, and seamless experience for them to submit and complete their applications from the comfort and safety of their own offices," stated RHB Banking Group head of Group Business Jeffrey Ng.

The RHB Financing (SME) App complements the RHB SME Online Financing web portal. The App is also powered by artificial intelligence, machine learning and Big Data capabilities in providing end-to-end versatile and innovative financial solutions for SMEs.

According to him, the RHB SME Online Financing web portal and RHB Financing (SME) Mobile App have helped over 2,000 SMEs, with total financing of approximately RM500 million being approved to support small businesses in Malaysia up to March 2021.

He added that as part of the wider RHB SME Ecosystem, both the web portal and App had attracted significant interest from SME owners. The bank has seen an overall increase of more than double in terms of application value in 2020.

With these latest enhancements, RHB expects to extend another RM500 million in financing to small local businesses in 2021.

SMEs can apply for financing facilities of up to RM1,000,000 through the RHB Financing (SME) Mobile App, with a payment tenor of between six to 84 months without the need for collateral.

Businesses only need to submit six months of bank statements as supporting documentation. They can upload the documents through the system as part of the application process.

You can download the RHB Financing (SME) Mobile App here.

Source: The Borneo Post

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