[SMBC Consumer Finance Co., Ltd.] Started providing loan digital platform (R) services to Sanjusan Bank
*SMBC Consumer Finance Co., Ltd.*
Press release: September 5, 2024
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Started providing loan digital platform (R) services to Sanjusan Bank SMBC Consumer Finance Co., Ltd. (Head office: Koto-ku, Tokyo, Representative Director and President: Terumasa Takahashi
SMBCCF) and NTT Data Corporation (Headquarters: Koto-ku, Tokyo, Representative Director and President: Yutaka Sasaki)
NTT Data) is a loan digital platform* (R)* for Sanjusan Bank, Ltd. (hereinafter referred to as Sanjusan Bank).
We have started providing this service from September 5, 2024. This is the second bank after Ehime Bank, Ltd. Note 1
This platform is the first in the industry to automate transmission and screening retries between multiple financial institutions and multiple guarantee companies, digitizes traditional tasks such as telephone, mail, and fax in personal loans, and improves the customer experience for loan applicants. We will strive to improve the efficiency of our work and improve administrative efficiency. It will be a SaaS-type Note 2 service, and financial institutions and guarantee companies can use it with only a monthly usage fee. Sanjusan Bank uses this platform to provide SMBCCF-guaranteed “Sanjusan Bank We aim to streamline the business process from application to contract for “Free Loans.” We will continue to advance the comprehensive digitalization of loan operations by gradually rolling out this service to other products.
As part of this platform, Sanjusan Bank has additionally implemented functions to further improve convenience for bank employees, and will also provide them as standard functions.
We will continue to expand its functionality to meet the needs of financial institutions.
* Overview of Loan Digital Platform (R) *
This service provides various functions necessary from applying for a personal loan to concluding a contract in a SaaS format for customers who use personal loans at financial institutions, financial
institutions, and guarantee companies. This service will improve customer convenience, improve loan application closing rates, and reduce administrative costs. Typical features are as follows.
1. Complete everything from application to contract conclusion online We provide the ability to complete everything from applying for a personal loan to concluding a contract online. Additionally, eKYC Note 3 personal authentication is included as standard, providing a system that allows customers to complete their applications using a single smartphone.
2. [Industry’s first] Financial institutions – Automate transmission and retries between multiple guarantee companies
The automatic guarantee review request and automatic retry functions completely automate the process from loan reception to review requests to multiple guarantee companies, eliminating the need for sending faxes and punching in the contents of received faxes.
In addition, by unifying the guarantee company connection IF, guarantee companies that are already connected to the platform will be able to exchange guarantee screening data without installing new lines or changing the IF layout, which will help financial institutions speed up the release of new products. Contribute.
3. Preventing withdrawal and improving service quality by improving UI/UX Reflects SMBCCF’s EFO results Note 4 as a measure to minimize dropouts during the process of completing application registration.
This prevents users from leaving the site midway through form entry, making it possible to acquire customers and reduce CPA (cost per customer acquisition).
4. Customer contact support
When a customer applies for a personal loan, through the “My Page” established on the web, it is possible to contact the customer regarding any incomplete entries, resubmission of required documents, etc. Traditionally, the means of communication with customers were by telephone, mail, visits to stores, and faxes, but by using the Web, we are freed from physical and time constraints, leading to improved operational efficiency and customer convenience. Improve.
5. Contributing to improving the contract rate by providing data analysis and sales promotion services
SMBCCF and NTT Data will contribute to continuous UI/UX improvements and increase the contract rate by providing quantitative data such as application form dropout points and a list of customers eligible for increase in amount as part of “data analysis and sales promotion improvement.”
[Figure 1] Overall image of the service
* About the future *
We will continue to expand our functionality to provide additional functions and services, such as the provision of app functions, digital card loan functions that enable cardless borrowing and repayment through accounts with other banks, and digital marketing. [Figure 2] Future roadmap image
*Reference*
Service site: https://ldpf.nttdata.com
Note 1 Announced on October 23, 2023 “Launch Digital Platform (TM) service launch – Supporting digitalization of overall loan operations” Note 2 Abbreviation for “Software as a Service.” A mechanism for using software on a cloud server provided by a vendor via the Internet. Note 3 Abbreviation for “electronic Know Your Customer.” Technology to complete online identity verification
Note 4 Abbreviation for “Entry Form Optimization.”
*Loan Digital Platform is a trademark of SMBC Consumer Finance Co., Ltd. and NTT Data Corporation in Japan.
*Other product names, company names, and organization names are trademarks or registered trademarks of each company.
That’s all