DBS Indonesia's mobile application Digibank by DBS is promising to approve customers' loans instantaneously from the previous 10 working day cycle.
"We transformed our process that usually takes one week to 10 working days for loan disbursement. Now, we can do it within a maximum of 10 minutes," said Erline Diani, Head of Digital Banking at PT Bank DBS Indonesia.
To do this, the bank employed a credit-decisioning engine, including live verification within the data. Additionally, to ensure the legitimacy of applications, it uses a fraud prevention engine equipped with data pattern analysis.
Meanwhile, an e-KYC (electronic Know Your Customer) process was adopted, making use of government population data, for the face recognition part of using the app.
"So, we can verify if the application is genuinely made by a real customer, Diani said. Apart from lending, DBS is also offering instant disbursement through a virtual credit card and bank transfer.
Service democratization
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