RHB Banking Group (“RHB” or “Bank”) partners with Finology Sdn Bhd (“Finology”) to enable instant online approval for mortgage loan applications through Loanplus. This collaboration is part of RHB’s digital transformation plan to provide simple, fast and seamless solutions for customers.
This platform extends the capabilities of the RHB MyHome App for property buyers, and further expands the current offerings within the RHB Homeowners Ecosystem. Through the app, customers will receive instant approval in principle for their online mortgage applications.
According to Rakesh Kaul, Head of Group Retail Banking, RHB Banking Group, with Loanplus, RHB is able to expedite mortgage pre-approval and reduce processing time in property purchase transactions, while empowering homeowners through digital channels within our RHB Homeowners Ecosystem.
“Our collaboration with Finology allows us to enhance the customisation and personalisation of services to our customers, and offer them added flexibility especially in light of social distancing requirements due to the COVID-19 pandemic,” the Head of Group Retail Banking said.
For the first six months ending 30 June 2020, approximately 6,400 mortgage applications were received through the RHB MyHome App with more than RM700 million worth of mortgage applications being approved and accepted by close to 1,700 applicants.
In addition to the end-to-end mortgage application solution, RHB’s MyHome website connects homeowners with leading service providers offering innovative solutions and exclusive rewards for varying stages of homeownership, on a single platform.
Developed by Finology, Loanplus is a patented solution that enables property developers and real estate agents to help customers obtain their pre-approved mortgages with banks at the point of property purchase. With the pre-filtering solution in place, RHB will be able to interact directly with customers who have received mortgage pre-approvals.