SB Finance launches mobile lending app

SB FINANCE Co., Inc., the consumer loan joint venture Ifrm of Security Bank Corp. and Bank of Ayudhya (Krungsri) of Thailand, launched a new lending app on Tuesday.

The mobile application called Zuki offers personal and auto loans as well as an installment product. The app was created as consumer behavior changed due to the pandemic, which accelerated the digital transformation of lenders, said the president and CEO of SB Finance.ffiAbigail M. Casanova said at the virtual launch event.

“We designed it using the language of our customers. We don’t use a lot of technical terms and understand what the customer needs. We want to be financial advisors to our clients, not just a company that shoves a product down their throats,” said Michael Albert R. Rallonza, head of consumer credit sales and distribution at SB Finance.

SB Finance is confident in the ability of its borrowers to repay their outstanding loans, Ms. Casanova said.

“The last quarter of 2021 we saw an improvement, due to greater mobility of people… Most of our borrowers are people who are employed. It’s an indicator to say that people now have the conIflie to repay what they borrow,” she said.

The app currently offers four loan products. Customers do not need to have accounts with Security Bank Corp., SB Finance’s parent lender, to use the app.

Zuki offers personal loans ranging from 200,000 pesos to 2 million pesos, repayable within 48 months. No post-dated check is required.

Meanwhile, Hooloogan is granting customers a line of credit of P200,000 payable in instalments within 48 months.

On the other hand, MotorsikLOAN is for those looking to buy motorcycles for business and personal use. Customers can arrange the exit of the motorcycle unit from the app itself, said Lovely Nenette Galang, sales distribution manager of SB Finance Auto Finance.

“Currently, we have 156 reseller partners, and they are located all over the country…This year, we are aiming for 600 reseller partners,” Galang added.

Finally, Car4Cash allows car owners to submit the original copy of their official receipt and registration certificate for a loan of up to 2 million pesos.

Zuki has a cybersecurity framework that complies with local laws to ensure the protection of customer data, SB Finance Chief Information Offisaid Cer Jericho Catu.

“We have implemented one of the best antivirus and anti-malware vendors and a top-tier firewall,” Catu added.

He said they plan to expand and improve the services provided on Zuki, noting that there are “somethings already in the pipeline”.

Security Bank, the parent company of SB Finance, saw its net proIft decline 7.2% in 2021 to 6.9 billion pesos, as net interest income fell and expenses increased, while loan loss provisions narrowed sharply.

Shares of the listed lender fell P1.60 or 1.51% to close at P104.10 each on Tuesday. — T. J. Tomas

Amanda P. Whitten