Yoma Bank aims to revolutionise banking in Myanmar whilst promoting responsible lending, taps Experian decisioning-solutions

Yoma Bank aims to revolutionise banking in Myanmar whilst promoting responsible lending, taps Experian decisioning-solutions
  • Looks to transform mass market access to unsecured loans through their Smart Credit solution, putting customers in control of their own credit decision-making
  • Loan applications are processed by the Experian’s Digital Onboarding platform, with approval decisions made through the Experian Decisioning engine
  • The onboarding journey is integrated within Yoma Bank’s mobile banking app to provide a seamless customer experienc

KUALA LUMPUR, 09 August 2019Yoma Bank, one of the largest private banks in Myanmar, together with Experian, the world leader in information services, has revolutionised and made unsecured lending more accessible in Myanmar with the enhancement of its Smart Credit solution. Smart Credit is the first product of its kind in Myanmar to offer unsecured loans to mass market customers and will help provide greater financial access to the country’s unbanked population.

 

With close to 54 million in population and the number of Myanmar citizens with formal financial access at just 48% in 2018, according to the findings of the 2018 Making Access Possible (MAP) study, there is immense potential for lending institutions in Myanmar to leapfrog digitally, adapting their channels and services to meet customer needs even in rural areas, hence driving financial inclusion. This growth is primarily driven by the explosion in smartphones and internet penetration. With the Smart Credit solution, Yoma Bank and Experian are at the forefront to provide digital services for borrowing, payments and savings, while promoting responsible lending. Responsible lending helps protect customers from taking on debts that they are not in a position to repay.

 

Using Yoma Bank’s mobile banking app, which is fast, agile and scalable, customers can apply for unsecured personal loans through Experian’s Digital Onboarding platform. Approval decisions are processed by Experian’s Decisioning engine. The engine parses real-time requests based credit scores and provides associated credit decisions for micro-lending requests. It draws from a range of data sources that are unique to developing markets such as Myanmar, combining data from the customer’s mobile operator, historical banking data, demographics and self-reported data.

 

The Smart Credit loan application platform is designed to put the customer in control of their own credit decision-making, with each approval based on the customer's individual banking, savings and transaction behaviour. The Smart Credit partnership enables Yoma Bank with the capability to leverage on alternative data to make better lending decisions and is based on Experian's best practice Digital Onboarding solution.

 

Dev Dhiman, Managing Director, Southeast Asia & Emerging Markets, Experian said, “The Smart Credit solution represents an innovation in a market like Myanmar with limited public data on clients or businesses available, and is the first product of its kind to pioneer access to unsecured loans for consumers in a convenient and automated manner at scale.”

 

“Our partnership with Yoma Bank reinforces our focus on responsible lending, expanding lender visibility and improving credit access. It also reaffirms and strengthens Experian’s ongoing commitment to Myanmar by enabling and deepening access to formal financial banking services for millions of people in the country,” he added.

 

Experian’s decisioning capabilities will help provide a more comprehensive consumer credit view of thin-file customers with increased potential for credit inclusiveness, with the ability to leverage new types of alternative data for risk evaluation, while providing a unique view of how accounts are performing in the early stages of credit relationships.

 

“The Smart Credit solution will enable Yoma Bank to acquire new retail banking customers. The platform is also agile, allowing the bank to quickly respond to changes in credit targeting or criteria. Moving ahead, we hope that this will also motivate customers to use our mobile banking app regularly,” said Mark Flaming, Chief Digital Officer, Yoma Bank. “Experian has an outstanding track record with creating onboarding journeys and decision engines globally. We’re thrilled and honoured to be working with a like-minded partner to enhance the lives of consumers across the country,” he added.

 

The Smart Credit solution eliminates tedious paperwork, enabling loan applications to be completed in just minutes. The platform has enabled Yoma Bank to acquire 1,100 new retail banking customers a day - up from 500 a day six months ago. The customer acquisition growth has been 120 percent within the first six months of the launch of the solution. Within three months, customers are averaging 15 transactions a month across Yoma Bank’s products.

 

Built on a scalable lending platform, the solution is designed to meet the needs of the geographically diverse Myanmar market and makes it easier for consumers to enter Yoma Bank’s financial ecosystem. The enhanced digital offerings will complement Yoma Bank’s 70 physical branches in Myanmar, enhancing financial access for small businesses as well as unbanked individuals nationwide.

 

Yoma Bank and Experian were recently awarded The Asian Banker’s Business Achievement Awards category of “Best Data and Analytics Initiative, Application or Programme 2019” at The Financial Technology Innovation Awards Programme 2019. The awards ceremony was held in conjunction with The Future of Finance Summit, the foremost annual meeting for decision makers in the financial services industry in the Asia Pacific region, held in Bangkok on 30 May 2019.

 

 

Yoma Bank sasar revolusikan perbankan di Myanmar sambil promosikan peminjaman bertanggungjawab, manfaatkan penyelesaian keputusan Experian

 

  • Berusaha untuk mengubah akses pasaran besar-besaran kepada pinjaman tidak bercagar melalui penyelesaian Smart Credit mereka, membolehkan pelanggan mengawal proses membuat keputusan kredit mereka sendiri
  • Permohonan pinjaman diproses oleh platform Pembawaan Digital Onboarding Experian, dengan keputusan kelulusan dibuat melalui enjin Decisioning Experian
  • Perjalanan pembawaan disepadukan dalam aplikasi perbankan mudah alih Yoma Bank untuk menyediakan pengalaman pelanggan yang lancar

 

KUALA LUMPUR, 09 Ogos 2019 /PRNewswire/ - Yoma Bank, salah sebuah bank swasta yang terbesar di Myanmar, bersama-sama Experian, peneraju dunia bagi perkhidmatan maklumat, telah merevolusikan dan menjadikan pemberian pinjaman tidak bercagar lebih mudah diakses di Myanmar menerusi peningkatan penyelesaian Smart Credit. Smart Credit ialah produk pertama seumpamanya di Myanmar yang menawarkan pemberian pinjaman tidak bercagar kepada pelanggan pasaran besar-besaran dan akan membantu menyediakan akses kewangan yang lebih besar kepada penduduk yang tidak menggunakan perkhidmatan perbankan di negara tersebut.

 

Dengan hampir 54 juta penduduk dan bilangan warga Myanmar dengan akses kewangan formal hanya 48%, menurut dapatan daripada kajian “Making Access Possible (MAP) 2018", terdapatnya potensi besar untuk institusi-institusi pemberian pinjaman di Myanmar melonjak secara digital, menyesuaikan saluran dan perkhidmatan mereka bagi memenuhi keperluan pelanggan meskipun di kawasan luar bandar, lalu mendorong rangkuman kewangan. Pertumbuhan ini didorong terutamanya oleh peningkatan pesat dalam penggunaan telefon pintar dan penembusan internet. Dengan penyelesaian Smart Credit, Yoma Bank dan Experian menjadi peneraju untuk menyediakan perkhidmatan digital bagi tujuan peminjaman, pembayaran dan simpanan, di samping mempromosikan pemberian pinjaman yang bertanggungjawab. Pemberian pinjaman yang bertanggungjawab dapat membantu melindungi pelanggan daripada mengambil hutang dalam keadaan mereka tidak mampu untuk membuat bayaran balik.

 

Menggunakan aplikasi perbankan mudah alih Yoma Bank, yang pantas, tangkas dan boleh di skala, pelanggan boleh memohon pinjaman peribadi tidak bercagar melalui platform Digital Onboarding Experian. Keputusan kelulusan diproses oleh enjin Decisioning Experian. Enjin berkenaan menghuraikan skor kredit berasaskan permintaan waktu sebenar dan memberi keputusan kredit berkaitan untuk permintaan mikro-peminjaman. Ia mengambil daripada pelbagai sumber data yang unik kepada pasaran-pasaran yang sedang membangun seperti Myanmar, menggabungkan data daripada pengendali mudah alih pelanggan, data perbankan terdahulu, demografi dan data yang dilaporkan sendiri.

 

Platform permohonan pinjaman Smart Credit direka untuk membolehkan pelanggan mengawal proses membuat keputusan kredit mereka sendiri, dengan setiap kelulusan adalah berdasarkan perbankan individu, simpanan dan tingkah laku transaksi pelanggan. Perkongsian Smart Credit membolehkan Yoma Bank dengan keupayaan untuk memanfaatkan data alternatif untuk membuat keputusan pemberian pinjaman yang lebih baik dan berdasarkan penyelesaian Digital Onboarding amalan terbaik Experian.

 

Dev Dhiman, Pengarah Urusan, Pasaran Asia Tenggara & Baru Muncul, Experian berkata, "Penyelesaian Smart Credit membawakan inovasi dalam pasaran seperti Myanmar dengan data awam yang terhad tentang pelanggan atau perniagaan yang tersedia dan merupakan produk pertama seumpamanya untuk mempelopori akses kepada pinjaman tidak bercagar untuk pengguna dengan cara yang mudah dan automatik secara meluas."

 

"Perkongsian kami dengan Yoma Bank memperkukuh tumpuan kami terhadap pemberian pinjaman yang bertanggungjawab, meluaskan keterlihatan pemberi pinjaman dan meningkatkan akses kredit. Ia turut mengesahkan dan mengukuhkan komitmen berterusan Experian terhadap Myanmar dengan mendayakan dan memperdalam akses kepada perkhidmatan perbankan kewangan formal untuk berjuta-juta penduduk di negara berkenaan," tambah beliau.

 

Keupayaan penyelesaian keputusan Experian akan membantu menyediakan pandangan kredit pengguna yang lebih komprehensif kepada pelanggan tanpa maklumat kredit dengan peningkatan potensi terhadap keterangkuman kredit, menerusi keupayaan untuk memanfaatkan jenis baharu data alternatif untuk penilaian risiko, di samping menyediakan pandangan unik bagaimana akaun menunjukkan prestasi pada peringkat awal dalam hubungan kredit.

 

"Penyelesaian Smart Credit akan membolehkan Yoma Bank memperoleh pelanggan perbankan runcit baharu. Platform ini juga tangkas, lalu membolehkan bank untuk bertindak balas pantas terhadap perubahan dalam sasaran atau kriteria kredit. Menuju masa depan, kami berharap agar ini akan turut mendorong pelanggan untuk menggunakan aplikasi perbankan mudah alih kami secara tetap," kata Mark Flaming, Ketua Pegawai Digital, Yoma Bank. "Experian memiliki rekod prestasi yang cemerlang menerusi pewujudan perjalanan pembawaan dan enjin keputusan di seluruh dunia. Kami teruja dan berbesar hati kerana dapat bekerjasama dengan rakan kongsi sealiran untuk meningkatkan kehidupan pengguna di seluruh negara," tambah beliau.

 

Penyelesaian Smart Credit dapat menyingkirkan kertas kerja yang rumit, membolehkan permohonan pinjaman selesai hanya dalam beberapa minit. Platform tersebut telah membolehkan Yoma Bank memperoleh 1,100 pelanggan perbankan runcit baharu sehari – meningkat daripada 500 pelanggan sehari enam bulan lalu. Pertumbuhan pemerolehan pelanggan mencecah 120 peratus dalam enam bulan pertama sejak pelancaran penyelesaian berkenaan. Dalam tempoh tiga bulan, pelanggan mencapai purata 15 transaksi sebulan untuk produk-produk Yoma Bank.

 

Dibina pada platform pemberian pinjaman boleh diskala, penyelesaian tersebut direka bagi memenuhi keperluan pasaran Myanmar yang pelbagai dari segi geografi dan menjadikannya lebih mudah untuk pengguna memasuki ekosistem kewangan Yoma Bank. Tawaran digital yang dipertingkat akan melengkapi 70 cawangan fizikal Yoma Bank di Myanmar, lalu meningkatkan akses kewangan untuk perniagaan kecil-kecilan selain individu-individu yang tidak menggunakan perkhidmatan perbankan di seluruh negara tersebut.

 

Yoma Bank dan Experian baru-baru ini dianugerahkan dengan Anugerah Pencapaian Perniagaan The Asian Banker bagi kategori "Inisiatif, Aplikasi atau Program Data dan Analitik Terbaik 2019" di Program Anugerah Inovasi Teknologi Kewangan 2019. Upacara penganugerahan telahpun diadakan bersempena dengan Sidang Kemuncak Masa Depan Kewangan (The Future of Finance Summit), mesyuarat tahunan utama untuk pembuat-pembuat keputusan dalam industri perkhidmatan kewangan di rantau Asia Pasifik, diadakan di Bangkok pada 30 Mei 2019.

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Experian

By Experian 08/09/2019

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