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Banking & Finance

Home Credit releases new in-app feature

Released at: 15:13, 28/05/2019

Home Credit releases new in-app feature

Photo: Home Credit Vietnam

Lender's new feature allows loan registration within two minutes.

by Hong Nhung

Consumer finance firm Home Credit Vietnam has recently introduced a new loan registration feature on its mobile app. Customers can now register for new cash loans in just two minutes with simple procedures, and receive money on the same day.

Home Credit now has among the fastest loan registration processes in the market.

After installing the app, new customers can immediately check special loan offers, actively select the demanded amount (from around $427 to $1,710) and apply for a loan in two minutes. For existing customers of Home Credit, who are eligible for appraisal, after the registration step, the approval results will be notified on the app within ten minutes, with loan amounts varying from around $214 to $8,548. 

If customers have registered an e-signature with Home Credit and selected disbursement via their bank account, the approved loan will be transferred in two hours. Other disbursement methods consumers could choose include transferring via the MoMo e-wallet or receiving cash.

Since its official launch in March 2017, the Home Credit app was named the “Most popular consumer finance application in Vietnam” in 2017 and 2018. As at the end of April, the app has nearly 4 million downloads on both iOS and Android platforms.

“As a tech-driven consumer finance company, we are constantly striving to improve our mobile app in order to raise consumers’ experience from fast to instant,” said Mr. Dmitry Mosolov, CEO of Home Credit. “The launch of the online registration feature on the mobile app is a significant step in the full digitalization of Home Credit’s loan processes.”

Consumer finance providers in Vietnam have recently made strategic moves in technological investment to enhance local customers’ experience, especially on mobile platforms. For example, local lender FE CREDIT has employed new technologies to develop its end-to-end digital lending platform $NAP, in January.

$NAP has overcome challenges in the traditional lending model by using OCR and Intelligent Character Recognition (ICR) to verify a customer’s identity and authenticate documents submitted by customers using their phone cameras.

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