The Market Monitor Minding the Nation's Business
PNB Savings Bank has launched the country’s first digital and mobile-lending facility, targeted at pensioners of the government’s Social Security System (SSS) and powered by a platform called Lendr, which was developed by PLDT digital innovations unit Voyager Innovations.
SSS pensioners with accounts at the Philippine National Bank and PNB Savings Bank can use the new facility to apply for loans anytime and anywhere using only their mobile phones or laptops.
“It has always been our thrust to put our customers first, and enabling our pensioners to take out a loan through Lendr echoes our commitment to making things simple and hassle-free for them,” said Joven Hernandez, president and CEO of PNB Savings Bank.
“The benefits of FINTQ’s digital platforms like Lendr are best reaped by hitherto-marginalized segments like pensioners who don’t have access to financial services via traditional means. Because Lendr can be accessed by anyone at any time and wherever they may be, pensioner-clients of PNB and PNB Savings Bank no longer have to leave their homes in order to apply for a loan. All they need is an Internet connection,” said Orlando B. Vea, president and CEO of Voyager Innovations.
By making SSS pension loans available via mobile and online applications, PNB and PNB Savings Bank are making the process convenient and hassle-free for its pensioner-clientele, most of whom may have difficulty reaching traditional bank networks.
“We have designed Lendr to be very user-friendly across various demographics and accessible from a wide range of devices, offering the convenience of quick and hassle-free loans applications to customers,” said Lito Villanueva, president and CEO at FINTQ, the financial technology unit of Voyager Innovations.
“We are encouraged by efforts of banks like PNB and PNB Savings Bank that are taking these first steps in digitally-enabling their customers in order to serve them better,” he added.
SSS pensioners with accounts at PNB and PNB Savings Bank should update their personal information o receive timely updates regarding the service.
Lendr is expected to further enable banks with their digital transformation, allowing them to reach customers beyond the traditional brick-and-mortar banking establishments. Previously, the digital platform has made available auto loans from China Bank Savings to be availed by interested users online, with more bank partners to be onboarded soon.
Its launch came as consumers across all life stages and income groups have become more digital-savvy. Moreover, consumer lending in the Philippines continues to grow, posting a 19.3-percent increase in the second quarter of 2015 to reach P959.18 billion worth of loans disbursed during the period.
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