Singapore bank aims to speed up car financing via online marketplace
United Overseas Bank (UOB) is offering an online financing service via e-marketplace Carousell, with the aim to speed up the application process for car loans.
Available to car buyers at seven dealerships, the Singapore bank said the new service would bypass the need for manual form-filling and slash the average processing time from three days to 15 minutes.
Citing its own research, UOB said the primary pain point in the car-buying process was the time and paperwork needed for a sales agent and customer to complete a car loan application.
The bank said its new online service would require car dealers to input just three information from the customer: name, mobile number, and national identification number. Car buyers would have to log in using their e-citizen account, SingPass, and confirm their personal, car, and financing details.
The new service is powered by UOB's credit processing engine and is integrated with credit reference agency Credit Bureau Singapore, as well as the Singapore government's autofill form system MyInfo. This allows application forms to be filled out automatically, with the customer's consent to pull their personal details from MyInfo.
The new service is offered on classifieds site Carousell and at seven dealerships, including Cycle & Carriage Singapore, Tan Chong Motor, and Motor Image Enterprises, which collectively sell 11 car brands--including Toyota, Audi, and Subaru--and account for two-thirds of cars sold in the city-state.
Noting that the bank financed one in four new car sales in Singapore, UOB's head of personal financial services Jacquelyn Tan said: "We understand first-hand from our partners in the automotive industry and our customers that they have a need for speed when it comes to car financing approvals. We have brought together Singapore's largest car ecosystem, including online and brick-and-mortar car dealerships, to design a simpler, smarter and speedier route for car sales agents to help customers apply for loans."
Loan applicants who enter their details via Carousell will receive a call from their car dealer confirming the sale, once UOB has approved the application. Alternatively, they can submit their loan application via the dealership's online system.
The seven dealerships also can access a customised loan dashboard, integrated with each dealership's database comprising its car models and brands, and view the status of their customers' loan application.