PNB Savings Bank, a wholly owned subsidiary and the consumer arm of Philippine National Bank (PNB), together with Voyager Innovations, the digital innovations arm of PLDT and Smart, recently launched the Smart Salary Loan service to enable quick and convenient loan application and approvals via any mobile device.
In photo are (from left) Manuel V. Pangilinan, PLDT-Smart Chairman, President and CEO; Orlando B. Vea, Voyager Innovations President and CEO; Joven Hernandez, PNB Savings Bank President; Flor Tarriela, PNB Chairman; and Lito M. Villanueva, Managing Director for FINTQ at Voyager Innovations.
Through Lendr (www.lendr.com.ph), PNB Savings Bank will initially be offering its Smart Salary Loan product to qualified employees of the Lucio Tan Group of Companies, one of the largest and most diverse conglomerates in the country.
Lendr, the digital lending platform of Voyager’s financial technology arm FINTQ, provides a convenient and hassle-free mobile-enabled system that allows employees to apply for a loan and get quick approvals through any digital device, anytime, anywhere.
“With Lendr, this digital innovation will show PNB’s expertise in customer-focused loan products made for every Filipino here and abroad. This is PNB’s digital transformation – for our customers to be capable in the present and ready for the future,” said Flor Tarriela, PNB Chairman.
“It is time to start our people and our financial institutions on their digital journey. And we, at PLDT, as part of the country’s leading institutions, are partners in bringing the best of this era to all of them. Some of those include convenience, efficiency, empowerment, and inclusiveness through mobile technology and the payment systems that we’re enabling as well,” said Manuel V. Pangilinan, PLDT and Smart Chairman, President and CEO.
Convenient loan applications
Some of the companies participating in the program include PNB, Philippine Airlines, Asia Brewery Inc., Tanduay, Lufthansa Technik Philippines, ETON, among others.
By bringing salary loan applications to the digital space, Lendr will save employees the trouble of having to fill up long forms, filing several requirements, and lining up for long hours at the bank. In just a few short steps, employees may get the loan when they need it the most.
Employees need to register for a Lendr account, fill up basic information and upload an image of their requirements in order to apply for a Smart Salary Loan. Once approved, they will be notified via text message of the loan’s availability which they may track and manage.
By bringing salary loan applications to the digital space, Lendr will save employees the trouble of having to fill up long forms, filing several requirements, and lining up for long hours at the bank just to get a loan when they need it the most.
Employees only need to click on the special link they will receive via a text message, register for a Lendr account, fill up basic information and upload their documentary requirements in order to apply for a Smart Salary Loan. Once approved, they will be notified via text message of the loan’s availability. Theywill be able to track and manage their monthly repayments via Lendr as well.
The new digital lending facility through Lendr is in line with the thrust of PNB Savings Bank, as well as its parent company PNB, to become an innovation leader in the financial services space as it celebrates 100 years of banking leadership this year.
“This is PNB Savings Bank creating value and enriching lives, helping employees grow as individuals, families, and communities, and making their dreams possible through an easy-to-use digital salary loan application system that is open 24/7,” said Joven Hernandez, PNB Savings Bank President.
“Lendr turns every mobile phone in the pockets of employees into a virtual PNB Savings Bank branch, allowing them to apply for loans in times of urgent needs. In this digital age, speed and convenience are the key to winning customer delight, and we are glad that PNB Savings Bank has taken the first steps toward this digital transformation,” added Orlando B. Vea, Voyager Innovations President and CEO.
Fintech collaborations in industry
This latest collaboration with PNB Savings Bank is the best example of “finbiosis,” or the mutually beneficial relationship between banking institutions and financial technology upstarts, according to Lito M. Villanueva, Managing Director at FINTQ.
“Consumers continue to disrupt the way many companies operate, banks included, as they demand speed and convenience at the tap of their digital screens. We are glad that PNB Savings Bank has taken an open framework approach to addressing this sea change in the consumer landscape by partnering with FINTQ to bring such propositions to life,” Villanueva said.
“The National Retails Payments System envisions a robust and interoperable payment system that enables efficient and cost effective digital transactions. Lendr is an initiative that supports this vision by providing a platform for people to link with their financial providers in a convenient manner regardless of time and location,” said Bangko Sentral ng Pilipinas Deputy Governor Nestor Espenilla, Jr.
FINTQ’s digital lending platforms have extended the reach of partner financial institutions, leveraging on mobile devices as the pervasive customer touchpoint. Based on data from ongoing digital lending programs running on FINTQ platforms, mobile has allowed almost 50 percent of borrowers to lodge their loan applications outside office hours, and extended the reach of banks to remote cities and municipalities nationwide.
FINTQ is the financial technology arm of Voyager Innovations. Aside from fintech, some of the areas of Voyager’s focus in creating platforms and services for emerging markets include digital financial services, digital payments, digital commerce, sponsored internet access, communications technology, and digital marketing.
