FE CREDIT has won “Consumer Finance Product of the Year” in Vietnam at the Asian Banker Vietnam Country Awards for its innovative Consumer Durables Loan (CDL) product.
At the award ceremony held in conjunction with the Future of Finance in Hanoi on January 10, Foo Boon Ping, managing editor of the Asian Banker, said, “FE CREDIT is the first finance company in the market to launch a 100 percent digital lending process to ensure a fast and easy application process.”
It enables customers to apply for loans and purchase desired digital devices or household appliances online without having to go to a physical outlet or point of sale to submit the required documents. The firm also allows customers to choose to shop and get an instant loan approval and request next-day home delivery, Ping added.
FE CREDIT has applied Optical Character Recognition (OCR) and Intelligent Character Recognition technologies to give its customers a frictionless experience. The system uses OCR to read customer information from documents such as ID cards or driving licenses and fill in the corresponding fields in the loan application, eliminating the need for customers to fill in the information. This helps shorten the duration of application by up to 70 percent, from 10 minutes to only three minutes.
The Asian Banker Awards Programme refereed by prominent global bankers, IT consultants and academics, is the most prestigious of its kind in Vietnam. Recipients of these awards are honoured at a gala event that recognises their efforts in bringing superior products and services to their customers. A stringent and comprehensive evaluation process determines the awardees.
“FE CREDIT has employed new technologies requiring no human intervention, end-to-end completely digital, to help us deliver a superior experience to our customers. Receiving this award reinforces our continued commitment towards helping millions of Vietnamese people to improve their living and lifestyle through our fast and easy credit,” said Kalidas Ghose, CEO and vice Chair of FE CREDIT.
Pioneering in consumer finance, FE CREDIT has established a solid foundation to become the market leader of the unsecured consumer lending market. FE CREDIT currently provides consumer lending services such as personal loans, two-wheeler loans, consumer durable loans, credit cards and bancassurance.
FE CREDIT has served almost 10 million customers, cooperating with over 8,500 partners across more than 12,200 Points of Sales nationwide.
FE CREDIT was established in 2010 as the consumer finance division of Vietnam Prosperity Commercial Bank (VP Bank). In 2013, FE CREDIT launched the innovative CDL, an unsecured loan offered to customers for the purchase of digital devices and household appliances like mobile phones, laptops, washing machines, refrigerators, air conditioners, televisions and microwaves of popular brands, such as Samsung and Oppo.
