Malaysia’s RHB Bank Berhad, the country’s fourth largest fully integrated financial services group, has teamed with financial product comparison site, RinggitPlus, to launch the region’s “first” ‘ChatBot’ – a real-time messenger platform to facilitate personal loan applications.

The ChatBot facility, a first for Southeast Asia, will allow customers to apply for personal loans at any time of the day via the RinggitPlus website, obtaining eligibility confirmation via SMS within a day. To speed the process, the platform will also auto-populate information provided by consumers.

Nazri Othman, acting head of retail banking, RHB Banking Group, said consumers will be able to apply for their loan “anywhere and everywhere without the hassle of completing and submitting forms at the initial stage of application”. 

“Through ChatBot, consumers can enjoy a simple, fast and seamless digital banking experience that resonates with their lifestyles,” Othman said.

ChatBot embraces technology that enables RinggitPlus.com and RHB to offer “conditional approval” on preliminary applications, allowing consumers to confirm whether they are eligible for a loan promptly without needing to submit a full application. Support functions will also allow users to seek assistance or speak to a customer service personnel by informing the ChatBot.

Once approved for their loan, customers will be able to visit any one of 35 RHB Sales Centres or 23 Sales Hubs nominated during the application process to collect their loan. Loan amounts range from RM2,000 to RM15,000 on a two- to five-year tenure.

Following the ChatBot’s introduction, Nazri said the bank expects to increase its disbursements by 67 per cent, or MYR5 million, per month. By year’s end, RHB will aim to grow these disbursements by 60 per cent to MYR 60 million ($14.2 million).