Standard Bank Namibia has announced the launch of Digital Loan Service, an online platform that will allow customers to access loans from their own comfort, without having to go to the branch.
Standard Bank Head for Marketing, Communication, Sponsorships and CSI Magreth Mengo said the product, which was launched this week, supports low cost solutions for customers, making it seamless and cost effective.
“Internet Banking specifically addresses the issue of long queues and paper work, our customers will no longer need to visit the branch to obtain a pre-approved loan, they can simply disburse it online with a few clicks, reducing the amount of physical paperwork,” she said.
Quizzed on the cost implication of the service, she said “the pre-approved digital loan application is free, however, it will attract a monthly fee. But customers save travelling costs, time spent in queues and the waiting time to get an approval”.
She said the bank’s customers would immediately be able to gain access to their funds on Internet Banking.
“The loan is pre-approved, therefore making the process more efficient. All loans are approved based on our normal terms and conditions of granting credit,” Mengo said.
She said the bank has ensured that all customers’ data is encrypted end to end through the whole process.
“Security is our priority and we ensure our customers’ data is safe! All transactions, including the loan is disbursed with a two factor authentication process via SMS or email OTP,” the Standard Bank Head for Marketing, Communication, Sponsorships and CSI said.
Mengo said the bank will continue to introduce more innovative products to bring more convenience to its clients.
“We are repurposing all our products and services by placing the client at the centre of what we do. Therefore, there are many more scalable, innovative solutions coming to our clients soon,” she said.
