Security Bank’s Auto Loan “VIP Lane” has been named Best Customer Centric Business Model at The Digital Banker’s Global Retail Banking Innovation Awards 2024.
The initiative offers high-performing dealer and broker referrers with dedicated and expedited service.
By implementing unique identifiers and ensuring expedited processing times, the VIP Lane program not only optimizes the loan application process but also drives better business outcomes and sets new standards in customer service. As a result, dealerships and brokers can close deals more quickly, granting customers timely access to the funding they need.
Since its launch, this initiative has reduced loan approval time, streamlined lending, and improved customer experience, leading to more referrals and an expanded customer base for the Bank.
“We’re honored to receive this award from The Digital Banker. Our Auto Loan VIP Lane is living proof of our deep commitment to customer-centricity. By prioritizing the needs of our top brokers and dealers, we’ve been able to enhance the overall customer experience and set new standards in the industry,” Rahul Rasal, EVP and Retail Banking Segment Head at Security Bank, said.
The bank offers auto loans through its branch network, dealer and broker partners, and online platforms.
Customers can borrow up to 80-90 percent of the vehicle’s price with flexible tenures, ranging from 12 to 60 months. The loan features competitive interest rates, a required down payment of 15-20 percent, and comprehensive insurance.
The Digital Banker’s judging panel highlighted Security Bank’s dedication to innovation and customer-centricity, noting that the VIP Lane initiative has revitalized the loan application process and made auto loans more accessible and convenient for customers. The award was presented at a gala dinner held at the Sofitel Singapore City Centre on October 24, 2024. The event brought together global banking leaders to celebrate excellence in retail banking innovation.
