UOB Malaysia wins fintech award for banking in the Malaysia Technology Excellence Awards
This is for the Intelligent Mortgage Calculators which is the first of its kind in Malaysia.
Demand for the local property market accelerated globally during the pandemic, Malaysia was no exception.
Opportunities mainly arose from new trends such as the shift to work from home and the continuing demand for spaces such as commercial, logistics, and industrial properties.
Consumer sentiment shows other factors such as value for money, functionality, and quality are also in play.
UOB Malaysia took all these into consideration and came up with a revolutionary tool called the Intelligent Mortgage Calculators.
The main idea is to provide property buyers with the needed information required to effectively evaluate property financing options and a calculator that is able to show them how to own a property faster and at a lower cost.
This was designed primarily for home buyers and refinancers. With the tool, customers can explore and learn how to own a property faster and at a lower cost, and to make sound decision. Other highlighted features include showing home buyers the possible interest payment savings and loan tenure reduction through different repayment modes convenient to them.
Illustrations are also integrated into the calculator to aid customers in managing their mortgage through weekly and fortnightly repayment. They may also make extra payments regularly to reduce interest payments and lessen their loan tenure.
UOB Malaysia also ensured that the tool is easily accessible so users can benefit from it and save on interest payments.
Due to the innovation of this tool, the Bank was given the Fintech – Banking award in the recently concluded Malaysia Technology Excellence Awards hosted by Singapore Business Review.
The annual awards programme recognises exceptional companies who are riding the disruption wave and are leading the technological revolution and digital journeys of their respective industries to boost Malaysia’s fast-growing economy.
According to UOB Malaysia, within a short time after the Intelligent Mortgage Calculator was launched online and over social media, the Bank saw a significant increase in loan application submissions as compared to enquiries received via its website.
The submissions received between the months of September and November 2021 were 17x more than web enquiries received. It also allows customers to enjoy monthly low repayments to optimise cash flow when refinancing with UOB Malaysia.
In granting the award, the judging panel considered how the different features of the tool helped customers compare the key benefits in availing of lump-sum repayments, loan tenure reductions, and interest payment savings.
The overall effect was that customers were assisted in making sound decisions with regard to owning property.
UOB Malaysia said that it has attracted tech-savvy customers, especially those who are interested in understanding the specifics of their mortgage.
Particularly, the Mortgage Specialist Financial Advisory Tools have allowed customers to see how they can use their spare cash to save on loan interest payments.
Similarly, the mortgage calculator has also helped UOB Malaysia’s sales staff in reaching out to customers in a more effective way.
The current property buying landscape enabled the Bank to make this innovative tool. Hailed to be the first of its kind in the country, UOB Malaysia is committed to making banking simple and smarter for its customers.