SB FINANCE Co., Inc., the joint venture consumer lending firm of Security Bank Corp. and Thailand’s Bank of Ayudhya (Krungsri), launched a new loan app on Tuesday.

The mobile app called Zuki offers personal and vehicle loans as well as an installment product. The app was created as consumer behavior was altered due to the pandemic, which sped up lenders’ digital transformation, SB Finance President and Chief Executive Officer Abigail M. Casanova said at the virtual launch event.

“The way we’ve designed it is by using the language of our customers. We don’t use a lot of technical terms, and understand what the customer needs. We want to be financial advisors to our customers, and not just a company shoving a product down their throats,” SB Finance Head of Consumer Finance Sales and Distribution Michael Albert R. Rallonza said.

SB Finance is confident of its borrowers’ capacity to pay their due loans, Ms. Casanova said.

“The last quarter of 2021 we have seen improvement, due to higher mobility of the people… Most of our borrowers are people who have jobs. That is one indicator to say that people now have the confidence to repay what they borrow,” she said.

The app currently offers four loan products. Clients do not need to have accounts with Security Bank Corp., SB Finance’s parent lender, to use to app.

Zuki offers personal loans of between P200,000 up to P2 million, payable within 48 months. No postdated checks are required.

Meanwhile, Hooloogan gives customers a P200,000 credit line payable in installment terms within 48 months.

On the other hand, MotorsikLOAN is for those looking to purchase motorcycles for business and personal use. Customers can arrange the release of the motorcycle unit from the app itself, SB Finance Auto Finance Sales Distribution Head Lovely Nenette Galang said.

“Currently, we have 156 dealer partners, and they are located nationwide… This year, we are targeting 600 dealer partners,” Ms. Galang added.

Lastly, Car4Cash allows car owners to submit the original copy of their Official Receipt and Certificate of Registration to get a loan of up to P2 million.

Zuki has a cybersecurity framework compliant with local laws to ensure protection of customer data, SB Finance Chief Information Officer Jericho Catu said.

“We have set up one of the top antivirus and anti-malware providers and next-level firewall,” Mr. Catu added.

He said that they plan to expand and improve the services provided on Zuki, noting there are “already items in the pipeline.”

SB Finance’s parent Security Bank saw its net profit decline by 7.2% in 2021 to P6.9 billion as net interest income fell and expenses rose, while loan loss provisions narrowed sharply.

The listed lender’s shares went down by P1.60 or 1.51% to close at P104.10 each on Tuesday. — T.J. Tomas