Alwin Goh
Singapore — (19 May 2020) — Staying ahead of the digital economy, we at Crawfort, the consumer loan subsidiary of Capital C Corporation, have incorporated digitalisation strategy to introduce a new loan platform with an improved user interface and experience on our website, alongside a new brand name and logo.
In line with our goal of paving the way towards digital lending, this transformation will make a significant impact on the financial service industry, as we aim to reshape how loans work.
Loan Approval Within 8 Minutes
Previously, our customers needed to visit our physical location to apply for a personal loan. But with the new loan platform, they can now submit their loan applications anytime and anywhere, via the refreshed crawfort.com, and get their loan approved in as fast as 8 minutes. Our customers will only need to drop by the outlet after the loan is approved, for a face-to-face verification during loan collection.
This marks a major improvement from the traditional loan application process in the financial service industry especially with licensed moneylender, which usually takes days or weeks to get loans approved.
Before this, our loan process was significantly longer. Waiting time at our outlet could go up to 30 to 40 minutes, as the loan application had to go through different levels of manual processing before approval. In addition, applications and approval were previously restricted to our operating hours.
With our new loan platform, our customers can now apply for a loan 24/7 online, and simply drop by the outlet to verify and collect the loan at their convenience.
Prioritising customer experience, customer support will still be available at our outlet for our customers who may need some help in onboarding this platform.
Leveraging On Technology
Our new loan platform, integrated with MyInfo, will allow our customers to simply log in with their SingPass to pre-fill their information, hence reducing the time and effort required for manual inputs. This will greatly increase the efficiency of loan applications, as accurate information can be quickly retrieved from multiple government agencies and inserted accordingly, eliminating possible human error and need to scramble for information.
On the other hand, the highly efficient and fully automated loan approval process is made possible by utilising our proprietary algorithmic formulas in advanced predictive scoring credit methodologies applied on comprehensive data set comprising of:
- Information submitted by our customers via the platform,
- Real-time data points from credit bureaus,
- And historical in-house data collated over the years.
Introducing Crawfort Finance
As part of the relaunch, we will also have a new logo and a new brand name — Crawfort Finance. An integration of the digital loan process at our outlet is also underway, bringing a seamless experience to our customers online and offline.
As Crawfort Finance, we will focus on continuous innovations in technology, aiming to advance financial inclusion for under-served communities.
This extends further as our group may look to diversify in the future, and offer more financial services such as business loans, auto loans, and merchant line of credit; bringing better offerings, and greater convenience to our customers moving forward.
The relaunch also sees Crawfort Finance utilising a bright, vibrant, and friendly colour palette, illustrating our group’s progressive and forward-thinking vision of digital lending, with priority on serving great customer experiences.
In Closing
Despite the circuit breaker and work-from-home arrangements, our team has been working hard to launch the loan platform on schedule, aiming to bring greater convenience to our customers promptly.
The digital transformation enables us to continue empowering and serving the underserved, especially during this difficult time. In view of the current safe-distancing measures brought by the COVID-19 outbreak, a digitalised lending platform is a great solution leading the way forward, further affirming the intent of our digitalisation journey.
As our group sets sights on regional expansion to Southeast Asian countries, the goal towards digital lending will allow our customers, both local and abroad, quicker and easier access to funds.
Jeames Cheow, Chief Executive Officer of Capital C Corporation, said, “We’re excited with the possibilities that digitalisation can bring to enhance our loan process. We hope that it will allow more customers in Singapore, and eventually in other Southeast Asian countries as well, to receive real-time updates on their loan applications with an intuitive and transparent system.”
