Best Place To Buy Cars Online – Image via destinationksa.com
Best Place To Buy Cars Online – In another move by the bank here to carve out a place for itself in the e-commerce space, United Overseas Bank (UOB) is partnering with Carousell’s online consumer market, as well as seven car dealerships, to offer digital car financing services to consumers.
It comes on the heels of DBS launching a property portal and OCBC has an online site that offers non-banking products and services.
Best Place To Buy Cars Online
In a media release on Monday (July 30th), UOB said that with the collaboration and if consumers take a car loan through a partner, the time required to process the loan application will be cut from the average of three working days to 15 minutes, eliminating the need for manual form filling and refinement of paper documents.
Seven bank partners offer 12 car brands and account for nearly two-thirds of all cars sold in Singapore.
The seven car distributors are Cycle & Carriage Singapore, Inchcape Singapore, Motor Image Company, Performance Premium Selection Limited, Premium Car, Tan Chong Motor Sales and Trans Eurokars.
For car buyers exploring between 10,000 new and used cars registered at Carousell, they will be able to apply for UOB car loans by clicking links once they have chosen the car they want.
For those who buy from one of seven car dealerships, a specially built loan dashboard is integrated into the dealer’s own database. Each dealer can help their customers apply for a car loan from UOB by going into this digital service, the bank said.
The customer name, mobile phone number and identity card number must be entered into the loan application platform. Once the buyer confirms his personal, car, and financial details, UOB will process the application with his consent.
Ms. Jacquelyn Tan, head of the bank’s personal financial services, said: “UOB finances one in four new car sales, so we understand the first hand of our partners in the automotive industry, and our customers, that they have a need for speed when it comes to car finance approvals . ”
Just last week on July 24, the DBS bank launched its e-marketplace property by tying up with EdgeProp and AverSpace property listing platforms, where house hunters and tenants can browse through lists by property owners and agents and make transactions for buying or renting property, or apply for a property loan.
Earlier on July 18, the OCBC bank launched the mumstruly.com platform that sells important baby and maternal products as well as specialty medical services, in partnership with Robinsons, NTUC FairPrice, Singapore Medical Group clinic operators, new doctors everywhere, Doctor Anywhere, StarHub and Great Eastern.
In August last year, DBS was the first bank to launch into e-commerce when it launched its car market – two months after the Monetary Authority of Singapore proposed to allow banks to invest in non-financial businesses, including e-commerce and online shopping portals.
The DBS car portal – which involves links with sgCarMart and Carro – starts with 3,500 direct owners lists that have grown to around 6,000 almost a year from the start.
He also added other product offerings such as car accessories and car insurance last December.
Since its inception, there are approximately 30,000 unique monthly visitors to the site, and has facilitated transactions worth S $ 50 million.
Unlike the DBS car portal, UOB’s latest effort does not have a stand-alone website where users can view the list of cars.
Analysts say that banks are developing their business strategies as they try to improve the way they engage with their customers.
Phillip Securities investment analyst Tin Min Ying notes that the number of online transactions has increased rapidly. “This is a lost opportunity if they are not involved in this,” he said.
Ms. Tin added that this is a way for banks to increase their credit growth because consumers can have easier access to online loan applications.
Mr Greg Unsworth, a digital business leader with PwC Singapore business consultancy, said the bank’s goal is to remain relevant and respond to the growing expectations of their customers to be served in new and better ways. “It is about competing effectively through digital platforms to protect existing revenue base … and potentially expanding existing businesses through new digital business channels.”