United Overseas Bank (UOB) has partnered with seven car dealerships and Carousell, to launch a car ecosystem to provide fully-digital financial solutions for car buyers.
The seven car dealerships include Cycle & Carriage Singapore, Inchcape Singapore, Motor Image Enterprises, Performance Premium Selection Limited, Premium Automobiles, Tan Chong Motor Sales and Trans Eurokars.
As part of the digital service, UOB has also custom-built a "loan dashboard" for each participating partner, which is integrated into the solution each dealership’s own database of car makes and models. This allows dealers to see the status of all their customer's UON car loan applications, as well as the listing of the car makes and models, once logged in to UOB’s digital service. This information looks to help automate the loan application process.
According to the bank, the launch of the ecosystem comes from the insight that a major pain point in buying cars comes from the amount of paperwork and time it takes for a salesperson and customer to complete a car loan application.
For consumers, the new ecosystem will remove the need for manual form filling, the furnishing of paper documents and long processing times, as well as cut down the process from three working days to 15 minutes. With the ecosystem, a car dealer would only require a customer's name, mobile number and NRIC number, and the customer's consent before the application for the loan is processed. Similarly, a buyer can apply for their loans through Carousell using the ‘Apply for UOB Car Loan’ link to enter their details once they have chosen their car.
Jacquelyn Tan, head of personal financial services Singapore, UOB, said, "UOB finances one in four new car sales so we understand first-hand from our partners in the automotive industry, and our customers, that they have a need for speed when it comes to car financing approvals.”