Wing Bank says the adoption of Artificial Intelligence will speed up loan approvals while plans to expand branches across Cambodia will serve customers who prefer to discuss their borrowing needs in person.
Wing has been operating in Cambodia for more than 13 years and now clocks up millions of transactions every month on its digital network. It plans to combine the data with reports from the Credit Bureau of Cambodia to build up a full credit history of its customers, use AI to judge their creditworthiness and bankability and give them a decision within 10 minutes.
“Wing Bank has determined to use cutting-edge data analytics, Machine Learning, and AI technology to help remove the friction that makes access to finance difficult for deserving borrowers in the market,” said Chief Executive Officer Han Peng Kwang, adding: “The result is a customer may not have to wait for days and weeks before knowing if his or her loan application is approved or declined.”
Wing Bank has already started piloting unsecured loan decisioning based on certain conditions and offers unsecured loans to Women Micro Small and Medium-sized Enterprises that have difficulty getting access to funds to grow their businesses due to lack of collateral.
Customers who are not eligible for Wing’s Quick Loans or Quick Cash Advance can use the bank’s other services to build up their credit profile.
“Any Wing Bank customer who uses Wing Bank Payroll services will automatically be able to take Quick Cash Advances or Loans either through Wing Bank branches or Partners using the Wing App. This will help many segments of the working class in Cambodia, so they don’t fall prey to loan sharks during emergencies or crises,” Han said.
Despite its digital presence Wing Bank opened its first branch in Phnom Penh last month. Han said Wing sees itself as a commercial bank like any other operating in Cambodia and wants to offer the same options to its customers. While other banks adopt more app-based and online offerings, he told Khmer Times that Wing is planning to open more physical branches.
“While our large Wing Ecosystem already allows a Wing Bank customer to live a 100 percent digital life, we understand that some customers still prefer to visit a physical branch to perform their banking transactions and/or get financial advice from the bank employees,” he said.
“Therefore, we will be opening an adequate number of branches across the country to meet the needs of the customers that prefer to bank with a human being rather than digital. Wing Bank wants to be the bank for every Cambodian and hence will be offering 100 percent banking services and solutions – digital as well as physical – for every Cambodian.”
Wing Bank plans to open at least one branch in every province over the next three years and add more branches at “strategic locations” in Phnom Penh, Han said.
This article was first published in Khmer Times. All contents and images are copyright to their respective owners and sources.