MANILA, Philippines – The thrift banking unit of taipan Lucio Tan launched yesterday the country’s first digital and mobile lending facility for Social Security System (SSS) pensioners in partnership with Philippine Long Distance Telephone Co. (PLDT).
The new facility launched by PNB Savings Bank is powered by a platform called Lendr, developed by PLDT and the digital innovations unit Voyager Innovations of Smart Communications Inc.
PNB Savings Bank president and chief executive officer Joven Hernandez said clients of the bank and Philippine National Bank who are also pensioners of SSS could utilize the new facility to apply for loans anytime, anywhere, using only their mobile phones or laptop devices.
“It has always been our thrust to put our customers first, and enabling our pensioners to take out a loan through Lendr echoes our commitment to making things simple and hassle-free for them,” Hernandez said.
For his part, Voyager Innovations president and chief executive officer Orlando Vea said the benefits of FINTQ’s digital platforms like Lendr are best reaped by hitherto-marginalized segments like pensioners who don’t have access to financial services via traditional means.
“Because Lendr can be accessed by anyone at any time and wherever they may be, pensioner-clients of PNB and PNB Savings Bank no longer have to leave their homes in order to apply for a loan. All they need is an Internet connection,” Vea added.
By making SSS pension loans available via mobile and online applications, PNB and PNB Savings Bank are making the process convenient and hassle-free for its pensioner-clientele, most of whom may have difficulty reaching traditional bank networks.
SSS Pensioners with accounts at PNB and PNB Savings Bank are encouraged to proceed to their branch of account and update their personal information in order to receive timely updates regarding the service.
Lito Villanueva, president and chief executive officer at FINTQ, said Lendr was designed to be very user-friendly across various demographics and accessible from a wide range of devices, offering the convenience of quick and hassle-free loans applications to customers.
“We are encouraged by efforts of banks like PNB and PNB Savings Bank that are taking these first steps in digitally-enabling their customers in order to serve them better.”
To date, a total of 25 banks and financial institutions have partnered with Lendr. These include China Bank Savings for auto loans and PNB Savings Bank for SSS pension loans.
It has also partnered with Bank of Makati, Cebuana Lhuillier Rural Bank, Luzon Development Bank, Philippine Business Bank, Producers Bank, Rural Bank of Camalig, Sun Savings Bank, and UCPB Savings Bank to significantly expand the reach of their financial products and provide convenient, hassle-free loans application to their customers include.