Stanbic Bank Botswana has announced the launch of Toro Loan, a digital lending solution which allows personal clients to accept and receive instantaneous disbursements for pre-approved unsecured loans on their internet banking profiles.
BW TechZone caught up Portia Motshegare,Stanbic Bank Botswana's Head of Consumer and High Net Worth Clients and Acting Head of Business and Commercial Banking, to learn more about the product.
What was the main driver behind the decision to launch Toro Loan
Stanbic Bank Botswana continues to deliver innovative solutions and services in line with the Bank’s move to a more digitised future, as banking trends and customer needs demand greater agility and innovation. The main driver behind our Digital Lending capability – the Toro Loan - was to continuously meet the demands customers have placed on us by providing convenient and new innovative solutions.
This works the same way as a traditional lending approach, but with more convenience. Existing Clients of Stanbic Bank with active salary accounts have access to the Toro Loan offer and they can decide if they want to proceed. By selecting their preferred amount within the pre-approved limit range, costs will be calculated, and Ts & Cs shared for signing with a One Time Password (OTP).
Funds are then disbursed into their account within 2 minutes, thus delivering on the fact that dreams are but a click away. It is safe and secure to use, it benefits from the Bank’s investment into state-of-the-art security and privacy protocols and standards. All customer information and data remain safe and protected.
The Toro Loan has radically improved our customer service and set us apart from competitors by fully digitising our unsecured loan end to end process. This is indeed a first to market capability.
What has been the market reception since launch?
The reception from our customers has been great, for they no longer have to go through the hassle of sourcing multiple documents, filling in multiple forms and going to the branch to apply for a personal loan. They simple log into their internet banking at the comfort of their home and accept the offer and funds are disbursed into their accounts immediately. They also have the flexibility to take the amounts they need from their full pre-approved limit to cater for any emergency.
There are currently numerous short term loan offerings in the market. What sets Toro Loan apart?
Toro Loan is fully automated; there is no back-end fulfilment. A customer finds an offer on internet banking and when they accept it, the account is auto-opened and funds are auto-credited within 2 minutes. We utilise concepts such as machine learning to pre-approve clients and we are integrated to credit bureaus. It is safe and secure to use, and all customer information and data remain safe and protected.
Are there going to be any future iterations of the product. If yes, what will they be focused on?
Yes there will be iterations to also offer pre-approved unsecured facilities to small enterprises that bank with Stanbic Bank. Economies and indeed financial services sectors continue to evolve in today’s rapidly changing environment. We will not be left behind, for we continue to innovate for progress and to drive Botswana’s growth, focusing on the customer need and experience, rather than simply developing products. Regular engagement with our customers has revealed more insight into their needs, wants, hopes and aspirations. We are here to work to make those hopes and dreams a reality through innovation and relevance. As we like to say at Stanbic Bank, IT CAN BE.