Combining digital innovation to improve lending efficiency; Taipei Fubon Bank sole winner of two top rankings among private banks in process digitalization of government and citizen-led bailouts
Given the worldwide spread of COVID infections and the goal to help citizens and companies amid the impact, Taipei Fubon Bank has given serious consideration to the Taiwanese government’s bailout policy. It has combined financial services with digital technology to create innovative applications for the implementation and promotion of bailout plans and packages. Taipei Fubon Bank was the sole domestic private bank to score a double top ranking in the Financial Supervisory Commission’s (FSC) phase-2 bailout efficiency evaluation.
To encourage banks to offer bailout loans, the FSC announced incentives to quicken their processing of such loans, and finished the phase-2 efficiency evaluation by the end of December. Riding on its strength in innovation, Taipei Fubon Bank is utilizing fintech (big data, AI, etc.) to engage in bailout lending. In both government-led and citizen-led bailouts, the digitalization rate has exceeded 99%, making Taipei Fubon Bank a champion in the weight of digitalized cases in the total number of bailout cases at both the government and citizen levels.
According to Taipei Fubon Bank, the program allows both citizens and companies to apply for loans at any time, freeing them from the limits of time and space. Taipei Fubon Bank’s online platform is convenient and easy to use, allowing direct access to loan applications through its website, mobile bank, and digital customer service platforms. People can also apply offline by scanning the QR code displayed at Taipei Fubon Bank locations and cooperating firms. Taipei Fubon Bank’s online platform offers an easy and simple way to fill in required information and quickly apply for a bailout loan.
In addition to using technology to improve the convenience of loan applications, Taipei Fubon Bank has incorporated mobile credit investigation and AI appropriation—an exclusive invention of its “Smart Financing”—into the bailout lending process. It has created a mechanism whereby procedures such as application, credit investigation, and appropriation are closely connected. Coupled with the simplification of internal processes and the integration of information systems, the loan application lead time can be shortened by 3~7 days, helping companies impacted by COVID to receive a bailout as quickly as possible.
In addition, Taipei Fubon Bank uses big data to analyze those companies who have been most affected by the pandemic to build them exclusive financing models, as well as offer them active advisory services. This allows us to serve them more effectively in a time of need.
Taipei Fubon Bank responded quickly to the arrival of the pandemic with its implementation of infection prevention measures in early 2020. This was done to protect the health of both our customers and employees. The bank has fully supported the Taiwan government’s bailout policies, using innovative technologies to help those in financial difficulty, which is why it was granted the award of “2020 Outstanding Crisis Leadership Healthcare” by the internationally-renowned financial magazine Global Finance. As the world continues to suffer from the pandemic, Taipei Fubon Bank will continue to use its financial influence and social responsibility to support government efforts to revitalize Taiwan’s economy in a timely manner.