Samsung Finance+ Loans Qorus-Infosys Finacle Banking Innovation Awards 2024

Samsung Finance+ product is the first entry of Unionbank of the Philippines into the BNPL (Buy Now Pay Later) market exclusively with Samsung by offering an instant gadget loan with a fully-digital customer journey from loan application, underwriting, loan disbursement and payment.

As majority of the market is uncarded, it is difficult for consumers to gain access to Bank loans. By enhancing the current credit decisioning tools of the Bank to infuse Telco scores, UnionBank is able to expand its offer to this wider segment and make it easier for consumers to purchase Samsung gadgets using an instant credit line. Using Samsung’s app in their store branches, the customer simply keys in basic personal information with their valid ID, then chooses the gadget. This application is integrated with UnionBank’s eKYC, loan credit scoring, and underwriting process, creating a fully digital customer journey that provides a loan approval for instant gadget purchase. And to safeguard the Bank from delinquencies, an auto lock feature is embedded in the purchased gadget which automatically locks out the device once the customer is unable to make his/her monthly amortization payment. With the success of this initiative, UnionBank will be able to expand the offer to similar merchants to increase its market share in the BNPL race.