OCBC Digital Instant Renovation Loan Qorus Banking Innovation Awards 2021

OCBC Bank's Instant Digital Renovation Loan (IRL) product is the first and the only fully digital solution for renovation loans that can be approved within 60 seconds in Singapore. This is an industry game changer compressing the application process from minimally 1 week to 60 seconds. Currently, the industry processing is largely paper based, requiring submission of identification and income documents and renovation quotations through renovation loan intermediaries. Concept and objectives - we aim to deliver a safe, simple and secure solution to allow consumers to apply for renovation financing and obtain approval in 60 seconds, without needing to submit documents. At the same time, our interior designer partners can refer clients for renovation loans seamlessly and digitally without the need to talk to a bank officer. Sources of inspiration –we were inspired by the F1 racing teams, which can do a pit-stop under 5 seconds: all because of the teamwork and simultaneous checks and tasks concurrently taking place. State of competition - our closest competitor still relies on a chatbot to assist with applications, which remain highly paper-based. The competitor has no automation process in place. Main results - revenue growth of 4 times y-o-y, with gain of market share by a record-breaking 5% and loan book growth of 56% to a 10-year high. Based on credit bureau data, we were the top sales acquiring bank in 2 out of 6 months, and 2nd place for the other 4 months, a significant improvement from 4th place a year ago.