myTukar Sdn Bhd, a digital used car platform has integrated the CTOS Application and Decisioning Solution (CAD) into it’s digital platform for increased efficiency in customers’ loan approvals.
In a media release, the company says this makes it the first company from the automotive industry to roll out the digital solution.
CAD helps corporations make credit decisions efficiently and accurately via automated analytics and insights.
“This will prove to be a large step in the right direction for myTukar, given it is currently building a financially inclusive used car financing system that rides on AI-driven lending metrics. This enables businesses to speed up credit application approvals at point of sales to drive exceptional customer experience, freeing businesses to concentrate on what matters – the personal touch of human interactions. Ultimately, this improves business turnaround time whilst maintaining a personal touch for customers who value it,” the statement says.
Jeffrey Ong, CEO of myTukar says the collaboration with CTOS is at the height of the company’s business expansion. “The scalable and customisable nature of CAD allows us to make strategic decisions on automating the process versus personalised one-to-one customer service. We have seen immediate improvements to both business processes and performance using the new system in testing.
“The system provides access to superior data which can help us make better decisions instantly. This will shorten our processes which traditionally take two to three days to only 24 hours, which has become an expectation by customers in today’s fast-paced digital world.”
Eric Chin, CEO of CTOS Data Systems says CAD will help myTukar speed up the application process and make accurate decisions faster to acquire new customers. It will also help improve overall customer experience by allowing immediate credit decisions at point of sales.
“The Partnership with myTukar is our first venture into the automotive industry, after successful deployments in various other business verticals including telco and financial services such as P2P, credit & leasing, stock broking, wealth management and fintech space. CTOS will continue to support our partners in rolling out cutting-edge, tailored digital solutions to help them make better credit decisions instantly to meet customers’ needs,” adds Eric.
myTukar has rolled out the first phase of the application integration in May, with plans to accelerate its implementation in the coming months. The solution is expected to benefit all myTukar customers as a value-added service in their loan processing.
