CTOS Data Systems Sdn Bhd announced that it had been awarded a 5-year contract worth RM14 million by Alliance Bank Malaysia Berhad to upgrade its Retail Loan Origination System bundled with Credit Transformation project.
This will involve digital innovation and automation to enhance existing processes and transform credit decisions as part of the implementation thus enabling the bank to provide fast, convenient and personalised services to customers.
“Our extensive data analytics and cutting-edge solutions enable us to provide added value to our clients, such as Alliance Bank, by not only accelerating growth but also enhancing and expanding decision-making capabilities,” explained Erick Hamburger, Group CEO of CTOS Digital Berhad.
The Credit Transformation project will allow Alliance Bank to increase loan approval performance as well as to evaluate the ‘unbanked’ and ‘underbanked’ segment; consumers whose traditional credit history is so limited that they do not have credit scores and easy access to credit. Reaching this untapped market will give Alliance Bank a head-start in the proposed expansion of its consumer banking segment to target the HENRY segment (High Earners Not Rich Yet).
The new loan origination system will be built on a platform from JurisTech, the fintech company that CTOS acquired a 49% stake of in 2022. JurisTech is a Fintech enabler that specialises in bringing about digital transformation for banks. This new loan origination system will also be embedded with CTOS solutions such as CTOS Application and Decisioning, CTOS eKYC and CTOS Score, with the project scheduled to be completed within two years.
