What is On Demand Banking?
Today our needs are defined in seconds and minutes. Uber, Grab and travel reservation apps have set the benchmark for the acceptance of such on demand services. We want our taxi to arrive in minutes or a pizza delivered within the benchmarked 30 minutes. We can today is because the Internet has evolved to be more efficient with more affordable mobile devices. With improvement in logistics delivery too, fresh groceries is now delivered to your doorstep.
Banking is also moving to this on demand service field as borrowers expect faster dealing, with minimum fuss-free action on their part, to reach directly to financial institutions. ALF is the world’s first on demand banking platform that matches and connects borrowers with nearby bankers instantaneously. You can now hail a banker who will service your banking needs! This bypasses the traditional way of sifting through websites, reaching a branch or calling to a nameless call centre.
Why is ALF Beneficial for a Borrower’s Banking Needs?
The leapfrog for on demand services is attributed to the growth of more powerful and affordable smartphones in the past few years. Combined this with escalating traffic and urban living stress, such on demand services will be needed more than ever. For any working adults in their typical life stages, they will need a vehicle, property or maybe personal financing in due course.
Some of your borrowing decisions are made beyond banking hours. It can be after dinner, during a chat with your spouse, for a new home. Or sitting in a café flipping through your dream car brochure.
On demand banking services help ease the burden of looking for bankers beyond time and location. It is an ultra-convenient method to reach bankers from the comfort of a smartphone. ALF not only matches you with bankers but provides you with useful information and tools. It display the Average Lending Rate by averaging the Effective Lending Rates of the participating banks. That way you will have a glance of what the estimated market rates are like.
Using the Average Lending Rate, the app calculates and displays your estimated Borrowing Power. The Borrowing Power shows how much you can borrow based on your financial situation. ALF displays how much you can borrow for a mortgage and personal loan. It give you the foresight for your budget planning immediately.
The Loan Request page calculates your monthly repayment for the type of loan you are seeking before you send it out to the bankers around you. The bankers will be alerted to your request and will then response back to you upon acceptance. You will be emailed a copy of the banker’s name, branch and contact information for record and it can also be viewed in your app history. The history allows you to keep track of the type of loan you requested over the years.
ALF as a platform revolutionize how you deal with banks. You are now able to see real Relationship Managers around you; ready to serve you directly. And from a single app and a single request point, the banks reach out to you instead. You know there is a named person behind it.
New Frontline Bankers
With the evolution of more powerful devices coupled with better coverage of mobile broadband from our local telcos, there is no reason why the bank cannot come to you anymore. The banking frontline team are also seeing newer staff who are used to mobile technology and pervasive computing using notebooks, tablets or their smartphones for work. The frontline bankers should be reaching out instead.
With ALF, a bank that is responsive, reactive and progressive with a mobile sales force is now able to serve their customers off-site from the bank. From their app, they can respond to incoming request anytime and directly link up with the customers at their convenience and location. Banking is beyond their desk now.
If a bank remains standstill and is not responsive to the needs of busy consumers based on their time, opportunities are lost just like that. With ALF, the new frontline banker will be able to:
- Have the tools to ease reaching out to borrowers by downloading ALF to their existing devices
- Respond quickly to a borrower’s request
- Locate the borrower to visit
- Track the history of the relationship
We are glad that some banks have joined this platform to elevate banking to a whole new level. It’s time borrowers and bankers match more efficiently; for a loan with a tenure relationship for many years. Why not start earlier?
The current app availability is only for Malaysian iPhone and Android users. The app can be downloaded here www.alf.my or you may visit our Facebook page at www.facebook.com/ALFonDemand.
