LB Finance offers instant digital loans via the LB CIM application – Financial News
LB Finance PLC, the country’s leading non-bank financial institution, recently introduced a revolutionary digital solution to boost its core gold lending business.
With the latest solution, the company’s gold lending customers have the option of receiving instant digital top-up gold lending through the LB CIM (Cash-In-Mobile) smartphone app. This is a historic development given the blazing speed and efficiency of granting a top-up loan in just 30 seconds, crediting the loan proceeds directly to the client’s LB CIM wallet. The move further embodies the company’s efforts to deliver cutting-edge financial solutions in a highly competitive and rapidly changing industry that is rapidly adopting digital financial services.
LB Finance PLC is the undisputed market leader in gold lending among NBFIs. Gold loans currently represent nearly a third of the company’s loans and advances and serve a large and diverse group of clients spread across the island, representing all strata of Sri Lankan society. LB CIM, LB Finance’s mobile app-based digital wallet, plays a central role in the digital journey of LB clients by taking advantage of a range of financial services provided by the company.
Speaking on this pioneering solution, LB Finance PLC, Gold Loans Managing Director, Suraj Karunanayaka, said, “We are delighted to enhance our unprecedented customer experience using the company’s popular digital platform, LB CIM. Tracking the needs of our customers and redefining our business to meet changing consumer behavior and industry dynamics has been the secret of our success over the years. We pride ourselves on our fast and efficient service delivery which sets our business apart from the competition. The nature and patterns of demand for gold loans require an organization to have distribution channels available in every nook and corner of the country, designed to operate during extended hours of operation to meet rapid funding needs. of our customers.
The integration of our core business with the LB CIM application gives us that flexibility and dynamism essential to operate 24/7, without being deterred by the limitations of conventional bank branches during the travel restrictions imposed by the government. This is of greater importance at a time when the physical functioning of the branch has been somewhat challenged due to health and safety concerns associated with the pandemic. ”
Commenting on this breakthrough innovation, Bimal Perera, Head of Strategy and Digital Finance at LB Finance, said: “CIM is more than just a mobile payment platform because it has a very high level of integration with our basic banking system. This uniqueness allows our valued clients to enjoy unhindered access to their portfolio of leases, loans and deposit accounts through a single digital platform. In Sri Lanka, gold loans are generally seen as a conventional and quick financing solution. This innovation brought a new dimension to the product by allowing customers to obtain a complementary loan from the security and comfort of their home, whatever the time or the day. There are many use cases of customers needing quick and convenient additional financing for planned or unforeseen expenses. CIM’s Instant Digital Top-Up Gold Loans meet this need. Customers are allowed to take advantage of their precious gold items while enjoying the appreciated value of their collateral held with LB. Our company has made significant investments in key digital assets and a technology infrastructure capable of producing such robust solutions, ”he added.