TECHNOLOGY firm Voyager Innovations Inc. has linked up with PNB Savings Bank for the automation of Social Security System (SSS) pension loans.
Voyager is the digital innovation arm of the Philippine Long Distance Telephone Co. (PLDT) and its wireless unit Smart, while PNB Savings Bank is a wholly owned subsidiary of Philippine National Bank (PNB).
In a statement, Voyager said the end-to-end SSS pension loan process from application to loan release will be automated through its tech-enabled loan platform Lendr.
Lendr is a fully digital, multi-channel, telco- and bank-agnostic platform that financial institutions and credit providers can use to reach consumers planning to avail themselves of loans through a single online marketplace.
Through Lendr, PNB Savings Bank envisions to broaden its reach and conveniently offer its suite of loan products to its clientele, majority of whom are SSS pensioners.
With Lendr, consumers will have easy, always-on and always-connected access to loans whenever they need them, which may be via SMS, mobile app, or online.
Meanwhile, PLDT, Smart, and Voyager chairman Manuel Pangilinan welcomed PNB Savings Bank into the Lendr marketplace for consumer loans.
“Together, we aim to build a robust digital platform so that more of the unbanked and uncarded segment population can get access to financial products easily and participate actively in the growing digital economy,” he said.
Lito Villanueva, vice president and head of Financial Innovations, Digital Inclusion and Alliances at Voyager, said banks and financial institutions are already recognizing the need to ride on the wave of financial technology, or “fintech” innovations, in order to expand their markets and continue on a growth trajectory.
Citing central bank data, he said harnessing the potential of digital and mobile technology is especially critical as consumer loans continue to rise in the country, reaching P959.2 billion in the second quarter of 2015, or a robust 20 percent jump from the same period in 2014.