Malaysia’s RHB Bank has won top honours for its multi-currency debit card and MyHome app.
Malaysia-based RHB Bank’s financial products have been lauded at the 14th Annual Retail Banker International Asia Trailblazer Awards, with the lender’s multi-currency Visa Debit Card/-i and MyHome app winning top honours. The convenience and accessibility of the bank’s financial products have resulted in multiple wins this year.
RHB Bank won the Best Debit Card Initiative award for its multi-currency Visa Debit Card/-i, which enables users to transact and shop in up to 16 foreign currencies. The competitive currency conversion rates offered by these multi-currency debit cards have made them an optimal choice for travellers, online shoppers and businesses seeking cost-effective and efficient payment solutions. Users can also avoid additional currency conversion costs when making international transactions with this card.
Boosting efficiency
RHB Bank/RHB Islamic’s multi-currency account supports this debit card, offering an interest-bearing account that can handle up to 24 foreign currencies. This feature boosts the efficiency of e-commerce transactions, term deposits and inflation hedging.
With the ability to store multiple currencies in a single account, customers have the flexibility and convenience of executing commercial transactions and cross-border trade. Additionally, they can use the debit card to withdraw funds from the account during trips abroad, with the added convenience of selecting a card limit up to their available balance.
Dedicated home finance
RHB Bank also won the Best Mortgage Offering category at the 14th Annual Retail Banker International Asia Trailblazer Awards for its mortgage offerings through the RHB MyHome app. This app provides a dedicated platform for clients to apply for mortgages remotely, receive real-time status updates, check eligibility and simulate payments, take pictures of documents for submission and receive personalised services from a dedicated RHB mortgage consultant.
In addition, it offers a variety of mortgage products including residential and commercial property financing for both under-construction and completed properties, as well as refinancing options.
In research conducted to identify critical pain points in the mortgage application process, RHB Bank found that customers needed help assessing their mortgage eligibility and completing their applications online. Additionally, they had to go through a time-consuming and frustrating manual application process with multiple banks to find their best possible rates and eligibility. As a solution, the lender leveraged the latest digital technologies to enable the RHB MyHome app to provide customers with a superior experience that addresses the pain points associated with mortgage applications.
Seamless digital experience
The RHB MyHome app offers a simple, fast and seamless experience, which had resulted in more than 124,000 downloads from the app store and 67,000 user registrations as of September 2022. Additionally, the platform has facilitated 49,000 approval-in-principle applications within the same time period. RHB Bank’s mortgage business has experienced strong traction, with the RHB MyHome app contributing to 50.3 per cent of mortgage business originations year-to-date as of September 2022. Within the same period, the lender approved 12,000 mortgage applications, with 9,700 of these being accepted by the applicants.
The RHB MyHome app reflects the bank’s dedication to utilising cutting-edge digital technologies to offer value to its customers. In the ever-changing mortgage industry, the app has the potential to revolutionise the sector and offer customers an unparalleled mortgage application experience.