Online loan application will follow the same process as the traditional channel, requiring the personal information of each applicant, credit record checks by the National Credit Bureau and loan analysis. But the online channel will be a digital-based process and approval should take around 30 minutes, compared with several days for the traditional channel.
He said online application will be extended to Bank of Ayudhya's secured loan products in the next phase.
In related news, the bank's board of directors approved a venture capital fund with registered capital of US$30 million to invest in financial technology startups that develop new digital banking products and services. The new company, pending Bank of Thailand approval, is expected to be set up this year.