GoBear Vietnams Easy Apply app is an integrated part of user journey. — Photo courtesy of GoBear

GoBear Vietnam has launched Easy Apply, a smartphone app that enables banks, financial institutions and lenders to extend credit to a larger pool of customers.

Seamless integration between its website, www.gobear.com/vn, and the app would enable faster, more convenient and higher approval rates on direct applications for personal loans, credit cards and other forms of unsecured credit, the company said.

The app uses AI-based proprietary algorithms that analyses thousands of data points from applicants smart phones, turning them into predictive credit scorecards to be used to appraise personal loan and credit card applications.

The use of non-traditional smart phone data for credit scoring provides applicants from all demographics, especially the unbanked who have little to no traditional credit history, easier access to financial products.

The app begins with GoBears easy choices which help applicants understand which set of products better suit their profile before they instal it in their smart phones to generate their predictive digital scorecards.

It will start with personal loans before including other loans in the near future.

Bao Nguyen, country director of GoBear Vietnam, said: “The new technology will allow us to help our partners better serve the unbanked, and provide our users easier access to useful and affordable financial products at the same time. This is an important milestone in making financial products accessible to millions of unbanked Vietnamese people.”

Nguyen Mai Long, general manager of EASY CREDIT, the first partner to adopt Easy Apply, said: “By partnering with GoBear, we aim to reach new potential customer segments. This will enable us to consult and provide loan products that best suit the needs of each individual, as well as minimise the approval time to bring the best experience to our customers." — VNS