Bank Sinarmas lands two wins at Indonesia Technology Excellence Awards 2024

The bank continuously evolves to meet and exceed user expectations and industry standards.

Banking company Sinarmas Bank brought home two major accolades at the Indonesia Technology Excellence Awards 2024 for the successful revamp of its mobile banking app SimobiPlus, as well as the introduction of the Micro, Small and Medium Enterprises (MSME) Loan Origination System – its end-to-end business process automation for loan origination, credit scoring, underwriting, and loan approval for MSME loans.

The bank’s decision to revamp its mobile app comes from its efforts to maintain trust of customers and on continuous improvement. This initiative has included some of the core journey that has been familiar within the banking app spheres such as: account opening, QRIS transaction, bill payment, forex, mutual funds, and asset management.

On the other hand, the SimobiPlus revamp has also developed some key features to give the best service for customers. These features include credit card application integrated with its bank-wide Unified Registration, as well as video-agent KYC to cater new potential customers that have onboarding problems without requiring them to visit the bank’s branches.

By rebuilding the Simobiplus backend, the bank aims to provide robust and reliable services and ensure a monitoring feature where failures are anticipated and fixed right away. It also wants to make sure that the design implemented in the revamp is suitable for customers. At the same time, this exercise highlights the app’s analytics capability that provides visibility on how customers interact with the products and services within.

Sinarmas Bank has successfully increased the volume of total transactions and the value of total transactions by 15% and 51%, respectively, by April 2024 with this revamp initiative. 

“As the SimobiPlus revamp continues to progress, the milestones that we achieve as of today show that we are on the good track to make sure we deliver the best-in-class product and services for our customers,” it said.

The company received the Indonesia Technology Excellence Award in the Mobile - Banking category for this innovation.

Meanwhile, the MSME Loan Origination System is designed to enable Sinarmas Bank in automating the credit acquisition process, starting from leads data input via mobile apps, loan underwriting process, automated risk engine and risk scoring, until automating workflow approval to approve or reject the MSME loan application.

Launched in January 2024, the solution is a combination of a mobile application and a web-based application that utilises a workflow approach specifically designed to support the processing of credit applications required by the bank.

The system highlights mobile apps, which are used to input leads data and to automate the screening process — which includes seamless integrations with third-party systems and data providers. It also features an automated credit scoring and risk engine that provides the ability to carry out credit analysis processes automatically. 

Lastly, the MSME Loan Origination System also has a PEGA workflow approval automation, which can be different based on credit risk scoring. As a customisable workflow, PEGA can automate loan underwriting processing by creating a streamlined workflow using its low-code platform. Users design and deploy automated processes, integrate data sources, and implement business rules.

With the implementation of this system, Sinarmas Bank has reduced costs and manual processes by 90%. It has also improved loan decision accuracy through the automated credit scoring. At the same time, it has reduced SLA for loan processing speed by 75%.

The bank secured the Indonesia Technology Excellence Award in the Automation - Banking category with this project.

The Asian Technology Excellence Awards, now in its fourth year, celebrates top technological innovators and solutions that are redefining industries and leading the charge in digital transformation.