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PRIMECREDIT LIMITED
REDIFINING CUSTOMER-CENTRIC DIGITAL TRANSFORMATION
F
ounded in 1977, PrimeCredit is the largest non-bank consumer finance group in Hong Kong. With 18 branches across Hong Kong, it specializes in loans and credit cards. PrimeCredit has over 40 years of experience in offering financial products and services, with high-quality customer service, professional consultation, and tailor-made solutions. Beril Shen, PrimeCredit CEO, shares the company’s commitment to its clients, “Whether the role involves creating new products or services to customers, collaborating with business partners to offer customized products to meet customers’ financial need, or working directly with individuals to help them solve financial problems or meet their financial goals, we stand side by side with our customers and impact their lives in ways large and small.” Digital transformation It was the implementation of digital transformation that enabled PrimeCredit to remain competitive and maintain its market leader position. The company implemented massive digitalisation in different dimensions to empower customers with convenient and hassle-free digitalised experiences through leveraging Fintech development. PrimeCredit further enhanced customer experience with various functions via their mobile app. With a few clicks, customers can operate their revolving loan accounts and receive money instantly, anytime, and anywhere without time or location boundaries. It is also one of the early adopters of the FPS, the Fast Payment System in Hong Kong, enabling customers to
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enjoy instant cash disbursement. The company is also the pioneer to adopt eKYC (Electronic Know Your Customer) through AI-based technology on ID authentication and facial recognition, making loan applications convenient, fast, and hassle-free. For its credit card customers, PrimeCredit introduced instant rewards before or after card spending, as well as “buy now, pay later” installment options to help customers to manage their finances in a much more flexible way. Understanding the customers Over the last five years, PrimeCredit carefully examined customer needs and experience to better understand them and utilised these observations as the key consideration for business development. Both customers’ behaviour change and industry trends gave the company directions on its digital transformation. PrimeCredit noticed that while other finance companies have the same document requirements on loan approval regardless of the loan amount, many customers only need a temporary small amount of cash flow and feel hassled by the long loan processing time. Therefore, PrimeCredit streamlined the process by adopting eKYC (electronic Know Your Customer) to allow a 24/7 easy online borrowing experience. Loan application to approval can be completed within 10 minutes and customers can receive the loan amount in their bank accounts right away.
