5 minute read
PrimeCredit Limited
21
Founded 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 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.
PHILOSOPHY FAST FACTS
With over 40 years experiences in offering financial products and services, PrimeCredit is committed to providing high-quality customer service, professional consultation and tailormade solutions. Whilst ensuring all their staff are well trained with a high standard of product knowledge, PrimeCredit also emphasizes its understanding of what the customers feel, think and wish, in order to provide them with a comprehensive range of all-round, customer-centric and value-added services. • PrimeCredit Limited is a leading finance company in Hong Kong established in 1977 focusing on
Personal Loan and Credit Card services. • In August 2004, Standard Chartered
PLC acquired PrimeCredit, and
PrimeCredit became a wholly-owned subsidiary of Standard Chartered
Bank (Hong Kong) Limited. • In May 2015, PrimeCredit was acquired by PrimeCredit Holdings
Limited which is a consortium formed by a collaboration of China
Travel Financial Holdings Company
Limited, Pepper Australia Pty Limited and York Capital Management
Global Advisors, LLC. • In Mar 2021, China Travel Financial
Holding Co. Limited became the sole shareholder of PrimeCredit
Hong Kong and its subsidiaries in
Shenzhen and Chongqing.
This page: (Left) PrimeCredit Loan Branding Campaign, (Top right) PrimeCredit Balance Transfer Campaign, (Bottom right) WeWa Credit Card Campaign
Opposite page: Beril Shen, CEO at PrimeCredit Limited
In 2021, PrimeCredit also introduced the online balance transfer consultation services based on its observation that many customers know “balance transfer loan” but have no idea how to do it. While PrimeCredit has been providing balance transfer consultations for over a decade, the online services eased the process.
Customers may call the designated hotline or simply click the widget on the PrimeCredit website or mobile app to contact PrimeCredit’s Balance Transfer Consultant. The consultant will analyse and consolidate the customer’s outstanding loans and credit card debt and devise a custom plan to help the customer settle the debts within phases based on the customer’s financial situation.
PrimeCredit strives to continuously offer new and exciting experiences to its customers, thereby contributing to the success of its WeWa credit card. PrimeCredit leveraged the power of FinTech for its “WeWa Card is That Instant” campaign while sustaining the brand core proposition of “Fun, Interactive, and Exciting” through the enhancement in card usage journey.
Customers can get the card through partner merchants and enjoy discount offers from partner merchants that they can use right after application. As a result, virtual credit card spending doubled the spending of its traditional counterpart in the first month after the launch.
To further boost the WeWa card, PrimeCredit innovated a fun experience dubbed “Spot & Win” using FinTech solutions. When customers step into a shopping area, it will trigger the OmyCard mobile app to notify the customers of instant lucky draws for a chance to win coveted prizes.
Stand side-by-side
PrimeCredit attributed its market leadership not just to its digital transformation but to its consistent and deliberate efforts to fulfill its brand promise of standing side by side with the customers especially during uncertain times such as the pandemic.
PrimeCredit identifies customers who might have difficulties and proactively offer them personalized repayment plans so as to help them to get through the short‑term difficulties due to the pandemic. PrimeCredits’ 14‑ day flexible payment is a tailored payment plan aimed at helping customers in need.
As the company continuously adheres to its stand side‑by‑side promise, its customers can expect PrimeCredit to innovate more with a better digital experience, fast and convenient services, fun and exciting customer engagement, not only in good times but also in tough times.
As Beril Shen, PrimeCredit CEO, says, “I wish to share with Hong Kong people the spirit of PrimeCredit, ‘Continue to explore, innovate, support and believe everything is possible as we stand side by side’.”
Warning: You have to repay your loans. Don’t pay any intermediaries. Complaint Hotline: 2111 2999 Money Lender’s Licence Number: 754/2021
