Complex Products in One... Busan Bank Launches 'ONE Credit Loan'

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[Asia Economy Reporter Kim Hyo-jin] BNK Busan Bank announced on the 22nd that it has newly launched the ‘ONE Credit Loan,’ which integrates complex products into one and recommends customized products for each customer.

The ‘ONE Credit Loan’ applies a detailed classification of customers' occupation types and credit ratings in the loan screening system, and introduces a waterfall batch screening method that combines Busan Bank’s accumulated screening techniques and digital technology to simultaneously review all available product conditions until loan approval is granted.

Through this, the optimal loan limit and interest rate are recommended to customers with just one input of customer information.

Additionally, using machine learning model techniques, it predicts loan tendencies (such as preference for limit discounts or interest rate discounts) and recommends products that are more competitive compared to other banks.

It also offers a loan refinancing service that switches loans from other banks to Busan Bank loans, a non-member simple limit inquiry service that allows anyone to immediately check loan limits and interest rates with minimal input even if they are not Busan Bank customers, and an omni-channel continuation service that enables customers to freely switch application channels between branches and mobile.

The ‘ONE Credit Loan’ can be applied for through Busan Bank’s mobile banking and branches, with loan limits up to 250 million KRW for salaried workers and up to 500 million KRW for professionals. The loan interest rate can be as low as 2.28% (as of March 19, 2021) depending on credit rating and transaction performance.

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