Tuesday, May 4, 2010

POSB’s 60 minute promise

POSB’s HDB home loans can now be secured within an hour, the bank said yesterday, in a move to improve efficiency and convenience for its customers.

With the 60-minute Promise, customers who apply for HDB home loans can complete and return the required documents via email or fax between 9am and 3pm from Monday to Friday.

When the application is received and deemed satisfactory, the customer will receive an SMS notifying him that his Letter of Offer is being prepared in 60 minutes, upon which another SMS will be sent to the customer informing him of the letter’s approval and that he can sign it at any POSB branch.

POSB will guarantee 0.1 per cent off the first year’s interest rate if the Letter of Offer is not ready within 60 minutes.

The 60-minute Promise is valid for whole purchases and refinancing of HDB flats.

This latest initiative is intended to grow the POSB franchise with a more customer-centric approach, which includes cutting down long queues at branches, said parent company DBS Group.

DBS chief executive officer Piyush Gupta unveiled such plans in late April, saying he saw potential in harnessing the huge POSB customer base and leveraging on it for the group’s bigger growth plans.

Source: Today, 4 May 2010

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