Bank Syariah Mandiri adopts loan origination system

Bank Syariah Mandiri adopts loan origination system

The Jakarta Post, Jakarta

Customers, individual and corporate, will soon be able to
experience faster loan approvals as Bank Syariah Mandiri applies
the "automatic" loan origination system (LOS).

The financing solution will speed up the process of loan
approvals for customers from weeks to just hours or minutes after
the implementation of Sigma Approva, which is based on a
memorandum of understanding (MOU) between Bank Syariah Mandiri
and PT Sigma Cipta Caraka signed on Monday.

Faster customer feasibility evaluation, from when they submit
the loan proposal to when the bank approves it, is supported by
web-based and core-system-integrated financial scoring analysis
and financial policy.

"Without a good scoring analysis system, it would be hard for
the solution to be implemented," said Bank Syariah Mandiri
Compliance and Risk Management Director Ogi Prastomiyono.

The faster, automatic process can be enjoyed after the
implementation of Sigma Approva/LOS, which is scheduled to be
completed in four months.

Sigma Approva/LOS has been implemented by Bank Permata, Bank
Panin, Bank NISP, GE Finance, Bank Internasional Indonesia, as
well as other financial institutions.

Ogi said the bank has invested Rp 841 million (US$88,807) for
the system. "This year we are allocating Rp 25 million for the IT
development."

Bank Syariah Mandiri targets lending of up to Rp 7 trillion
this year. In this year's first quarter, the bank, which has
total assets of Rp 7.594 trillion, lent a total of Rp 6.307
trillion.

The bank recorded a loan deposit ratio (LDR) of 103.67 percent
and Rp 6.81 trillion in profit in the January to April period
this year. (001)