CTOS Awarded RM14m Contract By Alliance Bank
The new RLOS will be built on a platform from JurisTech, the fintech firm that CTOS acquired a 49% stake in during 2022.
CTOS Data Systems has been awarded a five-year, RM14m ($3.4m) contract by Alliance Bank Malaysia to upgrade its Retail Loan Origination System (RLOS) with a credit transformation project.
The initiative aims to enhance existing processes and transform credit decision-making through digital innovation and automation, to offer fast, convenient, and personalised services to customers.
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The Unbanked Segment
The project will enable Alliance Bank to increase loan approval performance, evaluate the unbanked and underbanked segment, and target the HENRY (High Earners Not Rich Yet) market.
“Our extensive data analytics and cutting-edge solutions enable us to provide added value to our clients, such as Alliance Bank, by not only accelerating growth but also enhancing and expanding decision-making capabilities,” says Erick Hamburger, Group CEO of CTOS Digital.
RLOS and CTOS
The new RLOS will be built on a platform from JurisTech, the fintech firm that CTOS acquired a 49% stake in during 2022. The new origination system will also incorporate CTOS solutions, including CTOS Application and Decisioning, CTOS eKYC, and CTOS Score.
The project is expected to be completed within two years. CTOS's extensive data analytics and advanced solutions will enable the bank to provide added value to clients, accelerate growth, and expand decision-making capabilities.
Alliance Bank's CEO Kellee Kam emphasised the bank's commitment to providing excellent customer experiences, meeting evolving customer needs and becoming "The Preferred Banking Partner" by emphasising continuous digital transformation.